Dick Turpin Car Insurance
Discussion
My Insurance company which rhymes with Biff Lover,kindly Emailed me my renewal quote for £1600, Of which they have stated they will automatically renew my contract at the end of my current one in September and thank you for been such a valid customer and so on....
Not only is it £300 a year more than last year when I had 0 no claims It is £600 pounds more than the online quote I received from them yesterday posing as a new customer.
Why do they purposely try to rip us off?
I have now got it down to £650 with another Insurer a.k.a. A high ranking member of the royal navy
Its very annoying.
Not only is it £300 a year more than last year when I had 0 no claims It is £600 pounds more than the online quote I received from them yesterday posing as a new customer.
Why do they purposely try to rip us off?
I have now got it down to £650 with another Insurer a.k.a. A high ranking member of the royal navy
Its very annoying.
MR00PEA said:
It needs Regulating, half of the figures are borderline criminal. It really pisses me off
Why does it need regulating? If enough of us switch then it will regulate itself. If not, then so what? Those of us with a brain will continue to shop around\check and switch if we get a better deal.This view is rather optimistically based on the idea that my switching premium is lower because it is subsidised by the numpties that don't switch ...
Mark-C said:
Why does it need regulating? If enough of us switch then it will regulate itself. If not, then so what? Those of us with a brain will continue to shop around\check and switch if we get a better deal.
This view is rather optimistically based on the idea that my switching premium is lower because it is subsidised by the numpties that don't switch ...
Your view and its grounds are exactly right - I'm perfectly happy to have them do this because we all know they do it, and all shop around and get a better price. That better price exists because the company offering it has made good money out of eejits accepting daft renewals, and you would be astonished how many just think "oh bugger, that's gone up a bit" and pay it anyway because they think that's just what it costs. Same as many automotive things to those not really interested.This view is rather optimistically based on the idea that my switching premium is lower because it is subsidised by the numpties that don't switch ...
MR00PEA said:
By regulating I mean cost in general, Its getting ridiculous specially for the younger drivers it should be limited at a reasonable amount then increase only if you claim.
That might end up with more people buying fancier cars to start with as the insurance is cheaper, and then avoiding driving when the post accident quotes are far higher.MR00PEA said:
By regulating I mean cost in general, Its getting ridiculous specially for the younger drivers it should be limited at a reasonable amount then increase only if you claim.
Ah, this one again.Insurance companies make extremely little profit from the premiums they charge, most of their money is made with investments using the capital gained from premiums. Do not blame the insurers for the costs these days, they didn't bring in the "my neck hurts" brigade that are at fault.
If they made such little profit as stated then they would not be in the business I am pretty sure they don't do it for love.
In the official reports from 2010 23.4 million private vehicles were insured yet only 3.7million claims were made. Aviva alone made 1.6billion after tax...hardly pittance.
This is not including the money made from the Investment of the premiums from insurance company's which totals around 1.7trillion a year or around 26% of the UK's total net worth.
So maybe the books will be balanced accordingly more than likely to look like they are not making much so they can raise the premiums the following year to make more money through investment? Just a thought.
In the official reports from 2010 23.4 million private vehicles were insured yet only 3.7million claims were made. Aviva alone made 1.6billion after tax...hardly pittance.
This is not including the money made from the Investment of the premiums from insurance company's which totals around 1.7trillion a year or around 26% of the UK's total net worth.
So maybe the books will be balanced accordingly more than likely to look like they are not making much so they can raise the premiums the following year to make more money through investment? Just a thought.
Edited by MR00PEA on Thursday 23 August 04:10
Mark-C said:
Why does it need regulating? If enough of us switch then it will regulate itself. If not, then so what? Those of us with a brain will continue to shop around\check and switch if we get a better deal.
This view is rather optimistically based on the idea that my switching premium is lower because it is subsidised by the numpties that don't switch ...
Because the insurance industry is at great pains to explain to people how carefully they manage risk and adjust accordingly, bumping people's premiums up when they have a no fault accident as an example. If there's a 50% discount in the premium solely on the basis of being a new customer, I don't really think it's all that much of an exact science. This view is rather optimistically based on the idea that my switching premium is lower because it is subsidised by the numpties that don't switch ...
McSam said:
Ah, this one again.
Insurance companies make extremely little profit from the premiums they charge, most of their money is made with investments using the capital gained from premiums. Do not blame the insurers for the costs these days, they didn't bring in the "my neck hurts" brigade that are at fault.
Exactly this.Insurance companies make extremely little profit from the premiums they charge, most of their money is made with investments using the capital gained from premiums. Do not blame the insurers for the costs these days, they didn't bring in the "my neck hurts" brigade that are at fault.
Insurance on my limited mileage car (Corrado VR6) was up for renewal this week.
Last year I increased the mileage midway through the policy from 3000 to 4500 miles because of a few long road trips. That cost me about 35% of the premium. Renewal price came through that was approx 40% up on last year. I phoned up to discuss the quote and said "Can you take the mileage back to 3000 please and requote" - she comes back and says "That won't make a difference to the premium.." - er, what? "You'd need to reduce the mileage to 1,500 miles per year to make a difference - will reduce it by £60". WHAT?! I told her not to renew my policy.
When you're getting treated like sh!t, it's time to change. I managed to find comparable cover for about £80 less. Still well up this year but better than being f@cked around like that.
Last year I increased the mileage midway through the policy from 3000 to 4500 miles because of a few long road trips. That cost me about 35% of the premium. Renewal price came through that was approx 40% up on last year. I phoned up to discuss the quote and said "Can you take the mileage back to 3000 please and requote" - she comes back and says "That won't make a difference to the premium.." - er, what? "You'd need to reduce the mileage to 1,500 miles per year to make a difference - will reduce it by £60". WHAT?! I told her not to renew my policy.
When you're getting treated like sh!t, it's time to change. I managed to find comparable cover for about £80 less. Still well up this year but better than being f@cked around like that.
MR00PEA said:
If they made such little profit as stated then they would not be in the business I am pretty sure they don't do it for love.
In the official reports from 2010 23.4 million private vehicles were insured yet only 3.7million claims were made. Aviva alone made 1.6billion after tax...hardly pittance.
This is not including the money made from the Investment of the premiums from insurance company's which totals around 1.7trillion a year or around 26% of the UK's total net worth.
So maybe the books will be balanced accordingly more than likely to look like they are not making much so they can raise the premiums the following year to make more money through investment? Just a thought.
Can you provide links to your sources of that information because, to put it bluntly, I smell bullsIn the official reports from 2010 23.4 million private vehicles were insured yet only 3.7million claims were made. Aviva alone made 1.6billion after tax...hardly pittance.
This is not including the money made from the Investment of the premiums from insurance company's which totals around 1.7trillion a year or around 26% of the UK's total net worth.
So maybe the books will be balanced accordingly more than likely to look like they are not making much so they can raise the premiums the following year to make more money through investment? Just a thought.
Edited by MR00PEA on Thursday 23 August 04:10
t.So, 23.4mil cars insured. 3.7mil claims.
That's approx 6.3 times more cars insured than claims. That means for the whole industry to make money (not taking into account investments for a moment), the average claim must be less than 5 times the cost of the premium (allowing the extra 1.3 for admin/running costs which is probably optimistic).
What do we think the average policy costs? £800 a year? That gives scope for the average claim of £4k which, to my small mind, seems on the low end.
Also, bear in mind that for many insurance companies, the motor insurance part of it isn't the only arm of their insurance business.
That's also not taking into account any cars that are on traders/business policies etc.
That's approx 6.3 times more cars insured than claims. That means for the whole industry to make money (not taking into account investments for a moment), the average claim must be less than 5 times the cost of the premium (allowing the extra 1.3 for admin/running costs which is probably optimistic).
What do we think the average policy costs? £800 a year? That gives scope for the average claim of £4k which, to my small mind, seems on the low end.
Also, bear in mind that for many insurance companies, the motor insurance part of it isn't the only arm of their insurance business.
That's also not taking into account any cars that are on traders/business policies etc.
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