Insurance woes... and rant!

[Faust66]

it's the dreaded time of year... yep, shopping around for quotes.

Adrian Flux: renewal price of £480 (was £240 last year!!! Been with 'em for 4 years).

The car is a modified Sierra XR4x4 2.9 and I want TPF&T cover.

I'm 36, 4 years no claims, no accidents or claims in the last 5 years with a clean licence, I also live in an OK area... how the fk can these bloody insurance companies justify these fking prices?

Highest quote I've had was for £8797!!! Yep, a shade under 9 grand for a 21 year old Ford! Holy st!

• mops brow and lights a tab to calm down

Edited as I've chilled out a bit.

Edited by Faust66 on Friday 25th March 18:40

[PLamborghini]

Count to 10....

[Faust66]

Sent 'em this email:

Hi,

Thank you for your email.

Would you like to explain why my renewal quote is £240 more expensive than the cover you provided last year for me?

If I'd made a claim or accrued a large amount of points I could understand your price, as I've done neither, I'm frankly insulted by your quote.

Unless you can offer me a SUBSTANTIALLY reduced quote, I shall be taking my business elsewhere.

After 3 years with your company I have to say that I'm very disappointed with this quote.

Yours (but only just)

[Papa Hotel]

Seems quite a reasonable quote compared to what everyone else pays...

I do agree with the sentiment though. I've also swallowed a huge percentage increase despite more NCB than last year. By all means, punish those who crash and claim... I haven't.

[edo]

Faust66 said:

Sent 'em this email:

Hi,

Thank you for your email.

Would you like to explain why my renewal quote is £240 more expensive than the cover you provided last year for me?

Dear Faust66

it is very simple. We got shafted last year. Normally we make about 80p in premiums for every £1 we pay out, but make up the difference in investments.

last year that didnt work out. In addition, the snowy weather created an increase in claims. On top of this, the number of "my neck hurts" claims, and people requiring a Porsche 911 whilst their Nova is repaired have meant that the average insurance "claim" has gone through the roof.

Don't take it personally - everyone is getting the same shafting.

The alternative of course is to do what 1 in 10 driver do, and just not bother *

• Not a view I hold BTW...

[Faust66]

edo said:

Faust66 said:

Sent 'em this email:

Hi,

Thank you for your email.

Would you like to explain why my renewal quote is £240 more expensive than the cover you provided last year for me?

Dear Faust66

it is very simple. We got shafted last year. Normally we make about 80p in premiums for every £1 we pay out, but make up the difference in investments.

last year that didnt work out. In addition, the snowy weather created an increase in claims. On top of this, the number of "my neck hurts" claims, and people requiring a Porsche 911 whilst their Nova is repaired have meant that the average insurance "claim" has gone through the roof.

Don't take it personally - everyone is getting the same shafting.

The alternative of course is to do what 1 in 10 driver do, and just not bother *

• Not a view I hold BTW...

That did put a smile on my face... cheers mate!

[R1 Loon]

Unbelievable. There must be hundreds of threads explaining why this is happening to everyone.

Do you rant at the attendant in the petrol station because you have to pay 1.30plus a litre now, but you still only use the car to commute to work like you've always done?

What about Tesco, as the price of food has risen and you still only eat for one?

Why do people not believe that insurance compensation costs are going through the roof?

[Faust66]

R1 Loon said:

Unbelievable. There must be hundreds of threads explaining why this is happening to everyone.

Do you rant at the attendant in the petrol station because you have to pay 1.30plus a litre now, but you still only use the car to commute to work like you've always done?

What about Tesco, as the price of food has risen and you still only eat for one?

Why do people not believe that insurance compensation costs are going through the roof?

Hmmmm... not the most cogent argument mate.

The examples you give are related to the current worldwide economic situation, and of course the insurance 'business' is affected by the same factors. But, and it's a big 'but' what fks me off is paying extra cash through no fault of my own.

Now, fuel, petrol and other comodity prices can't really be influenced by the individual (even if you're one of those insanley optimistic chaps who signs up to Facebook groups) but surely if you're a careful driver with a clean record (one no fault accident in 15 years of driving) why should you have to pay extra on your premium due to insurance fraud/rising costs/whatever trite argument the insurance companies care to wheel out. As another poster said, by all means load the premiums of those that make claims etc, but NOT those of careful drivers.

If your premium in effect is doubled come renewal time, will you moan about it or just shrug your shoulders and say "ah well, everything is going up"?

[R1 Loon]

Faust66 said:

Hmmmm... not the most cogent argument mate.

The examples you give are related to the current worldwide economic situation, and of course the insurance 'business' is affected by the same factors. But, and it's a big 'but' what fks me off is paying extra cash through no fault of my own.

Now, fuel, petrol and other comodity prices can't really be influenced by the individual (even if you're one of those insanley optimistic chaps who signs up to Facebook groups) but surely if you're a careful driver with a clean record (one no fault accident in 15 years of driving) why should you have to pay extra on your premium due to insurance fraud/rising costs/whatever trite argument the insurance companies care to wheel out. As another poster said, by all means load the premiums of those that make claims etc, but NOT those of careful drivers.

If your premium in effect is doubled come renewal time, will you moan about it or just shrug your shoulders and say "ah well, everything is going up"?

Across the insurance industry the average payout is £1.22 for every £1 received in premiums, this has been the case (albeit to a lesser extent) for the past 13 years. Only Admiral Group make money from car insurance and a lot of that is due to their clever reinsurance treaties, prior year reserve releases and some good income from confused.com.

RBS Insurance (Direct Line, Privilege, Churchill) lost over £250m in the 9 months to Sept 2010, due to losing over £450million on motor insurance. They need to recoup this cost.

All costs are rising, the repair costs for cars (paint, parts, labour), the compensation awarded by courts for spurious injury claims, the proliferation of Acciendent Managemtn Companies.

All of this pushes the insurers costs up, due to a variety of reasons. Just like other suppliers they pass this cost on to their customers. if the custoemrs want to go elsewhere then they can.

What makes you think that an insurer dealing with around £2billion per annum is going to individually rate your premium? You can get this via Lloyds of London,although the starting price for this would be around £5000.

For info, my wife's insurance is due now. Last year it was £430, this year it is £670. Why? Despite her not claiming, despite her having her 14th claim free year since learning to drive at 17, despite her never having had a single point on her driving licence, her current insurer have decided that they will no longer insure her car, so we have to go elsewhere.

[Faust66]

R1 Loon said:

Faust66 said:

Hmmmm... not the most cogent argument mate.

The examples you give are related to the current worldwide economic situation, and of course the insurance 'business' is affected by the same factors. But, and it's a big 'but' what fks me off is paying extra cash through no fault of my own.

Now, fuel, petrol and other comodity prices can't really be influenced by the individual (even if you're one of those insanley optimistic chaps who signs up to Facebook groups) but surely if you're a careful driver with a clean record (one no fault accident in 15 years of driving) why should you have to pay extra on your premium due to insurance fraud/rising costs/whatever trite argument the insurance companies care to wheel out. As another poster said, by all means load the premiums of those that make claims etc, but NOT those of careful drivers.

If your premium in effect is doubled come renewal time, will you moan about it or just shrug your shoulders and say "ah well, everything is going up"?

Across the insurance industry the average payout is £1.22 for every £1 received in premiums, this has been the case (albeit to a lesser extent) for the past 13 years. Only Admiral Group make money from car insurance and a lot of that is due to their clever reinsurance treaties, prior year reserve releases and some good income from confused.com.

RBS Insurance (Direct Line, Privilege, Churchill) lost over £250m in the 9 months to Sept 2010, due to losing over £450million on motor insurance. They need to recoup this cost.

All costs are rising, the repair costs for cars (paint, parts, labour), the compensation awarded by courts for spurious injury claims, the proliferation of Acciendent Managemtn Companies.

All of this pushes the insurers costs up, due to a variety of reasons. Just like other suppliers they pass this cost on to their customers. if the custoemrs want to go elsewhere then they can.

What makes you think that an insurer dealing with around £2billion per annum is going to individually rate your premium? You can get this via Lloyds of London,although the starting price for this would be around £5000.

For info, my wife's insurance is due now. Last year it was £430, this year it is £670. Why? Despite her not claiming, despite her having her 14th claim free year since learning to drive at 17, despite her never having had a single point on her driving licence, her current insurer have decided that they will no longer insure her car, so we have to go elsewhere.

I see your point mate... and I hope you get your issues sorted.

It REALLY sticks in my craw though - the whole insurance business is based upon, put simply, a gamble. They're gambling that you, I, the chav at the end of the road ain't gonna make a claim.

Now, when they're on top (i.e. the policy holder hasn't claimed) do they refund any cash to you or I? Not damn well likely. But when they lose, well, then they expect US to pay for THEIR losses. Can't possibly have the bloody shareholders out of pocket, can we? Oh, hell no.

When I buy a lotto ticket and fail to win, I cover the loss out of my own pocket. I don't go up to a third party and expect them to cover my shortfall. I appreciate that this is perhaps an overly simplistic simile, and I know that there is not much I or anyone can do to insulate themselves

As I said in my first post, there is NOTHING lower than an insurance agent - they want everything their own way and to hell with everybody else. it's a gamble boys, you lost and it's your problem, NOT mine.

Insurance companies? fk 'em.

[kambites]

I really don't understand your complaint? They're a business in a hugely competitive market; they offer their product at the cheapest rate that they feel they can make a profit on, just like any other business. Do you expect them to be a charity?

[R1 Loon]

Faust66 said:

I see your point mate... and I hope you get your issues sorted.

It REALLY sticks in my craw though - the whole insurance business is based upon, put simply, a gamble. They're gambling that you, I, the chav at the end of the road ain't gonna make a claim.

Now, when they're on top (i.e. the policy holder hasn't claimed) do they refund any cash to you or I? Not damn well likely. But when they lose, well, then they expect US to pay for THEIR losses. Can't possibly have the bloody shareholders out of pocket, can we? Oh, hell no.

When I buy a lotto ticket and fail to win, I cover the loss out of my own pocket. I don't go up to a third party and expect them to cover my shortfall. I appreciate that this is perhaps an overly simplistic simile, and I know that there is not much I or anyone can do to insulate themselves

As I said in my first post, there is NOTHING lower than an insurance agent - they want everything their own way and to hell with everybody else. it's a gamble boys, you lost and it's your problem, NOT mine.

Insurance companies? fk 'em.

After 13 years of losses maybe they've decided it's time to stem those losses.

In its simplest form it is gambling, but they are offering a product at a very much lower rate than if you had to try to do it yourself. If you saw the technial price ie the true individually priced product then you would never be able to drive, as the cost would be pushing 5 figures every year.

If you have a pension, you are probably a shareholder btw.

[Chicane-UK]

We live in a society where people always want something for nothing. Most people seem to think it's acceptable to claim just about everything they can in an accident.. a courtesy car, a nice little personal injury claim, and of course the body shop will charge "insurance" rates to put the car straight again. It's no wonder that our premiums continue to sky rocket.

I don't entirely think insurance companies are angels - I'm sure they're pocketing plenty of money. But I think society (and these goddamn ambulance chasing "Injury Lawyers") need to step back and have a quite check of the moral compass. Until then we're going to keep getting reamed on insurance renewals.

I'm just in the process of renewing insurance on my modified Corrado VR6 (group 18!!) and seem to be getting reasonable quotes to be honest! I did just turn 30 though which might have helped.

[geeteeaye]

IME every time my car insurance has come up for renewal I've had to change, sometimes even via a new policy with the same company. This is where they are utter sharks, guess there are enough plebs that just automatically renew every year though that it becomes a profitable thing to hike up the cost each year and hope a proportion of the populace just trust the insurer that it's a good price.

OP - I'm sure you will have, but presumably you've looked for quotes fully comp as well? In the past I have found FC has sometimes been cheaper than TPF&T.

[kambites]

Strangely, I've not been able to beat my renewal quote (from Elephant) for the last five or so years.

Edited by kambites on Friday 18th March 19:46

[Paul Drawmer]

Faust66 said:

....As I said in my first post, there is NOTHING lower than an insurance agent - they want everything their own way and to hell with everybody else. it's a gamble boys, you lost and it's your problem, NOT mine...

It's Friday, I've had a sh11ty day, and now you're slinging insults around. Grow up.

[mike9009]

Hi Faust

A couple of 'tricks' may work. A few others have found that TPFT cover is more expensive than fully comp. Also, putting a car in a garage seems to cost more than on a drive way. There should be a sticky of what things can have positive (legal) impact on the renewal cost.

Worth a punt - although maybe you have already tried this?

Mike

[ZOLLAR]

Faust66 said:

Is there any form of life lower than a fking insurance agent? I bet they all sleep like fking babies!

Utter ing, fking tts!!!

May God rot the balls of 'em! (if they have any that is... somehow I doubt it).

bdS!

Based on your post I'd say yes, you.

[bazking69]

Since passing my test my annual premium had been going down and down swimingly year on year. However for the last two years now it has now gone up, and quite steeply.

This year it was nearly 20% on last year. A frantic scouring of insurers proved fruitless.

[R1 Loon]

I just thought I'd post this.

IMO it's legalised and court sanctioned fraud. The claimant was awarded £3.4million, which was £2.25million over what he was legally entitled to, as he exagerrated his injuries. £3.4million is around 7100 of the OPs premiums or 14200 of last years. That shows just how easy it is to lose a lot just on one claim.

[quote]The Grauniad
[/quote]
A claimant was awarded £3.4m in damages including significant sums to meet the costs of care and assistance, but soon after the initial trial the driver's insurer, Direct Line, was tipped off by one of Noble's neighbours that he was not as seriously disabled as he had claimed in court.

After carrying out undercover surveillance of Noble for a second time, Direct Line obtained an injunction freezing £2.25m of the award pending appeal. The surveillance showed Noble carrying out several activities unaided, including operating a dumper truck while standing on it, driving a mechanical digger and using a chainsaw. Direct Line also said Noble had failed to use the damages to pay for full-time care or make adaptations to his home – the purpose for which they were awarded.

Mr Justic Field said he could see how an injured claimant might decide to "forgo some or most of the aids and assistance for which he claimed and spend the money instead on other things, which in his mind compensated him for his loss of amenity".

He also accepted Noble's argument that the fact he had done better than expected following the conclusion of the first trial did not mean he had lied, or that he was able to do more at the time of the first trial. "At the time of the [initial] trial, Mr Noble was determined to try to walk unaided and may have been confident that somehow he would succeed in doing so, but he did not dishonestly conceal from the court or the expert witnesses his then true state of disability, or dishonestly emphasise his disability. The claim that he dishonestly misled the court at the [initial] trial is accordingly dismissed."
[/quote]

Full story here:

http://www.guardian.co.uk/money/2011/mar/16/direct...