Leeds Fox Posted 8 December 2014 Posted 8 December 2014 Try it without your parents on, I used to put mine on, and then one year it went up after putting them on. Worth a try?
DB11 Posted 9 December 2014 Posted 9 December 2014 Am i right in thinking that if your fully comp insurance lets you drive another vehicle you have to have been driving 3 years and be minimum 21 years of age? Now you have 3 years no claims and are 21 this could be why its gone up. I may be completely wrong but im sure thats the criteria for driving another car under your own insurance. No it has to explicitly mentioned it in the policy it isn't a given, make sure to read it. The majority say the age is 25, however.
Leeds Fox Posted 9 December 2014 Posted 9 December 2014 No it has to explicitly mentioned it in the policy it isn't a given, make sure to read it. The majority say the age is 25, however. Even as an over 25 with fully comp insurance, you should always check the small print before driving another vehicle, some companies don't insure you for driving other vehicles.
AyewJoking Posted 9 December 2014 Posted 9 December 2014 If you put someone in a wheelchair for the rest of their life could you afford the compensation? No but he could probably afford a lethal injection.
AyewJoking Posted 9 December 2014 Posted 9 December 2014 I'm miffed how a 20 year old pays £325 but a 32 year old with 10 years no claims no convictions pays £400 plus
Strokes Posted 9 December 2014 Posted 9 December 2014 Its probably a simple reason for the hike, have you moved to braunstone?
JadeFalcon Posted 10 December 2014 Posted 10 December 2014 i'm with admiral... do what i did go to elephant.co.uk and get a quote from them... elephant is owned by the same group admiral is.. so it will ping up on their systems, i did this and admiral phoned me a few days later to "enquire about my renewal" if they dont auto call you.. call them after a few days and tell them your not happy with the quote ammount, but first find the cheapest quote you can and use this as a base point for your argument i managed to get my quote down from £592 to £460... might seem high but i have all the extra's like hire car / breakdown cover / £100k payout.... i'm 39 but i drive a MK4 Mondeo 2.0 TD at 140Bhp
The People's Hero Posted 13 December 2014 Posted 13 December 2014 We do always get shafted, first of all... Can't really comment yet because I'm not up for renewal until February 2015, but I usually go through the whole process of removing myself as a customer then starting over as a new customer. Even if it's with the same company... To be fair, my insurance has dropped every year and I expect it to do the same but reading this gives me another view.Not sure how you arrive at the conclusion that the insurance industry shafts the insurance buying public If you think you could deliver an underwriting profit at a lower premium despite the growing number of accidents, thefts, costs of repairs, costs of awards for 'whiplash' and similar, then I can put you in touch with a hell of a lot of people who would be desperate to speak to you. What is your availability and how soon could you report to work in London? What people forget is that your third party liability is huge. You might only have a crap car, valued at maybe 800, doesn't stop you burying it in and writing off a Ferrari/Bentley/another expensive marque. The UK motor insurance industry fairly regularly returns an underwriting loss so actually premiums across the board art artificially low and market forces suggest something at some point should give. But yeah you're right, you're just getting shafted. Best to work on the long and oft repeated lie rather than take a moment to think about it.
Vacamion Posted 13 December 2014 Posted 13 December 2014 Top ranting (and entirely correct) TPH. You might only have a crap car, valued at maybe 800, doesn't stop you burying it in and writing off a Ferrari/Bentley/another expensive marque. . Or, for that matter, having an accident which kills people who would have earned their families millions, or a crash which maims people, leaving them requiring modified houses and round the clock care, again, costing millions. Having said that, most of insurers' third party costs are for the now near-universal practice of every third party, third party passenger and passenger of the insured driver claiming for minor injury (not forgetting the avalanche of consequent costs for ambulance chasing solicitors). Third Party claims are, for the most part, a racket that costs every one of us extra premium.
The People's Hero Posted 13 December 2014 Posted 13 December 2014 Thanks People talk an absolute load of rubbish about the insurance industry. The most rubbish which is spouted is about motor insurance when suddenly everyone is a hard done by expert on the matter. You're spot on of course. It's the TP liabilities / injuries which range from genuine to exaggerated all the way to staged or fabricated that are costing the industry and therefore every last one of us who drives an absolute fortune.
Fox92 Posted 13 December 2014 Posted 13 December 2014 The hell would I know about the insurance industry? I'm just getting my personal point across because I still like to complain about the price of my insurance, which is what this thread is generally. I don't feel it represents individuals and I'm pretty sure if you were around our age still you'd feel the same way. People complain about a hell of a lot in life, probably including yourself, without having the correct knowledge to back it up. If you want to educate me on a subject that's fine, no need to be sarcastic about it. Of course I have no idea about the insurance industry.
The People's Hero Posted 13 December 2014 Posted 13 December 2014 The hell would I know about the insurance industry? I'm just getting my personal point across because I still like to complain about the price of my insurance, which is what this thread is generally. I don't feel it represents individuals and I'm pretty sure if you were around our age still you'd feel the same way. People complain about a hell of a lot in life, probably including yourself, without having the correct knowledge to back it up. If you want to educate me on a subject that's fine, no need to be sarcastic about it. Of course I have no idea about the insurance industry. You'd be better to read and learn than get all defensive.
Alexikokopops Posted 13 December 2014 Posted 13 December 2014 Last year I got myself insured with Admiral (cheapest option by far) for a year for a total of £325. Renewal notice came through yesterday, been informed I will be charged £426. This is with me now being 21 rather than 20 and with a third year no claims. Thought this was just one of those well known auto-renew scams, but after re-entering my details as a new customer, and comparing via confused.com and comparethemarket.com, ~£400 is now the best I can get. 25% increase for an older driver, extra years no claims and no convictions. Is everybody else experiencing this shite? Especially want to hear from young drivers because we always get shafted. Last time I had a car I was with Admiral. My quote went from about £600 to £900. I spend 5 minutes online, got a quote from their sister company Elephant for £500. Rang up Admiral and told them the Elephant quote number and they matched it on the spot. Job done
leicsmac Posted 13 December 2014 Posted 13 December 2014 You'd be better to read and learn than get all defensive. You might find a less patronising approach may result in people being less defensive. Just a thought. Of course, it's possible that you're someone who loves "not caring about what people think" and reckons they can be as sarcastic and condescending as they like in their interactions with other people. Fair enough, shouldn't judge on how you get your jollies. As for the topic itself, I'm fully prepared to believe that ambulance chasing compensation companies play a big part in the rise of insurance premiums as the insurance companies are having to factor that in, along with the third party costs which have always been a factor. However, I'm pretty sure the insurance companies themselves are still turning a nice tidy profit, otherwise they wouldn't be in business anymore.
Fox92 Posted 13 December 2014 Posted 13 December 2014 You'd be better to read and learn than get all defensive. I did read, didn't learn anything, but if you weren't so sarcastic and patronising then maybe I wouldn't have gotten 'defensive'.
The People's Hero Posted 13 December 2014 Posted 13 December 2014 I did read, didn't learn anything, but if you weren't so sarcastic and patronising then maybe I wouldn't have gotten 'defensive'. I'm not patronising you I and some others who have posted here know more than you on the subject. It annoys you to pay the premium you pay and you feel you are overpaying. I like to think Iive explained that actually motor insurers are not ripping anyone off. Your anger should be directed at those making fraudulent claims, manufacturing injuries and indeed the third party 'solicitors' who make so much in fees recoverable from insurers. If you get this defensive and feel patronised every time you speak to someone who knows more about something than you or heavens forbid you encounter someone more intelligent than yourself, then it's a feeling you'd better get used to as I'm willing to bet it will happen more and more ! Let me know if you want that job I'm the motor insurance industry. If you can guarantee an underwriting profit on lower premiums, you'll be in much demand and can probably name your salary. Just so long as no one ever questions your judgement or disagrees with you though eh? Im guessing 92 is the year you were born? I was probably a bit like you when I was 15/16, but I'd certainly grown out of it before 24. Don't worry, it will happen for you one day too (I don't usually have to signpost my posts, but this last paragraph definitely is patronising!)
leicsmac Posted 13 December 2014 Posted 13 December 2014 I'm not patronising you I and some others who have posted here know more than you on the subject. It annoys you to pay the premium you pay and you feel you are overpaying. I like to think Iive explained that actually motor insurers are not ripping anyone off. Your anger should be directed at those making fraudulent claims, manufacturing injuries and indeed the third party 'solicitors' who make so much in fees recoverable from insurers. If you get this defensive and feel patronised every time you speak to someone who knows more about something than you or heavens forbid you encounter someone more intelligent than yourself, then it's a feeling you'd better get used to as I'm willing to bet it will happen more and more ! Let me know if you want that job I'm the motor insurance industry. If you can guarantee an underwriting profit on lower premiums, you'll be in much demand and can probably name your salary. Just so long as no one ever questions your judgement or disagrees with you though eh? Im guessing 92 is the year you were born? I was probably a bit like you when I was 15/16, but I'd certainly grown out of it before 24. Don't worry, it will happen for you one day too (I don't usually have to signpost my posts, but this last paragraph definitely is patronising!) No one is doubting your knowledge...but you seriously can't see how the tone of your post wasn't condescending in manner? There's ways of making an argument from authority without talking down to people.
Vacamion Posted 13 December 2014 Posted 13 December 2014 However, I'm pretty sure the insurance companies themselves are still turning a nice tidy profit, otherwise they wouldn't be in business anymore. On a 'premiums taken in, claims paid out' you would think the insurers make a profit on motor insurance but, as TPH pointed out, many of them have operating ratios that effectively mean they are making a loss on their motor insurance book of business. They can only continue to operate by monkeying around with our premiums in the stock/pensions market in the brief period they have their hands on the money before they have to pay it back out to the likes of Injury lawyers4U. It's because of tight margins caused by the explosion in the claims culture that some motor insurers resort to seeing motor insurance a a loss leader to give them a chance to cross-sell a load of other more lucrative financial products, or, lamentably, selling our details to Third Party claim companies for injury, credit hire, etc. The fact remains that if the claims culture hadn't been adopted over the last 20, everyone's premiums would be a lot lower.
leicsmac Posted 13 December 2014 Posted 13 December 2014 On a 'premiums taken in, claims paid out' you would think the insurers make a profit on motor insurance but, as TPH pointed out, many of them have operating ratios that effectively mean they are making a loss on their motor insurance book of business. They can only continue to operate by monkeying around with our premiums in the stock/pensions market in the brief period they have their hands on the money before they have to pay it back out to the likes of Injury lawyers4U. It's because of tight margins caused by the explosion in the claims culture that some motor insurers resort to seeing motor insurance a a loss leader to give them a chance to cross-sell a load of other more lucrative financial products, or, lamentably, selling our details to Third Party claim companies for injury, credit hire, etc. The fact remains that if the claims culture hadn't been adopted over the last 20, everyone's premiums would be a lot lower. On that point, I certainly agree. American-style litigious culture has done us no favours whatsoever.
The People's Hero Posted 13 December 2014 Posted 13 December 2014 On a 'premiums taken in, claims paid out' you would think the insurers make a profit on motor insurance but, as TPH pointed out, many of them have operating ratios that effectively mean they are making a loss on their motor insurance book of business. They can only continue to operate by monkeying around with our premiums in the stock/pensions market in the brief period they have their hands on the money before they have to pay it back out to the likes of Injury lawyers4U. It's because of tight margins caused by the explosion in the claims culture that some motor insurers resort to seeing motor insurance a a loss leader to give them a chance to cross-sell a load of other more lucrative financial products, or, lamentably, selling our details to Third Party claim companies for injury, credit hire, etc. The fact remains that if the claims culture hadn't been adopted over the last 20, everyone's premiums would be a lot lower. Biggest two issues in my view - and I avoid personal lines as much as possible but some roles I currently need to play require an indirect involvement with some motor underwriters (and get 10 underwriters in a room and you'll get 100 answers)... Anyway drifting from the point but there are many many challenges for the UK motor insurance industry but the two biggest reasons for premium increases in my view : 1 - it's no longer Viable to really take a blase approach to an underwriting poss. Previously an entire account running at a 120% ratio (ie 20% real loss) could be a good result if the insurer could make say 30% using the premiums. Perhaps not unrealistic say 15 years ago. For those interested, research Lloyds name as well and the tax laws effectively meaning even if you lost a pound, you were effectively losing only 2p due to the 98% tax rate, but full relief if 'invested'at lloyds. 2 - crippling costs of third party liability / injury claims and the costs of the 'friendly' solicitors who help you claim 4,000 for the whiplash you don't have. Plus for the other 4 people in your car. Oh and the baby seats need replacing.. You'll be wanting the car replaced by costly main dealer also, of course you will sir!! I personally wouldn't bet all UK insurers are making a strict underwriting profit, but these premium increases are an attempt to get back to profitable business. There is a counter argument about increasing capacity and aggregator sites which is fighting against increases. It tends to mean big insurers reduce rates to keep business they want but maybe take out bits of the cover of add stealth excesses or odd conditions (camera in car, very strict mileage limits, driving curfews, etc) I hope this has been interesting. I doubt it. For what it's worth I don't even write motor.
Fox92 Posted 13 December 2014 Posted 13 December 2014 I'm not patronising you I and some others who have posted here know more than you on the subject. It annoys you to pay the premium you pay and you feel you are overpaying. I like to think Iive explained that actually motor insurers are not ripping anyone off. Your anger should be directed at those making fraudulent claims, manufacturing injuries and indeed the third party 'solicitors' who make so much in fees recoverable from insurers. If you get this defensive and feel patronised every time you speak to someone who knows more about something than you or heavens forbid you encounter someone more intelligent than yourself, then it's a feeling you'd better get used to as I'm willing to bet it will happen more and more ! Let me know if you want that job I'm the motor insurance industry. If you can guarantee an underwriting profit on lower premiums, you'll be in much demand and can probably name your salary. Just so long as no one ever questions your judgement or disagrees with you though eh? Im guessing 92 is the year you were born? I was probably a bit like you when I was 15/16, but I'd certainly grown out of it before 24. Don't worry, it will happen for you one day too (I don't usually have to signpost my posts, but this last paragraph definitely is patronising!) I'm not doubting your knowledge. You know, TPH I've always liked you as a poster on here but encountering someone with better knowledge of a particular subject online is different than in real life. It seems as if you were coming over in a sarcastic manner, regardless of whether that was the intent when you initially posted. I never claimed to know anything about motor insurance - I study something totally different to motor insurance - because I don't know anything about the subject. I appreciate you have knowledge of the subject but my post was in frustration of how much I pay. Everybody in my age bracket feels the same way, hence the thread. That's all.
The People's Hero Posted 13 December 2014 Posted 13 December 2014 I'm not doubting your knowledge. You know, TPH I've always liked you as a poster on here but encountering someone with better knowledge of a particular subject online is different than in real life. It seems as if you were coming over in a sarcastic manner, regardless of whether that was the intent when you initially posted. I never claimed to know anything about motor insurance - I study something totally different to motor insurance - because I don't know anything about the subject. I appreciate you have knowledge of the subject but my post was in frustration of how much I pay. Everybody in my age bracket feels the same way, hence the thread. That's all. I do apologise then. Sorry. I get frustrated at the image when insurers have. We are held to the same or often higher standards than accountants etc and the qualifications structure is similarly chartered. I think as an industry, undersells itself. Quite apart from being ripped off, policyholders very regularly benefit from more cover than even given in their contract and wording since it is less hassle in many cases so ex gratia style settlements are made. The FCA'd principle of trating the customer fairly is central to all we have to do now. I've seen countless claims which simply were not covered, been paid to either avoid a complaint or to avoid building up further costs. It's harder than ever for insurers to make money - but the industry itself is increasingly transparent and professional. There are still the odd rogue broker here or there - or of course passported insurers managing to operate outside of our requirements, but it's why sometimes buying the cheapest is not the best thing to do. All of you, please always check who your ultimate insurer is, how long they've been trading and where they are based. If its passported in, think twice! We've had issues with the milburns, the balvars, the lemmas and the ERICs of this world but people keep going for the impossibly cheap. Apologies, rant over. I'm increasingly involved in trying to get the industry to 'sell' itself a bit better but that's not your fault fox92. I just see these same complaints over and over - motor insurer 'ripping me off' and honestly it's very rarely the case. We do fortunately still have some competition over here although it is a bit false (ie lots of trading styles of the few major players ). You caught me at a time of having a week of it. The last thing I needed to see on here was a thread about insurance! Nevermind. Thank god I don't write motor!!!
potter3 Posted 13 December 2014 Posted 13 December 2014 Maybe you can answer me this question, my insurers recently contacted me via letter to tell me they are aware that I have a modification I hadn't informed them off, and they'd be cancelling my policy. How have they even come to this conclusion? It's untrue for starters, the car does have a couple of modifications but they are declared, and I've not been in any accidents etc.
JadeFalcon Posted 13 December 2014 Posted 13 December 2014 they cant just say you have modified your car... what are they claiming you have done to it ?
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