Black box insurance cancelled - help
Discussion
KimJongHealthy said:
£500 Corsa isn't the problem. £50000 Mercedes they might drive into is, not to mention potential hundreds of thousands in compensation for personal injuries.
Hit the nail on the head there! Not necessarily young drivers or car values, just greedy so and sos who falsely claim huge amounts for whiplash and what not else. I watched from the window of my office recently as a tiny back ender, which never even damaged the car, needed an ambulance and the occupant to be stretchered away. Just setting up for a claim.veccy208 said:
KimJongHealthy said:
£500 Corsa isn't the problem. £50000 Mercedes they might drive into is, not to mention potential hundreds of thousands in compensation for personal injuries.
Hit the nail on the head there! Not necessarily young drivers or car values, just greedy so and sos who falsely claim huge amounts for whiplash and what not else. 
TooMany2cvs said:
Axa. One of the biggest insurers in the world, right?
They make €4 BILLION PROFIT! Oooh! Despicable money-grabbing b
ds!
Small problem with that... Their revenue is €87bn, so their profit margin is 4.5%. For every £1,000 they take in premium (and remember that's after the broker's cut), they make... £45 profit. So, assuming a 20% margin for the broker (out of which they have to run their business, remember, that's not just profit), that's £45 profit off a £1,200 policy. A whole fortnight's premium per year is in their pocket after everything it costs them to run the business is paid for.
You sell a lot of something, your margins can be lower.They make €4 BILLION PROFIT! Oooh! Despicable money-grabbing b
ds!Small problem with that... Their revenue is €87bn, so their profit margin is 4.5%. For every £1,000 they take in premium (and remember that's after the broker's cut), they make... £45 profit. So, assuming a 20% margin for the broker (out of which they have to run their business, remember, that's not just profit), that's £45 profit off a £1,200 policy. A whole fortnight's premium per year is in their pocket after everything it costs them to run the business is paid for.
Do you think Tesco make a high cash profit on every banana they sell? No.
But they sell a s
t load of bananas.Hackney said:
TooMany2cvs said:
Axa. One of the biggest insurers in the world, right?
They make €4 BILLION PROFIT! Oooh! Despicable money-grabbing bds!
Small problem with that... Their revenue is €87bn, so their profit margin is 4.5%. For every £1,000 they take in premium (and remember that's after the broker's cut), they make... £45 profit. So, assuming a 20% margin for the broker (out of which they have to run their business, remember, that's not just profit), that's £45 profit off a £1,200 policy. A whole fortnight's premium per year is in their pocket after everything it costs them to run the business is paid for.
You sell a lot of something, your margins can be lower.They make €4 BILLION PROFIT! Oooh! Despicable money-grabbing b
ds!Small problem with that... Their revenue is €87bn, so their profit margin is 4.5%. For every £1,000 they take in premium (and remember that's after the broker's cut), they make... £45 profit. So, assuming a 20% margin for the broker (out of which they have to run their business, remember, that's not just profit), that's £45 profit off a £1,200 policy. A whole fortnight's premium per year is in their pocket after everything it costs them to run the business is paid for.
Do you think Tesco make a high cash profit on every banana they sell? No.
But they sell a s
t load of bananas.veccy208 said:
KimJongHealthy said:
£500 Corsa isn't the problem. £50000 Mercedes they might drive into is, not to mention potential hundreds of thousands in compensation for personal injuries.
Hit the nail on the head there! Not necessarily young drivers or car values, just greedy so and sos who falsely claim huge amounts for whiplash and what not else. I watched from the window of my office recently as a tiny back ender, which never even damaged the car, needed an ambulance and the occupant to be stretchered away. Just setting up for a claim.TooMany2cvs said:
Devil2575 said:
I have a Sony but it's not top of the range so I pay £22 a month.
I think people sometimes forget that a flash phone is a luxury.
I have a 7yo Android phone on PAYG. And no mobile signal at home on any network.I think people sometimes forget that a flash phone is a luxury.
My wife has an Iphone 6. a few weeks back she dropped it on the road while she was crossing and a car ran over it. She has insurance to cover such eventualities but there was still an £80 excess. The insurance itself is £8 a month.
I don't have insurance. Last time I broke my phone my provider gave me a free basic one that did me till the end of my contract.
I like havin a smart phone, it has useful stuff on it, but i can live without it and the idea of paying to insure it seems like madness to me.
I'd rather cut my nuts of with a rusy pair of scissors than pay the "Apple tax" to have an Iphone.
Edited by Devil2575 on Wednesday 6th January 13:05
Devil2575 said:
TooMany2cvs said:
Devil2575 said:
I have a Sony but it's not top of the range so I pay £22 a month.
I think people sometimes forget that a flash phone is a luxury.
I have a 7yo Android phone on PAYG. And no mobile signal at home on any network.I think people sometimes forget that a flash phone is a luxury.
Herefordshire. About half a mile from Powys.
TooMany2cvs said:
Hackney said:
TooMany2cvs said:
Axa. One of the biggest insurers in the world, right?
They make €4 BILLION PROFIT! Oooh! Despicable money-grabbing bds!
Small problem with that... Their revenue is €87bn, so their profit margin is 4.5%. For every £1,000 they take in premium (and remember that's after the broker's cut), they make... £45 profit. So, assuming a 20% margin for the broker (out of which they have to run their business, remember, that's not just profit), that's £45 profit off a £1,200 policy. A whole fortnight's premium per year is in their pocket after everything it costs them to run the business is paid for.
You sell a lot of something, your margins can be lower.They make €4 BILLION PROFIT! Oooh! Despicable money-grabbing b
ds!Small problem with that... Their revenue is €87bn, so their profit margin is 4.5%. For every £1,000 they take in premium (and remember that's after the broker's cut), they make... £45 profit. So, assuming a 20% margin for the broker (out of which they have to run their business, remember, that's not just profit), that's £45 profit off a £1,200 policy. A whole fortnight's premium per year is in their pocket after everything it costs them to run the business is paid for.
Do you think Tesco make a high cash profit on every banana they sell? No.
But they sell a s
t load of bananas.You pointed out that Axa make 4% profit. I'm simply saying that's not unusual for "big business".
For example, Walmart made 3% in 2014 (a quote I found says that in a 31 day month it takes until day 30 for their sales to cover their costs), online retailers routinely make 2.5 to 3.5%
And as you said, 4.5% profit on £87bn sales is £4bn. That is still a hell of a lot of money. So you'll excuse me if I refrain from thinking "poor you" of the insurance companies just yet.
And FWIW Tesco made a loss in the 52 wks to Feb 2015
Johnnytheboy said:
TwigtheWonderkid said:
On a point of pendency, vultures don't suck blood. Leech would be better.
Sorry to drag this up, but is the concept of vultures sucking blood pending?"blood sucking vultures" describes vultures who suck blood. While no such thing exists that doesn't make it (in the context of a description of insurers) incorrect.
So I think describing someone as a blood sucking vulture is fine.
But what do I no?
A guy I knew had to get a black box policy to be able to afford to insure a E90 320d. He was 19 at the time, saved about 60-70% on comparable premiums.
It plugged into the cigarette lighter, so he plugged it into his mums micra and left it there. 3 months later they apparently didnt require him to have it any more. Weird.
It plugged into the cigarette lighter, so he plugged it into his mums micra and left it there. 3 months later they apparently didnt require him to have it any more. Weird.
AH33 said:
A guy I knew had to get a black box policy to be able to afford to insure a E90 320d. He was 19 at the time, saved about 60-70% on comparable premiums.
It plugged into the cigarette lighter, so he plugged it into his mums micra and left it there. 3 months later they apparently didnt require him to have it any more. Weird.
That could have made a very interesting bit of paperwork if ever he'd claimed.It plugged into the cigarette lighter, so he plugged it into his mums micra and left it there. 3 months later they apparently didnt require him to have it any more. Weird.
"So, Mr Policholder, at the time you wrapped your BMW round a tree at obviously fairly high speed on a twisty bit of road, your black box says your car was doing 25mph in a straight line... and we don't appear to have found it in the wreckage. Can you explain?"
TooMany2cvs said:
AH33 said:
A guy I knew had to get a black box policy to be able to afford to insure a E90 320d. He was 19 at the time, saved about 60-70% on comparable premiums.
It plugged into the cigarette lighter, so he plugged it into his mums micra and left it there. 3 months later they apparently didnt require him to have it any more. Weird.
That could have made a very interesting bit of paperwork if ever he'd claimed.It plugged into the cigarette lighter, so he plugged it into his mums micra and left it there. 3 months later they apparently didnt require him to have it any more. Weird.
"So, Mr Policholder, at the time you wrapped your BMW round a tree at obviously fairly high speed on a twisty bit of road, your black box says your car was doing 25mph in a straight line... and we don't appear to have found it in the wreckage. Can you explain?"
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