Unfair,Unrealistic Insurance prices!!

[Cyclone]

I couldn't care about the property. The care will be provided by the NHS. How can some financial executive be awarded £1million + for loss of earnings (even though she was able to return to her job) and somebody whom get's killed, their life is valued at £20k.

 

Fortunately the law recognises that property has value and that if you damage it you should pay.

The chance of motorists damaging property and not being able to afford the bill is so high that insurance (3rd party) was made compulsory.

It's also the case that the risk of you crippling someone varies depending on who you are, what you drive and your previous behaviour, so insurance allows for society to make the process of supporting the unlucky individuals who do get crippled more fair.

[hard2miss]

There's your problem. In one.

 

H2M, why haven't you tried to switch? £10 to £0.01 you'd get your premium back down to £550-ish levels with a different insurer.

 

There is no loyalty incentive to be had from insurers. Hasn't been for a looong time (and that's what I'd like the OFT to look into in some depth, as that doesn't make any logical sense to me: whilever I was living, driving and insured in France, Belgium and Luxembourg, my premiums kept going down and down every additional year without a claim. Made perfect sense, I was becoming a lesser risk and the car value depreciated every passing year).

Now you have made me think about something...

 

Could we, get insured on the continent with insurance that would cover you in other European countries (IE: the UK) in effect taking our money to European banks that are not out to rip us off like here ?

 

If its cheaper to go get French insurance that would cover me in the UK then that's what Im going to do next year.

[chem1st]

Now you have made me think about something...

 

Could we, get insured on the continent with insurance that would cover you in other European countries (IE: the UK) in effect taking our money to European banks that are not out to rip us off like here ?

 

If its cheaper to go get French insurance that would cover me in the UK then that's what Im going to do next year.

 

I believe you can.

 

You can drive on a foreign license for a year fr example.

[carosio]

 

I suggest we all write to our MPs in protest of such high premiums.

 

Don't forget the government are already creaming off 6% of your premium, so that's £60 on a £1k quote.

[hard2miss]

I believe you can.

 

You can drive on a foreign license for a year fr example.

The licence wont be foreign but I take the point

 

The insurance from abroad must then be valid.

 

I just wonder though if in the small print of insurance you may have to be a national of the country you getting it from, I bet it is, the banks will all be in cahoots about it.

[Ral Ali]

If they stopped all these accidental claims insurances would completely drop. Or what they should do if you haven't had a accident all year round at the end of the year they should give you half of your money back.

[*_ash_*]

Quite obviously there isn't a monopoly, given that he has had 2 quotes...

 

auto. If I owed an insurance company, and you did, and the OP did; and we 3 owned all the insurance trade; and what we were offering was policies that were a legal requirement; then what if we all pop for a pint, and say to each other - "let's all three of us add 50%" to our policies... would you consider that a monopoly or not?

 

(that's not meant as a trick question btw)

[DaFoot]

Not sure if it will happen but heard on recent news that the government are blaming the increasing costs of insurance only partly on the spurious injury claims but largely on the shoulders of insurers who sell your data to the ambulance chasers when you make a claim. Thus encouraging the dodgy claims.

 

The answer? Stop the insurers from selling your data.

 

No. If we stop the insurers selling the data we cut off a revenue stream for them, how do you think they will replace the lost income? That's right, get it out of premium increases.

 

Maybe I have too simplistic a view on this but I really don't see how stopping sale of data will reduce premiums. Besides, I'd rather the ambulance chases pay that money to insurance companies than I do in my premium!

[Cyclone]

If they stopped all these accidental claims insurances would completely drop. Or what they should do if you haven't had a accident all year round at the end of the year they should give you half of your money back.

 

Accidental claims? Is that where you didn't mean to claim, but slipped and filled in a claim form...

 

And if you were to be given half of your premium back at the end of the year, they'd have to charge you twice as much in the first place, assuming that they aren't profiteering in the first place.

[Cyclone]

auto. If I owed an insurance company, and you did, and the OP did; and we 3 owned all the insurance trade; and what we were offering was policies that were a legal requirement; then what if we all pop for a pint, and say to each other - "let's all three of us add 50%" to our policies... would you consider that a monopoly or not?

 

(that's not meant as a trick question btw)

 

That would be both an oligopoly and a cartel, but by definition not a monopoly.