How can Insurance companies get away with this?
07 October 2003, 10:55 PM
#31
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"lol I love it when people with absolutely SOME facts state them as if they are world experts"
Franko, My point exactly, and if they crash the Fiesta and are stupid enough to claim for it they would probably pay out £15 for it as a "fair settlement" But the insurance companies are losing a fortune?
Robski, I notice you make no mention of these facts, at the end of the day you are paying for "insurance" which is a product, they will then try and wriggle out of paying up (wrong petrol or somethin ridiculous like that) when you are unfortunate to have to use the "product" making ridiculous offers for settlement and causing you undue grief trying to get the service which you have already paid a fortune for!
Franko, My point exactly, and if they crash the Fiesta and are stupid enough to claim for it they would probably pay out £15 for it as a "fair settlement" But the insurance companies are losing a fortune?
Robski, I notice you make no mention of these facts, at the end of the day you are paying for "insurance" which is a product, they will then try and wriggle out of paying up (wrong petrol or somethin ridiculous like that) when you are unfortunate to have to use the "product" making ridiculous offers for settlement and causing you undue grief trying to get the service which you have already paid a fortune for!
08 October 2003, 11:58 AM
#32
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I'd still have to pay £85 to move my insurance from one address to the other 
Insurance is still pants.
here's one for you then:
reports state young girls buying performance cars and getting into the 'modding' scene more and more these days. yet they still get cheaper insurance???
Very odd that one.
And a diddering old dear in a micra who can hardly see pays £100 a year..........
Very strange indeed.
(and in answer to cheeky dan who asked why I wasn't doing any work you can bugger off scooby is in the bodyshop so need to get my scooby fix somewhere.........)
Insurance is still pants.
here's one for you then:
reports state young girls buying performance cars and getting into the 'modding' scene more and more these days. yet they still get cheaper insurance???
Very odd that one.
And a diddering old dear in a micra who can hardly see pays £100 a year..........
Very strange indeed.
(and in answer to cheeky dan who asked why I wasn't doing any work you can bugger off
scooby is in the bodyshop so need to get my scooby fix somewhere.........)
08 October 2003, 12:45 PM
#34
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So if all these insurance companies are paying out more than they are getting in premiums, why are they in business? Surely if they never make a profit they would all give up and try something else.
Dont believe that for one minute.
Dont believe that for one minute.
08 October 2003, 01:25 PM
#35
I pay £1k a year and do very few miles - wish there were specialists who insured modded cars with good discounts - but there are'nt - or the fact that its a second car - as I have a company car!!
£85 - nothing - I paid about £200 difference for moving up the road........ bad post code obviously and I went from not having a garage to having one - i was expecting a refund not an increase!!!
£85 - nothing - I paid about £200 difference for moving up the road........ bad post code obviously and I went from not having a garage to having one - i was expecting a refund not an increase!!!
08 October 2003, 05:08 PM
#40
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Jaff01uk well put mate 
DreamWeaver: me too been paying insurance premiums for 6years now and never claimed. yet the discount they give isn't really that huge.
People who make frodulant claims end up benefiting and people who are genuine end up paying their bill.
DreamWeaver: me too been paying insurance premiums for 6years now and never claimed. yet the discount they give isn't really that huge.
People who make frodulant claims end up benefiting and people who are genuine end up paying their bill.
08 October 2003, 09:24 PM
#42
The insurance cos. make their money from other policies, investments etc. and don't like paying out, and certainly don't like increased risks ( hence modding premiums, "bad" high known crime areas / postcodes, desirible vehicles, easily nicked vehicles etc... ( hence thatcham 1 alarm/immobiliser / tracker etc. requirements)
And if you break the terms of the contract then they are quite within their rights to refuse to pay out ... so not declaring a mod or doing extra mileage or not using a garage when you declared you did, etc. means a change from that agreed / assessed & more risk hence more premium would be charged as more chance of a claim arising. Some are very nit picky tho' and it's this that pee's people off with insurance .. avoiding at all costs paying out.
At work I have to deal with Industrial insurers and now THEY are tough, but then you are talking multi hundred million payouts! And they just ask us to do best practice in fire prevention, leak prevention etc..
V
And if you break the terms of the contract then they are quite within their rights to refuse to pay out ... so not declaring a mod or doing extra mileage or not using a garage when you declared you did, etc. means a change from that agreed / assessed & more risk hence more premium would be charged as more chance of a claim arising. Some are very nit picky tho' and it's this that pee's people off with insurance .. avoiding at all costs paying out.
At work I have to deal with Industrial insurers and now THEY are tough, but then you are talking multi hundred million payouts! And they just ask us to do best practice in fire prevention, leak prevention etc..
V
09 October 2003, 09:36 PM
#43
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Yes they are loosing money on basic private motor, they have to try to invest it to gain it back. But it would cost them a hell of a lot more to stop writing this business.
They are in it for the long term, are people on here really so short sighted that they would expect a company to cease providing something if the short term conditions mean its a loss maker?
(its called exit costs)
And the they will try to wriggle out is bollix. In 10 years I have not seen a single ins co wriggle out of a genuine claim. If you however choose not to declare material facts such as the driver, where you leave it, that you have modified it, then you have by default signed something that is null and void on day 1. Its not that hard to understand really is it? did you read all the print on what you signed?
Girls have less serious accidents. Its not a statement with no basis, its from the literally millions of accidents that happen each year. But, whilst they have less serious ones they generally have more, unfortunately the insurers have decided they would rather pay for 3 car park accidents than 1 serious off road car on roof, serious multiple injury loss of earnings claims. Cant for 1 second think why that would be.
Diddering old dears in micras surprisingly dont have many accidents, they usually see loads rofl. Actually they really dont have many and tend to be going so slowly that they cause **** all damage anyways.
Another classic people like is the "why the hell is it costing me £xx just for a xxx" well its also quite a simple one. Generally an underwriter will need to review the impact of your modification on the performance and road worthyness of your car. This takes time, so rather than 10 mins of call centre resource your taking up time of someone more expensive. Thats why so many companies refuse mods as its wasting time from expensive people. But we dont like that either do we?
robski
They are in it for the long term, are people on here really so short sighted that they would expect a company to cease providing something if the short term conditions mean its a loss maker?
(its called exit costs)
And the they will try to wriggle out is bollix. In 10 years I have not seen a single ins co wriggle out of a genuine claim. If you however choose not to declare material facts such as the driver, where you leave it, that you have modified it, then you have by default signed something that is null and void on day 1. Its not that hard to understand really is it? did you read all the print on what you signed?
Girls have less serious accidents. Its not a statement with no basis, its from the literally millions of accidents that happen each year. But, whilst they have less serious ones they generally have more, unfortunately the insurers have decided they would rather pay for 3 car park accidents than 1 serious off road car on roof, serious multiple injury loss of earnings claims. Cant for 1 second think why that would be.
Diddering old dears in micras surprisingly dont have many accidents, they usually see loads rofl. Actually they really dont have many and tend to be going so slowly that they cause **** all damage anyways.
Another classic people like is the "why the hell is it costing me £xx just for a xxx" well its also quite a simple one. Generally an underwriter will need to review the impact of your modification on the performance and road worthyness of your car. This takes time, so rather than 10 mins of call centre resource your taking up time of someone more expensive. Thats why so many companies refuse mods as its wasting time from expensive people. But we dont like that either do we?
robski
09 October 2003, 09:45 PM
#44
Scooby Regular
Christ, hasn't this thread died of boredom yet - doing it's regular once a fortnight appearance
People that complain "all insurance companies are robbing ba$tards" normally equal people that don't know their ar$e from a hole in the ground
Lloyd's for example hasn't refused to pay a genuine claim in over 300 years
Of course, anyone that feels they can do better is free to invest the £20 million minimum of start up capital required, get DTI authorisation and start their own motor insurance company. Any takers
- doing it's regular once a fortnight appearance People that complain "all insurance companies are robbing ba$tards" normally equal people that don't know their ar$e from a hole in the ground
Lloyd's for example hasn't refused to pay a genuine claim in over 300 years
Of course, anyone that feels they can do better is free to invest the £20 million minimum of start up capital required, get DTI authorisation and start their own motor insurance company. Any takers
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