My Car gets Stolen from Honda and my Insurance gos up? Why

[shovelheadrob]

[quote=R1 Loon
in a market where all insurers (bar Admiral) are losing money on car insurance.
[/quote]

I often see this mentioned, so why do they compete so hard to get your business? If a large sector of my business was losing money I would concentrate on the profitable part, not spend fortunes on primetime TV ads to lose even more!
Or is it just me?

[Turbocharger]

If I was insuring you I'd ask whether you're in the habit of giving your car keys to people who would secure them poorly and risk having your car stolen. Okay, they're a main dealer but the history presents itself on paper.

I'd load your premium.

[R1 Loon]

shovelheadrob said:

R1 Loon said:

in a market where all insurers (bar Admiral) are losing money on car insurance.

I often see this mentioned, so why do they compete so hard to get your business? If a large sector of my business was losing money I would concentrate on the profitable part, not spend fortunes on primetime TV ads to lose even more!
Or is it just me?

Because everyone thinks the market is going to harden (ie premiums rise without a corresponding rise in claims costs) so having lost money for so long, everyone is deperae to have a big markert share when this mythical situation arises.

It's highly unlikely to happen, so the next straw to clutch at is that there is a theroetical point in percentage market share where you can definitely make money, again it looks liek this is a myth.

However, what is happening is that the insurers are limiting their exposure to high / medium risk drivers, so have to advertise like crazy to chase down the few low risk drivers. Low risk is normally a married male with 2 kids driving a 3 year old family saloon btw, so it doesn;t really fir this forum's demographic.

[Batlamb]

Turbocharger said:

If I was insuring you I'd ask whether you're in the habit of giving your car keys to people who would secure them poorly and risk having your car stolen. Okay, they're a main dealer but the history presents itself on paper.

I'd load your premium.

Well on this basis all Car Insurance should go up then as everyone has to use a garage at somepoint.

[AndrewTait]

LeoSayer said:

Negative Creep said:

Only thing you can do is take your business elsewhere

How should he answer the question 'Have you made any claims in the last 5 years?'

Edited by LeoSayer on Wednesday 29th December 09:49

In this situation, I would declare the insurance claim I had made against the van driver who took the side out of my car, but not the theft claim, as I hadn't made it, the garage claimed on their insurance, for their liability! As far as I would be concerned it came out of the petty cash tin, the owners back pocket, or they scrabbled around and found enough coppers down the back of the sofa in the show room!

[Sgwilliams]

the insurance company would be rating upon the first claim aswel dont forget, so they would be rating upon two claims or two incidences (which ever one you want to call it) and i would think that the insurance company would look at these more seeing as they both happened within the same policy term

Edited by Sgwilliams on Thursday 6th January 11:38