What would happen if we insured vehicles rather than people

[Ean218]

ralphrj said:

An experienced driver with 20 years of claim free driving would pay significantly more to insure, say, a Porsche 911.

A 21 year old with a previous conviction for drink driving and multiple claims would pay significantly less to insure, say, a Vauxhall Corsa.

Worse than that even, an experienced driver would pay more on a Corsa and the inexperienced would now get very cheap insurance for his weapon of choice, whereas now he probably couldn't even get cover, thankfully for the rest of us.

[Jesus TF Christ]

ralphrj said:

Experienced drivers,
Drivers with multiple years without claims

would see increased premiums.

Same as now then?

[Engineer1]

Roop said:

There's also another good trick. Your plaques (registration plates) are not linked to the car like in the UK. The plaques are issued to you ONLY when the SAN (think of SAN as a competent DVLA)

No Can't think of a competent DVLA, the question with this system is how do you prevent forged plates?

[Roop]

Engineer1 said:

Roop said:

There's also another good trick. Your plaques (registration plates) are not linked to the car like in the UK. The plaques are issued to you ONLY when the SAN (think of SAN as a competent DVLA)

No Can't think of a competent DVLA, the question with this system is how do you prevent forged plates?

Dunno how they do this. It's just pressed and painted aluminium. They have ANPR type cameras on the major roads. Perhaps that's it.

[saaby93]

ralphrj said:

saaby93 said:

Where would the winners and losers be on premiums?

Assuming that the total national cost of insurance remains the same then the current method of loading premiums due to the driver risk would go

I dont think so
It would only be RTA/third party cover which would be per car
If you wanted fully comp it would be still loaded per named driver for that car

[Du1point8]

Roop said:

Engineer1 said:

Roop said:

There's also another good trick. Your plaques (registration plates) are not linked to the car like in the UK. The plaques are issued to you ONLY when the SAN (think of SAN as a competent DVLA)

No Can't think of a competent DVLA, the question with this system is how do you prevent forged plates?

Dunno how they do this. It's just pressed and painted aluminium. They have ANPR type cameras on the major roads. Perhaps that's it.

Only one company can produce the plates if I remember correctly and they are displayed with the insurance in the window of the car...

quite easily to check the car and its plates...

but remember 2 things, lot less numbers to deal with, these places dont see to have as many "I couldnt give a toss citizens" than the UK

[TonyHetherington]

Berw said:

Here in Malaysia insurance is tabuler based not acctuary, the only two things that effect the premium cost are, the cc of the car and the agreed value, so my wifes 2.5 944 main driver been driving for 4 years is the same as my 2.4 Nissan main driver been driving 30 years.
Then you get no claims of that premium, all companies use the same table, and if you take fully comp, then any driver is covered 3rd party, you need to show insurance for the annual road tax, so if a car is taxed, it is insured, eay check on the tax disk for the police at the road side.
Then to add a named driver and make him fully comp is 2 pounds, so two of my mates are named in case I have a problem and thye drive my cars.
The 2 pound is regardless of age, etc, so my 19 year ols son is named on MY 900 ZXR ( in case he drops it in the car park I wont let him on the street, as realisticly the risk if a serious accident to him is to great).
Any way perhaps to much detail, but just to show first hand that this works, claims are meet, insurance comapnies lobby government to increase premiums, it is simple, and the insurance companies do not make huge profits, but they all survive and all the big names are in the market so the returns cant be that bad.

Very interesting! So it sounds like there's no competition amongst insurance companies then - so where's the drive or differentiator?