Insurance - its a rip off!!
Discussion
There i was minding my own business, stationary in a queue on the M1 in my R8 when somebody behind me (WVM) fails to stop and hits a Fiesta behind me which in turn is shunted into the nearside rear corner of my car. The impact is very low speed and the damage largely cosmetic - a new bumper, grill, diffuser and parking sensor. Details are exchanged & WVM effectively admits liability. I reported the accident to my insurance company (Admiral) who efficiently process the claim. My car is due to be repaired next week. I think job done - lucky there wasn't too much damage but at least all parties are insured so no loss of excess, NCD etc.
How wrong I was!!
In the process of renewing the insurance on her car my wife was asked had either of the named drivers made a claim. She explained that I was progressing a claim but all costs would be recovered from the 3rd party. "Oh so its a no fault claim?" "Yes" replied my wife! "In that case your renewal premium will be another £50 and that claim remains on your file for the next 3 years". This is before I have even begun to contemplate the renewal on my R8 in December. What is that going to do to the premium?
I have never claimed in my life, I have a clean driving licence and just because some plonker can't drive I am the one who is penalised. What is going on? How can this be right? The insurance operative says that my insurance rating has been affected because I have initiated a claim and that it maybe because I could be a habitual claimant driving on high risk roads at high risk times!! What the hell are you supposed to do to avoid that? Not use your car at all I presume! What do we have insurance for?
So what am i to do to ensure that I am not out of pocket due to WVM's negligence? It would appear my only option is to take a out a private claim in the small claims court for my increased cost of insurance projected forward over the next 3 years for 3 vehicles!! Who will help me progress that?
Has anyone else any experience or advise for this totally inequitable situation??
All comments/rants gratefully received
How wrong I was!!
In the process of renewing the insurance on her car my wife was asked had either of the named drivers made a claim. She explained that I was progressing a claim but all costs would be recovered from the 3rd party. "Oh so its a no fault claim?" "Yes" replied my wife! "In that case your renewal premium will be another £50 and that claim remains on your file for the next 3 years". This is before I have even begun to contemplate the renewal on my R8 in December. What is that going to do to the premium?
I have never claimed in my life, I have a clean driving licence and just because some plonker can't drive I am the one who is penalised. What is going on? How can this be right? The insurance operative says that my insurance rating has been affected because I have initiated a claim and that it maybe because I could be a habitual claimant driving on high risk roads at high risk times!! What the hell are you supposed to do to avoid that? Not use your car at all I presume! What do we have insurance for?
So what am i to do to ensure that I am not out of pocket due to WVM's negligence? It would appear my only option is to take a out a private claim in the small claims court for my increased cost of insurance projected forward over the next 3 years for 3 vehicles!! Who will help me progress that?
Has anyone else any experience or advise for this totally inequitable situation??
All comments/rants gratefully received
I've just spoken to the company that provide the legal assistance asking if they will pursue the 3rd party who ran into my R8 for the increased premiums I will have to pay for the next 3 years as an out of pocket expense. They said it is not classed as an insurable loss! So what the hell do I pay for in requesting a) legal assistance and b) protected NCD??
The arguemt of the insurance companies (supposedly based on research) is that because I have now had a claim my risk rating has worsened and that I am statistically more likely to have another claim!! On the basis that statistically you are likely at some time to have some sort of accident then surely if I have had one (albiet not my fault) the odds of me having another are REDUCED, not increased, and it is somebody elses turn, given that accidents largely happen on a random basis from a time and geographical basis!
This seems so unfair when I consider the amount of money I have paid over the years, without a claim.
Which ever way you turn they've got an answer - usually in their favour!
By the way VXR8 bumper price: £2,500!!
The arguemt of the insurance companies (supposedly based on research) is that because I have now had a claim my risk rating has worsened and that I am statistically more likely to have another claim!! On the basis that statistically you are likely at some time to have some sort of accident then surely if I have had one (albiet not my fault) the odds of me having another are REDUCED, not increased, and it is somebody elses turn, given that accidents largely happen on a random basis from a time and geographical basis!
This seems so unfair when I consider the amount of money I have paid over the years, without a claim.
Which ever way you turn they've got an answer - usually in their favour!
By the way VXR8 bumper price: £2,500!!
Edited by nicaf on Tuesday 2nd November 13:11
Edited by nicaf on Tuesday 2nd November 13:11
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Ah, yes, but the randomness of accident occurrence is exactly why you are just as likely to have another accident - it is not necessairly someone else's turn- and unfortunately, in pure statistical terms you are actually slightly more likely to have another prang, hence the insurers stance on this matter.
However, I know exactly how outraged you feel, as I had a similar non fault bike accident 4 years ago and the bloody thing is still haunting my insurance premiums.
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But this is what i dont understand. WHY am I more likley to have another prang? Is it because I am in a big shiny red VXR8 whose back end mesmerises everybody so much they have to get a closer look!!
Well done liam1986. You've inspired me to pursue this, although i a going to wait until my car is repaired and I have confirmation that the claim has been settled by the other party in full.
Admiral have loaded my renewal premium by a whopping 33%!!
I have several avenues - seek recompense for my out-of-pocket expenses from:
the third party insurers (ING); Admiral, Admirals claim handling company (Albany); the ABI; the Ombudsman or finally an action directly against the driver!
Its not just the money - it is the whole principle of this absurd policy adopted by the insurance companies.
Admiral have loaded my renewal premium by a whopping 33%!!
I have several avenues - seek recompense for my out-of-pocket expenses from:
the third party insurers (ING); Admiral, Admirals claim handling company (Albany); the ABI; the Ombudsman or finally an action directly against the driver!
Its not just the money - it is the whole principle of this absurd policy adopted by the insurance companies.
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