A cyclist and tax question

A cyclist and tax question

Author
Discussion

jimbop1

2,441 posts

203 months

Sunday 20th April 2014
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yonex said:
Are you as st on a bike as you are on the web?
Yes mate.

WinstonWolf

72,857 posts

238 months

Sunday 20th April 2014
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jimbop1 said:
Nah talking about cyclists is so boring! laugh

You went to the gulf with an SMG and an LMG ? Sounds like you had some Gucci weapons back then!

I know the C8 Demarco well but wouldn't say it's much better than the A2 .. Which I also don't rate .
If it's boring why are you doing it all the time?

anonymous-user

53 months

Sunday 20th April 2014
quotequote all
WinstonWolf said:
jimbop1 said:
Nah talking about cyclists is so boring! laugh

You went to the gulf with an SMG and an LMG ? Sounds like you had some Gucci weapons back then!

I know the C8 Demarco well but wouldn't say it's much better than the A2 .. Which I also don't rate .
If it's boring why are you doing it all the time?
Don't stop him, he's busy trying to make himself sound interesting now. sleep

yellowjack

17,065 posts

165 months

Sunday 20th April 2014
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jimbop1 said:
The British Army get up to date when the war is over.. But somehow the best wink .

thumbup do you miss it? I want to leave but can't... I secretly love it.
Miss it? Absolutely. Leaving the Army was the last thing I wanted to do. I've done so many different things, in so many different places. From a PistonHeads point of view, I got to play with so many massive 'toys' too...


I went through so many phases though. After 3 to 5 years, I couldn't wait to leave, then I passed my commitment point at 9 years, and stayed on. After 12, I went into 'pension prisoner' mentality, but after about my 15 year point I fell back in love with it again (better management, better job satisfaction) to the point where I accepted an extra 2 years after 'full career' point. I really didn't want to go in the end, but HM Government didn't want to extend my career any more so I took my pension and drove off into the sunset...

Highlight for me was building a training and education centre, extending a waterhole, and creating a runway out of nothing for the Masai tribespeople near Mount Kenya. It gave them access to a doctor without travelling for days for the first time. One of the few times when you are absolutely certain that you left things in a better shape than when you arrived, and enormous training value for British troops too. Everyone's a winner wink


Fourmotion

1,026 posts

219 months

Monday 21st April 2014
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OTBC said:
It's a well documented fact that the revenue derived by the insurance industry from motorists doesn't even come close to covering the amount of money paid out for the amount of damage that they cause.

Therefore the actual insurance of motorists is derived from insurance premiums for non-motoring related policies.

As someone without a car but insurance policies for other things it can be taken that I'm already paying for motorists insurance, why then should I pay for my own. Surely it would be fairer for motorists to pick up the tab?
I'll give you the benefit of the doubt and assume that's guess work. Virtually all lines of insurance business generate an underwriting loss (as you rightly state for motor). They don't borrow money from other sectors to pay claims for motor insurance. They invest the premiums and make a bundle on the investments.

OTBC

289 posts

121 months

Monday 21st April 2014
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It's based on ABI research. Figures released by the Association of British Insurers show that the payouts to road users were not covered by their premiums. In 2012, the underwriting loss to the motor insurance industry, which has not made an underwriting profit since 1994, was £286 million. In other words, insurance companies are charging more on other kinds of insurance to subsidise motorists.

Works the other way too, home policy claims peaking mean car insurance premium rises:

http://www.dailymail.co.uk/news/article-476841/UK-...

otolith

55,899 posts

203 months

Tuesday 22nd April 2014
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Poor investment returns compounded the situation.

Fourmotion

1,026 posts

219 months

Tuesday 22nd April 2014
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OTBC said:
It's based on ABI research. Figures released by the Association of British Insurers show that the payouts to road users were not covered by their premiums. In 2012, the underwriting loss to the motor insurance industry, which has not made an underwriting profit since 1994, was £286 million. In other words, insurance companies are charging more on other kinds of insurance to subsidise motorists.

Works the other way too, home policy claims peaking mean car insurance premium rises:

http://www.dailymail.co.uk/news/article-476841/UK-...
I agreed that they are making underwriting losses. What I argued with is using another line of business to cover the continued losses of the motor book. Do you think that is logical, to keep a line open that is continuing to make a loss just because those losses are covered by other departments? They'd shut it in an instant if they weren't making money from it.

To quote a 2007 Daily Mail article which refers more to short term cashflow than the on-going financial support of a major insurance line shows you don't understand the business. Which is fair enough. So let me tell you again, as someone who works in the industry, it's principally through investment income from the invested premiums that they still make a profit on their motor policies.

oyster

12,577 posts

247 months

Tuesday 22nd April 2014
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OTBC said:
It's a well documented fact that the revenue derived by the insurance industry from motorists doesn't even come close to covering the amount of money paid out for the amount of damage that they cause.

Therefore the actual insurance of motorists is derived from insurance premiums for non-motoring related policies.

As someone without a car but insurance policies for other things it can be taken that I'm already paying for motorists insurance, why then should I pay for my own. Surely it would be fairer for motorists to pick up the tab?
Can you provide any of the documented evidence to support the fact that you're claiming?

Because I can't see the shareholders of insurance companies being too happy for their boards to be permanently running a loss-making arm of the business.