Insurance insanity!!!

[Torero]

If it was say Hackney police they would have considered me a model citizen for being sober and not possessing any fire arms... Ahhhhh London..... Love and hate it.. LOL

LOL not only brilliant but quite possibly true

[Charged]

Ollie - do you have any figures on the % of claims made out of the total number of insurance policies taken out in 1 year?

Whilst I know it's easy for people to jump on insurers for being expensive but when people are being asked to pay several thousand for a year's insurance it's not difficult to see where they are coming from - people are literally being priced off the road now.

The reason I'm interested is because I haven't had any accidents in the last 10+ years (touch wood ). I'm thinking surely the number of people paying for insurance and not having accidents must outnumber the people that do have accidents by quite a lot? Just trying to make sense of these high insurance costs

I can probably access those figures but (and I dont mean to be rude here), I've got better things to do.

I can give you an example of a claim, which actually involves an Mr2. A customer of our drove his MR2 the wrong way down a motorway slip road and crashed into a young lady coming the other way, severe leg injuries and blind in one eye, ongoing care for life. This claim cost is still on going and well into the £millions. That few £million is recouped through insurance premiums.

Of course more people do not claim than do but the cost of one claim can be the cost of 1000 people's insurance premium.

Also, a claim 10 years ago may have cost £500, today, with the rising costs of claims that is more like £5000 today.

[Charged]

So when an uninsured driver hits you you have to claim on your policy? What if they hit a pedestrian or somebody else uninsured ... who pays for their damage or injury?

R.

You claim from your own insurer and then hope to recoup money via the MIB, details below:

http://www.homeapproved.co.uk/motor-insurers-bureau.htm

[dantheman]

I can give you an example of a claim, which actually involves an Mr2. A customer of our drove his MR2 the wrong way down a motorway slip road and crashed into a young lady coming the other way, severe leg injuries and blind in one eye, ongoing care for life. This claim cost is still on going and well into the £millions. That few £million is recouped through insurance premiums.

Of course more people do not claim than do but the cost of one claim can be the cost of 1000 people's insurance premium.

Also, a claim 10 years ago may have cost £500, today, with the rising costs of claims that is more like £5000 today.

I realise insurance exists because people cant afford to payout for that expense themselves. I also realise that an insurance companies business model is based around 90% who arent claiming paying for the 10% who are. However it pains me greatly that some idiot who drives the wrong way down a motorway slip road is costing me money through higher premiums.

[Charged]

However it pains me greatly that some idiot who drives the wrong way down a motorway slip road is costing me money through higher premiums.

You and me both.. but mistakes can happen.. the ones that annoy me most are the staged accident crowd.

[dazzz]

However it pains me greatly that some idiot who drives the wrong way down a motorway slip road is costing me money through higher premiums.

You and me both.. but mistakes can happen.. the ones that annoy me most are the staged accident crowd.

How about the minibus scam. Hire a minibus and pile in 25 of the dudes.
Hire a car from somewhere else.
Crash hire car into rear end of minibus.

It p1$$e$ me off that people do this, but then we get raped so hard by the insurance companies.

The only people who profit are the criminals and the insurance company.

[Peter Gidden]

The only people who profit are the criminals and the insurance company.

You forgot the fakecompensation4u.com robbing gits

[Charged]

Worth having a read of this:

http://uk-mkivs.net/forums/t/472815.aspx

The only people who profit are the criminals and the insurance company.

The UK's private car insurance business has been running at a loss for a while. Admiral group are pretty much the only insurer to make profit.

[Kongaroo]

No worries Ollie - just wondered if there was some commonly known figure for % claims.

Surely the solution would be to just put a limit on how much money can be claimed for whatever policy you buy which also pays out for you if someone uninsured hits you. That way no one can complain they didn't know what they were buying into and if you want to drive you simply take the risk that your accident might not cover your potential loss of income or damage to your car etc.

[mrdb]

Biggest problem is insurance approved repair shops and loaded quotes...

Ive had a close assosiation with a very common repair chain and the stories are shocking.....

Go into any repair shop and get a quote for damage i guarantee they will ask if its through insurance or not and the insurance quote will be loads higher.

Been there done that . Rear quarter damage insurance quote £1800 personal quote £350 took the £350 quote and got paid outside of insurance ( young kid paying £4k insurnce so helped him out )

Typical thing is bumper damage. They replace with new bumper and paint if insurance where all it needs is rub down and spray. Even hered of 2nd hand bumpers being sourced and then resprayed that were in worse state than the original damage....

Thats the main reason why cars a written off...

[Nails]

You say that but in my experience there are only 5 underwriters or less (Aviva, Liverpool victoria, Bell,?,?) and that fundamentally sets the prices.

I was wondering this the other day as direct line and churchill or now been listed as U K I and another 1 or 2 I cant remember

Liverpool victoria is with highway also, think they may be coming under the U K I, think there must be a merger or theyve always been together but now are stripping the companys down and merging for streamlining.

Privilage is under direct line also.

bell is part of the Admiral group though (admiral, diamond, elephant and bell)

esure (and sheilas wheels), ageas, theres another 2 underwriters.

[Marf]

Biggest problem is insurance approved repair shops and loaded quotes...

Surely only a problem if you don't choose to use your own nominated repair shop, which you're fully entitled to do!

[Nic]

Not read the thread through so not sure if already been mentioned.

Anyone looking for a good quote I'd recommend giving Competition Car Insurance a call, they were half the price of the next best quote I got. Their main business is motorsport insurance but they do also insure some sport car models including the MR2 for general road use.

http://www.competition-car-insurance.co.uk/

[Marf]

http://www.competition-car-insurance.co.uk/

Just got a quote from them, over twice what a-plan have quoted me.

They load 50% if the car is used for commuting, which mine is.

[vtecpower]

My problem is that im central london, no garage, no no claims as my previous car was classic so i didnt get no claims, although im 29 with no convictions...
Any way i am still currently on the trade policy and as i re-upholster cars for the garage in question i do technically need it all be it not for my MR2 but i do drive customers cars from the garage to my workshop to strip them.. My car is registered on the policy as a private vehicle and i have been stopped by "city police" who once gave me three points for kissing my wife while stopped at traffic lights!!!!! Yes really!!! And they were cool about the insurance, however i want my own so i start to build up some no claims and £1200 while high is payable... £3999 is a joke...

What I dont understand is why it would be 3999 for 3rd party but £1200 fully comp with the same company (admiral) makes no sense to me....

no way i always drive threw central im never ever gna let my g.f kiss me at red lights again !!!!!!!!

[MR2 Rich]

Insurance is very odd for me ATM I'm 24 now but the moment I hit 25 it pretty much halfs in cost. Fully comprehensive is now the same price as TPFT which doesn't make sense either.

[Super_red]

The reason body shops ask if its going through insurance is because insurence companies never pay the full bill. Insurance companies want a high price invoice because they can show it to the other party and claim a mint form them but then after their payent tearms are up on the actual bill they argue the price and pay less.

Thats first hand info there, its shocking as all insurance companies do it so they know its being done to them. Any body shop that does not protect themselfs from this obviously dont do a lot of insurance work so will get ripped off.

[platmatt8]

£645 TPFT 29yrs old (9yr NCD) all mods declared. When the car was stock it was £250 on classic car insurance(and that was 4 years ago )

[malwhiterev3]

They specialise in jap imports and performance cars and love MR2s!
Anyone struggling I reccomend you give them a try!

[malwhiterev3]

sorry meant to say name of the company is Adrian Flux