insurance rocketingDriven

[S Line Luxury]

My insurance has gone up by about 200 quid in the last year, no crashes or claims, whats going on?!

this is through comparison sites, not renewal notice

[vonhosen]

They had to make a lot of payouts during the adverse weather conditions.

[Flintstone]

Never mind all that, I'm still struggling to understand the thread title.

[TimCrighton]

Because of all the insurance fraud thats going on in part!!! (see my other post!)

[109 Bob]

vonhosen said:

They had to make a lot of payouts during the adverse weather conditions.

Yes, but what gets me is that if we have a mild winter this year I bet the price of insurance will still rise next year.

In other words we are paying now for others incompetence in the snow last year, but what will we be paying for next year? our policies price will not be reduced, even when the insurance companies recuperate their losses, they will still increase.

I've said it before & I'll say it again, legalised robbery.

[vonhosen]

109 Bob said:

vonhosen said:

They had to make a lot of payouts during the adverse weather conditions.

Yes, but what gets me is that if we have a mild winter this year I bet the price of insurance will still rise next year.

In other words we are paying now for others incompetence in the snow last year, but what will we be paying for next year? our policies price will not be reduced, even when the insurance companies recuperate their losses, they will still increase.

I've said it before & I'll say it again, legalised robbery.

When the margins are bigger they will try & undercut each other to steal business (if you look around).

[S Line Luxury]

yup, doesn't seem fair, i manage now to crash and it goes up?!

[ZOLLAR]

109 Bob said:

vonhosen said:

They had to make a lot of payouts during the adverse weather conditions.

Yes, but what gets me is that if we have a mild winter this year I bet the price of insurance will still rise next year.

In other words we are paying now for others incompetence in the snow last year, but what will we be paying for next year? our policies price will not be reduced, even when the insurance companies recuperate their losses, they will still increase.

I've said it before & I'll say it again, legalised robbery.

The weather is one reason that they are going up but there are many other reasons for the increases for exampled all the injury compensation culture payouts, insurance companies have been absorbing the cost of the payouts for a number of years but there comes a point where they need to get the money back in the coffers for future claims profits etc.

It seems this is the year the money is being re claimed.

Edited by ZOLLAR on Sunday 4th July 14:03

[vonhosen]

S Line Luxury said:

yup, doesn't seem fair, i manage now to crash and it goes up?!

Of course it well & to a lesser degree it goes up for your contemporaries who haven't had a collision (same sex, age etc etc) because it's the common details between claimants.

[109 Bob]

vonhosen said:

109 Bob said:

vonhosen said:

They had to make a lot of payouts during the adverse weather conditions.

Yes, but what gets me is that if we have a mild winter this year I bet the price of insurance will still rise next year.

In other words we are paying now for others incompetence in the snow last year, but what will we be paying for next year? our policies price will not be reduced, even when the insurance companies recuperate their losses, they will still increase.

I've said it before & I'll say it again, legalised robbery.

When the margins are bigger they will try & undercut each other to steal business (if you look around).

Again yes, but I've never understood that either, why load peoples renewal quotes causing them to have to go else where in the first place. Why not just offer a competitive quote to begin with so keeping their customers, in essence they're losing a million customers every year just to be replaced by another million new customers paying less than the ones they've just lost.

Ok I admit it, I know nothing about how insurance companies work but like millions of people I feel as though I'm getting squeezed every year for every penny they can get out of my already shallow pockets. But it shouldn't be this way, I shouldn't have to spend a morning on the phone every year just to get a price with a sensible yearly increase.

Insurance companies have the luxury of having a captive market as we are required by law to buy their products, if we weren't I bet insurance prices wouldn't be anywhere near as high as they are today.

[109 Bob]

ZOLLAR said:

109 Bob said:

vonhosen said:

They had to make a lot of payouts during the adverse weather conditions.

Yes, but what gets me is that if we have a mild winter this year I bet the price of insurance will still rise next year.

In other words we are paying now for others incompetence in the snow last year, but what will we be paying for next year? our policies price will not be reduced, even when the insurance companies recuperate their losses, they will still increase.

I've said it before & I'll say it again, legalised robbery.

The weather is one reason that they are going up but there are many other reasons for the increases for exampled all the injury compensation culture payouts, insurance companies have been absorbing the cost of the payouts for a number of years but there comes a point where they need to get the money back in the coffers for future claims profits etc.

It seems this is the year the money is being re claimed.

Edited by ZOLLAR on Sunday 4th July 14:03

That's a sensible response that an average Joe like me can understand, but I still think that a lot of their marketing practises are, if not slightly underhanded, bloody annoying.

ETA. If the insurance companies have been absorbing the costs for a number of years doesn't that mean that we've all been overcharged in the first place? If not then surely that money wouldn't of been there for them to absorb the increased cost of payouts for so long.

Edited by 109 Bob on Sunday 4th July 14:45

[bazking69]

This has been discussed to death on here. You aren't the only one to be stung.

[vonhosen]

109 Bob said:

vonhosen said:

109 Bob said:

vonhosen said:

They had to make a lot of payouts during the adverse weather conditions.

Yes, but what gets me is that if we have a mild winter this year I bet the price of insurance will still rise next year.

In other words we are paying now for others incompetence in the snow last year, but what will we be paying for next year? our policies price will not be reduced, even when the insurance companies recuperate their losses, they will still increase.

I've said it before & I'll say it again, legalised robbery.

When the margins are bigger they will try & undercut each other to steal business (if you look around).

Again yes, but I've never understood that either, why load peoples renewal quotes causing them to have to go else where in the first place. Why not just offer a competitive quote to begin with so keeping their customers, in essence they're losing a million customers every year just to be replaced by another million new customers paying less than the ones they've just lost.

Because there are a lot of people who are daft & don't shop around.

109 Bob said:

Ok I admit it, I know nothing about how insurance companies work but like millions of people I feel as though I'm getting squeezed every year for every penny they can get out of my already shallow pockets. But it shouldn't be this way, I shouldn't have to spend a morning on the phone every year just to get a price with a sensible yearly increase.

Insurance companies have the luxury of having a captive market as we are required by law to buy their products, if we weren't I bet insurance prices wouldn't be anywhere near as high as they are today.

It's my understanding that they don't make big sums from motor insurance.

[ZOLLAR]

109 Bob said:

ZOLLAR said:

109 Bob said:

vonhosen said:

They had to make a lot of payouts during the adverse weather conditions.

Yes, but what gets me is that if we have a mild winter this year I bet the price of insurance will still rise next year.

In other words we are paying now for others incompetence in the snow last year, but what will we be paying for next year? our policies price will not be reduced, even when the insurance companies recuperate their losses, they will still increase.

I've said it before & I'll say it again, legalised robbery.

The weather is one reason that they are going up but there are many other reasons for the increases for exampled all the injury compensation culture payouts, insurance companies have been absorbing the cost of the payouts for a number of years but there comes a point where they need to get the money back in the coffers for future claims profits etc.

It seems this is the year the money is being re claimed.

Edited by ZOLLAR on Sunday 4th July 14:03

That's a sensible response that an average Joe like me can understand, but I still think that a lot of their marketing practises are, if not slightly underhanded, bloody annoying.

ETA. If the insurance companies have been absorbing the costs for a number of years doesn't that mean that we've all been overcharged in the first place? If not then surely that money wouldn't of been there for them to absorb the increased cost of payouts for so long.

Edited by 109 Bob on Sunday 4th July 14:45

Maybe, maybe not.
As some of the other insurances workers on ph will agree with is that there really isn't much profit made from an insurance premium, in fact alot of insurers are losing money but investing what they have elsewhere to make money or selling additional cover i.e. breakdown, personal injury etc.
The only main benefit to setting up as a car insurer is that the product you sell is a legal requirement so demand will always be there.

[109 Bob]

Ok chaps I'm learning a little today from you both, but I still don't like insurance companies.

[ZOLLAR]

109 Bob said:

Ok chaps I'm learning a little today from you both, but I still don't like insurance companies.

its ok at least your willing to listen and understand some of the people i deal with each day want answers but then dont listen or try to understand when you explain,can be quite infuriating

[heisthegaffer]

ZOLLAR said:

109 Bob said:

ZOLLAR said:

109 Bob said:

vonhosen said:

They had to make a lot of payouts during the adverse weather conditions.

Yes, but what gets me is that if we have a mild winter this year I bet the price of insurance will still rise next year.

In other words we are paying now for others incompetence in the snow last year, but what will we be paying for next year? our policies price will not be reduced, even when the insurance companies recuperate their losses, they will still increase.

I've said it before & I'll say it again, legalised robbery.

The weather is one reason that they are going up but there are many other reasons for the increases for exampled all the injury compensation culture payouts, insurance companies have been absorbing the cost of the payouts for a number of years but there comes a point where they need to get the money back in the coffers for future claims profits etc.

It seems this is the year the money is being re claimed.

Edited by ZOLLAR on Sunday 4th July 14:03

That's a sensible response that an average Joe like me can understand, but I still think that a lot of their marketing practises are, if not slightly underhanded, bloody annoying.

ETA. If the insurance companies have been absorbing the costs for a number of years doesn't that mean that we've all been overcharged in the first place? If not then surely that money wouldn't of been there for them to absorb the increased cost of payouts for so long.

Edited by 109 Bob on Sunday 4th July 14:45

Maybe, maybe not.
As some of the other insurances workers on ph will agree with is that there really isn't much profit made from an insurance premium, in fact alot of insurers are losing money but investing what they have elsewhere to make money or selling additional cover i.e. breakdown, personal injury etc.
The only main benefit to setting up as a car insurer is that the product you sell is a legal requirement so demand will always be there.

Further to the above, insurers, on the whole, make very little profit (people tend to forget insurers are there to make money like most companies, they are not charities) from premiums so use investment income to boost their income which we all know is very low at present.

I haven't underwritten private car insurance for a while now(nearly a decade) but if we were to actually pay a premium that would result in the insurer making money I imagine it'd be close to 5 times what we pay as a average due to rubbish and uninsured drivers. That is entirely my guestimate, totally unrelated to who I work for now or whom I've worked for in the past.

[pilchardthecat]

S Line Luxury said:

My insurance has gone up by about 200 quid in the last year, no crashes or claims, whats going on?!

this is through comparison sites, not renewal notice

Maybe it's because Audi's are st?

[4lf4-155]

liquidity crisis

[carreauchompeur]

S Line Luxury said:

My insurance has gone up by about 200 quid in the last year, no crashes or claims, whats going on?!

this is through comparison sites, not renewal notice

It'll be because of the S-Line, insurers are worried about the costs of damaging such a prestigious vehicle.