Has your insurance gone up?
Discussion
LF5335 said:
He wasn’t comparing insurance to fast food. He was comparing two businesses IP and why neither of them is likely to be sharing it with the public. Given this came about as someone claimed we’re in an era of transparency can you show me any businesses who are sharing their business model and unique data publicly.
The UK and Australia share very little when it comes to the actual risk that is being priced for.
Do they have credit hire? What about a No Win, No Fee legal system? The right to claim for all torts no matter how small? Lease / HP / PCP cars comprising a huge share of the new car market? Population density? Poor condition roads? And so on? I picked Australia and New Zealand (they’re different countries if you didn’t know), as they both have a State run basic insurance scheme. I’m sure you’ll enlighten us with your expert knowledge of their system and how they price it, as I’m clearly too “stupid” to.
Credit hire issues and excessive legal fees relating to car insurance aren't a symptom of our geography or culture.The UK and Australia share very little when it comes to the actual risk that is being priced for.
Do they have credit hire? What about a No Win, No Fee legal system? The right to claim for all torts no matter how small? Lease / HP / PCP cars comprising a huge share of the new car market? Population density? Poor condition roads? And so on? I picked Australia and New Zealand (they’re different countries if you didn’t know), as they both have a State run basic insurance scheme. I’m sure you’ll enlighten us with your expert knowledge of their system and how they price it, as I’m clearly too “stupid” to.
If the government was on the hook for these things the laws to bring them under control would come about very quickly, one of the many reasons no country with state provided cover has higher average costs than we do.
I haven't read all the thread, just the few last pages. My quote for renewal on my od car type S, was about £370.
I'm meant to be viewing a Kia Rio tomorrow, it's a 1.25, 2013, low miles, and the cheapest I can get on my insurance is near £600, I've never been in an accident, or had any points on my license.
I've recently been given a council house in a better area, with next to no crime, this is going to really sting. Oh, I've about 12 years no claims too....ugh!
I'm meant to be viewing a Kia Rio tomorrow, it's a 1.25, 2013, low miles, and the cheapest I can get on my insurance is near £600, I've never been in an accident, or had any points on my license.
I've recently been given a council house in a better area, with next to no crime, this is going to really sting. Oh, I've about 12 years no claims too....ugh!
e-honda said:
Credit hire issues and excessive legal fees relating to car insurance aren't a symptom of our geography or culture.
If the government was on the hook for these things the laws to bring them under control would come about very quickly, one of the many reasons no country with state provided cover has higher average costs than we do.
Credit Hire exists because we have the right to sue others for any loss suffered due to another’s negligence. Do you want to remove that right?If the government was on the hook for these things the laws to bring them under control would come about very quickly, one of the many reasons no country with state provided cover has higher average costs than we do.
Legal fees have been capped and controlled to some extent for years. Problem is that removing them, kills an industry and puts a lot of people out of work on the legal side.
Returned to my quote search of the 28/4 and the best has gone up by £40 , then a go through the online paperwork and suddenly it's £220 higher than the original quote with no changes .
If I go to that companies own website it's even more expensive ! So very wrong to have multiple prices for the same product,not just a few quid but 60%more is verging on criminal.
If I go to that companies own website it's even more expensive ! So very wrong to have multiple prices for the same product,not just a few quid but 60%more is verging on criminal.
Just renewed mine.
I have Relay cover and the AA sent me an invitation for their car insurance. Went to their site via the email and was quoted £367.
Looked on compare the market and the same cover came in from the AA at £237.
Ran the same quote on Confused.com and the very same cover arrived at £167...with the AA!
I get that some obscure company may charge you less but three different quotes in three hours from the same company seems a little odd.
I have Relay cover and the AA sent me an invitation for their car insurance. Went to their site via the email and was quoted £367.
Looked on compare the market and the same cover came in from the AA at £237.
Ran the same quote on Confused.com and the very same cover arrived at £167...with the AA!
I get that some obscure company may charge you less but three different quotes in three hours from the same company seems a little odd.
cologne2792 said:
Just renewed mine.
I have Relay cover and the AA sent me an invitation for their car insurance. Went to their site via the email and was quoted £367.
Looked on compare the market and the same cover came in from the AA at £237.
Ran the same quote on Confused.com and the very same cover arrived at £167...with the AA!
I get that some obscure company may charge you less but three different quotes in three hours from the same company seems a little odd.
So much for the suckers who think a company can’t charge more for renewal than for a new customer. If they believe that they will believe anything.I have Relay cover and the AA sent me an invitation for their car insurance. Went to their site via the email and was quoted £367.
Looked on compare the market and the same cover came in from the AA at £237.
Ran the same quote on Confused.com and the very same cover arrived at £167...with the AA!
I get that some obscure company may charge you less but three different quotes in three hours from the same company seems a little odd.
LF5335 said:
Credit Hire exists because we have the right to sue others for any loss suffered due to another’s negligence. Do you want to remove that right?
Legal fees have been capped and controlled to some extent for years. Problem is that removing them, kills an industry and puts a lot of people out of work on the legal side.
Why does everything have to be extremes with you, don't you think if they had more incentive someone in government might be able to come up with a way of capping the cost of credit hire without removing the entire right to sue for damages?Legal fees have been capped and controlled to some extent for years. Problem is that removing them, kills an industry and puts a lot of people out of work on the legal side.
e-honda said:
Why does everything have to be extremes with you, don't you think if they had more incentive someone in government might be able to come up with a way of capping the cost of credit hire without removing the entire right to sue for damages?
They have got an incentive. They haven’t done anything. LF5335 said:
They have got an incentive. They haven’t done anything.
What incentive?I can see plenty of incentives to do absolutely nothing, perhaps even encourage it.
Insurance premium taxes
Corporation taxes
Possibly vat
Where is the financial incentives for the government to bring these costs down?
Or is it political? Where have you seen the conservatives, or even any party campaign on this issue?
What is the government's incentive here?
e-honda said:
What incentive?
I can see plenty of incentives to do absolutely nothing, perhaps even encourage it.
Insurance premium taxes
Corporation taxes
Possibly vat
Where is the financial incentives for the government to bring these costs down?
Or is it political? Where have you seen the conservatives, or even any party campaign on this issue?
What is the government's incentive here?
The same incentive any government has. Maximise revenue to buy votes from your target demographic.I can see plenty of incentives to do absolutely nothing, perhaps even encourage it.
Insurance premium taxes
Corporation taxes
Possibly vat
Where is the financial incentives for the government to bring these costs down?
Or is it political? Where have you seen the conservatives, or even any party campaign on this issue?
What is the government's incentive here?
Similarly the insurance industry has much the same priorities. If they increase percentage margins they paint it too brown but they are cleverer than that. Counterintuitively, they maximise the claims cost across their cosy cartel because 5% margin on £10B turnover beats 5% margin on £5B. The only losers are the suckers coughing up for it. It would also surprise me not one jot if they had fingers in the credit hire companies pie thus double dipping that revenue.
fatjon said:
The same incentive any government has. Maximise revenue to buy votes from your target demographic.
Similarly the insurance industry has much the same priorities. If they increase percentage margins they paint it too brown but they are cleverer than that. Counterintuitively, they maximise the claims cost across their cosy cartel because 5% margin on £10B turnover beats 5% margin on £5B. The only losers are the suckers coughing up for it. It would also surprise me not one jot if they had fingers in the credit hire companies pie thus double dipping that revenue.
Yeah that was kind of my point, I was asking what is the government's incentive to do something about credit hire that apparently exists but to me looks to me if anything the opposite.Similarly the insurance industry has much the same priorities. If they increase percentage margins they paint it too brown but they are cleverer than that. Counterintuitively, they maximise the claims cost across their cosy cartel because 5% margin on £10B turnover beats 5% margin on £5B. The only losers are the suckers coughing up for it. It would also surprise me not one jot if they had fingers in the credit hire companies pie thus double dipping that revenue.
Where as countries where state is responsible for 3rd party risks on the road they have a very clear and unambiguous incentive to keep costs down.
MakaveliX said:
First year with my Mazda 3 was £830
Second year £1070
Just done a quote out of interest ( insurance is due toward end of year ) and they want about £1250 for the same cover and this is with 3 years no claims.
In my 30s and find it crazy that you don't get rewarded for safe driving.
Definitely ring up and just tell them oh Churchill/Admiral/Hastings/Any other competitor, have offered me £150 less than what you're quoting me for renewal. Can you match this? Second year £1070
Just done a quote out of interest ( insurance is due toward end of year ) and they want about £1250 for the same cover and this is with 3 years no claims.
In my 30s and find it crazy that you don't get rewarded for safe driving.
It can't hurt and if you need a bit of 'plausible deniability' just suggest that your current policy has some better terms (NCB, legal, breakdown cover etc) and that you're wondering if they can match the lower figure with their terms.
I'm staring at a renewal quote ~ £725, yet online the lowest I can make the quotes go is around £950. - Either way both up from the £570 I paid last year.
MakaveliX said:
First year with my Mazda 3 was £830
Second year £1070
Just done a quote out of interest ( insurance is due toward end of year ) and they want about £1250 for the same cover and this is with 3 years no claims.
In my 30s and find it crazy that you don't get rewarded for safe driving.
I'm sure it would have gone up more had you made claims, so you are getting a reward for not claiming. Second year £1070
Just done a quote out of interest ( insurance is due toward end of year ) and they want about £1250 for the same cover and this is with 3 years no claims.
In my 30s and find it crazy that you don't get rewarded for safe driving.
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