watchdog talking about car insurance tonight

[ambuletz]

Thoughts?

the segment might probably be over by the time you read this

[DannyVTS]

I'm glad they didn't have a little scrote complaining that he was quoted £65,423 to insure his 1.0 Corsa

[Kozy]

I can't watch it, whats the opinion?

[ambuletz]

Haha, yes, thankful for that. They did point out that accident and claims went down by 30% over the past few years, yet premiums have still gone up and up. Does seem like the whole injury claims system/referrals needs lots of sorting out. I shudder to think what premiums would be like afew years from now.

Kozy said:

I can't watch it, whats the opinion?

Had quite afew beer atm, don't remember it too well. >_<. Basically saying insurance companies give customer details to lawyers (who in-turn pay insurance companies a referral fee). The lawyers then make claims against the other party, including the cost of their lawyers fees. Aggressive marketing etc.. in many cases, offering compenstation money where people don't need them, in many cases fraudulent compensation claims. The other insurance company just end up recouping their losses by increasing the general publics premiums.

Edited by ambuletz on Thursday 28th April 20:35

[Tallbut Buxomly]

Claims management companies are largely to blame for trying to sell accident claims to people who werent injured. The insurance regulator wants to see referral fees banned.

It was a fairly balanced and sensible bit of reporting.

[Deva Link]

ambuletz said:

Haha, yes, thankful for that. They did point out that accident and claims went down by 30% over the past few years, yet premiums have still gone up and up. Does seem like the whole injury claims system/referrals needs lots of sorting out. I shudder to think what premiums would be like afew years from now.

What the industry guy didn't say is that many insurance companies have outsourced their claims handling and its those companies who are seeking to drive up the money they make from each claim.

[ambuletz]

they'll be talking about it again tonight. Like now.