Insurance Industry - A rant.
Discussion
My blood is boiling. I've just gotten off the phone with the company that extensively promotes multi car schemes, but for a single car quote.
Last night I was quoted just over £1k. Today I phone up to take the quote and it has expired overnight and they want £1.4k.
This is an exact repeat of what happened with another company (starts with A and the second word rhymes with Bucks) who initially quoted under £1k then raised it to £2k when I called back.
The BBC ran an article on the dangers of fronting - it frustrates me that this cheating, dishonest industry is receiving so much favourable press. I for one would never defraud any party, but I'm beginning to understand the rationale for others to do so after being treated like dummies.
I'm not really expecting any advice off PH, just a place to vent but nevertheless... is there anything I can do or am I just a small, helpless individual who will have to succumb to every last wish of this thieving industry?
Last night I was quoted just over £1k. Today I phone up to take the quote and it has expired overnight and they want £1.4k.
This is an exact repeat of what happened with another company (starts with A and the second word rhymes with Bucks) who initially quoted under £1k then raised it to £2k when I called back.
The BBC ran an article on the dangers of fronting - it frustrates me that this cheating, dishonest industry is receiving so much favourable press. I for one would never defraud any party, but I'm beginning to understand the rationale for others to do so after being treated like dummies.
I'm not really expecting any advice off PH, just a place to vent but nevertheless... is there anything I can do or am I just a small, helpless individual who will have to succumb to every last wish of this thieving industry?
I think there needs to be an insurance industry rants section. Perhaps it could go under a general "Idiotic & Ignorant" section.
How exactly is it legalised robbery to charge you a premium that barely covers your risk profile?
How much do you think you should be paying for insurance?
How exactly is it legalised robbery to charge you a premium that barely covers your risk profile?
How much do you think you should be paying for insurance?
Edited by Dr_Gonzo on Monday 27th September 12:26
Dr_Gonzo said:
I think there needs to be an insurance industry rants section. Perhaps it could go under a general "Idiotic & Ignorant" section.
How exactly is it legalised robbery to charge you a premium that barely covers your risk profile?
How much do you think you should be paying for insurance?
ThisHow exactly is it legalised robbery to charge you a premium that barely covers your risk profile?
How much do you think you should be paying for insurance?
Edited by Dr_Gonzo on Monday 27th September 12:26
As an insurance industry person i am amazed if they have upped their quote within 24 hours with no alterations. I would ask for their explanation and then advise that this does not seem fair and advise you will be going to the financial services authority to report their behaviour. See you that scares them!
Jeffmaniac said:
As an insurance industry person i am amazed if they have upped their quote within 24 hours with no alterations. I would ask for their explanation and then advise that this does not seem fair and advise you will be going to the financial services authority to report their behaviour. See you that scares them!
Are you mad? If you work in the industry, you must be pretty junior to come out with waffle like that.The insurer you've effectively named are very price sensitive. As such they amend their prices with amazing frequency to keep them where they want to be positioned in the marketplace and also against the capacity they bring to the market.
They may be over exposed in the OPs risk profile and choose to up their prices to reflect this.
28 days used to be the norm, but that wa smore in the days whe you relied on the post to deliver a written quote and sent a cheque to pay for it. With modern technology changing the world those days are more or less redundant.
R1 Loon said:
Are you mad? If you work in the industry, you must be pretty junior to come out with waffle like that.
No arrogance there then.R1 Loon said:
The insurer you've effectively named are very price sensitive. As such they amend their prices with amazing frequency....
40% overnight is amazing indeed.R1 Loon said:
They may be over exposed in the OPs risk profile and choose to up their prices to reflect this.
So they became that exposed overnight? Doesn't sound very likely at all.R1 Loon said:
28 days used to be the norm, but that was more in the days whe you relied on the post to deliver a written quote and sent a cheque to pay for it. With modern technology changing the world those days are more or less redundant.
Well, next time you get a carefully negotiated quote for some work on your home don't be surprised if it's gone up 40% when you try to accept it the next day! That's the way it is these days you know.
Cheapest was just over £2500 
Just tell 'A. Bucks' you have a quote for £900 from 'Multi car specialists', and vice versa. They should pull back into line when they know they have a bit of competition.
Can't quite believe that they have changed your quite that quickly though! It's as if you rang back and said 'BTW I've just put nitrous on it'.
Can't quite believe that they have changed your quite that quickly though! It's as if you rang back and said 'BTW I've just put nitrous on it'.
H_Kan said:
fairly low powered cars
This is only one factor in deciding premiums. What about:1) Your age
2) Driving experience (length of time driving, number of accidents, advanced driving quals)
3) Your sex
4) Your location
5) The individual insurer's appetites
etc, etc.
Anyway, insurance of any type is a market: if you don't like what one person is trying to sell you don't buy it - move on to the next one!
Of course, you could come on PH and start a new thread whinging about the cost of insurance - that would be original...
Animal said:
H_Kan said:
fairly low powered cars
This is only one factor in deciding premiums. What about:1) Your age
2) Driving experience (length of time driving, number of accidents, advanced driving quals)
3) Your sex
4) Your location
5) The individual insurer's appetites
etc, etc.
Anyway, insurance of any type is a market: if you don't like what one person is trying to sell you don't buy it - move on to the next one!
Of course, you could come on PH and start a new thread whinging about the cost of insurance - that would be original...
All the premiums I have paid have all been after extensive quote comparisons etc and have been the cheapest I can find. The point I am making is that yes they are expensive in isolation, but what riles is that they are also sodding expensive compared to the penalties handed out for people caught with no insurance as well.
Austin.J said:
Like i say on nearly all of these type of rants, If you were my age (19) and insuring a car you'd have a heart attack. Then when you've done that, try insure a group 17 car at 19. Then you can rant about it.
I don't think somebody in your position can rant about it to be honest.Being 19 you would of only just recently passed your test a year or two ago.
You pass your test then start your learning.
Then you choose a group 17 car. Higher the group usually the car has more power and then this then leads to driving a bit faster/careless because it has the 'potential' to.
I'm 21, been driving 4 years nearly and still get quoted £3000 plus by most companies apart from two. And I drive a 1.4 diesel Fiesta.
It's understanding how people who have been on the roads 10 plus years are shocked and appauled by renewals being more than what they paid last year but a 19 year old claiming the right to have a whinge I don't believe is right.
Edited by CWH on Tuesday 28th September 14:56
Ozzie Osmond said:
R1 Loon said:
Are you mad? If you work in the industry, you must be pretty junior to come out with waffle like that.
No arrogance there then.R1 Loon said:
The insurer you've effectively named are very price sensitive. As such they amend their prices with amazing frequency....
40% overnight is amazing indeed.R1 Loon said:
They may be over exposed in the OPs risk profile and choose to up their prices to reflect this.
So they became that exposed overnight? Doesn't sound very likely at all.R1 Loon said:
28 days used to be the norm, but that was more in the days whe you relied on the post to deliver a written quote and sent a cheque to pay for it. With modern technology changing the world those days are more or less redundant.
Well, next time you get a carefully negotiated quote for some work on your home don't be surprised if it's gone up 40% when you try to accept it the next day! That's the way it is these days you know.Keep throwing the bait, although it's unlikely I'll bite.
ked over by them!Petrolhead_Rich said:
Ben Hughes said:
If you cant afford the insurance you cant afford the car, simple.
If you choose to buy a car thats a high insurance group thats your fault.
The reason the policy changed is probably because they found out some more things about you. sucks but its true cheap slow cars are the way forward for cheap insurance.
Gassing Station | General Gassing [Archive] | Top of Page | What's New | My Stuff