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Car Insurance Up 37.5% Yo Y, Up 54.2% For Tpft

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http://uk.finance.yahoo.com/news/cost-of-car-insurance-up-by-37-5pc-tele-f5b794418015.html?x=0

Cost of car insurance up by
37.5pc
Andrew "Andy" Guppy, 16:43, Wednesday 13 October 2010
The cost of a typical motor insurance policy has risen by £177 since last year, while 17-20 year olds have seen prices rise by as much as £616.../
Those hoping to save money on their car insurance by taking out third party, fire and theft (TPFT) cover have been equally disappointed. Drivers buying TPFT policies have faced above-average quarterly increases of 11.7pc and a massive rise of
54.2pc
since October 2009.

Perhaps they think no one will notice? :blink:

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Thing is, everything is going up, but most people don't have the extra money.

So they'll have to choose what they cut back on / sell.

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Hi guys,

I work for one of the large insurance companies and can add a little flesh to the bones.

For every £100 we receive in premiums for car insurance we pay out £120 in claims!!!

As i'm sure you will understand this is not a good buisness model.

The above is a fact!!!

Because shit happenz.

Spinney.

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Hi guys,

I work for one of the large insurance companies and can add a little flesh to the bones.

For every £100 we receive in premiums for car insurance we pay out £120 in claims!!!

As i'm sure you will understand this is not a good buisness model.

The above is a fact!!!

Because shit happenz.

Spinney.

I like what you did there.

So what's the plan then? Make insurance so expensive in sh*tholes like Bradford that nobody can afford it, thus putting even more uninsured drivers on the road?

As I pointed out yesterday in the thread about tuition fees, car insurance affects far more of our young than tuition fees ever will. The young really are getting screwed over.

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Hi guys,

I work for one of the large insurance companies and can add a little flesh to the bones.

For every £100 we receive in premiums for car insurance we pay out £120 in claims!!!

As i'm sure you will understand this is not a good buisness model.

The above is a fact!!!

Because shit happenz.

Spinney.

I do hope it's not NFU.I had a head on with one of their insured.17 year old he was prosecuted for Careless Driving.NFU fought my claim and it ended up costing them £250,000

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I like what you did there.

So what's the plan then? Make insurance so expensive in sh*tholes like Bradford that nobody can afford it, thus putting even more uninsured drivers on the road?

As I pointed out yesterday in the thread about tuition fees, car insurance affects far more of our young than tuition fees ever will. The young really are getting screwed over.

If 17 year olds would desist from wrapping their cars around trees and maiming their mates it might help to get rates down.I just paid £1000 to add my 21 year old to my policy.

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As I pointed out yesterday in the thread about tuition fees, car insurance affects far more of our young than tuition fees ever will. The young really are getting screwed over.

Agreed.

I feel very sorry for them I really do but....

"every dog has its day".

They will have theirs, and the fun will really start.

They are now relient on us, but one day we will be relient on them. Will they remember the way they were treated?

OH YES YOU CAN COUNT ON IT.

Spiney.

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If 17 year olds would desist from wrapping their cars around trees and maiming their mates it might help to get rates down.I just paid £1000 to add my 21 year old to my policy.

The vast majority of 17 year olds do not do that though do they?

Most of the knobhead drivers I see are middle aged, driving Subarus or Range Rovers. Oh, and I'd say it's a 50/50 gender split too.

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So what's the plan then? Make insurance so expensive in sh*tholes like Bradford that nobody can afford it, thus putting even more uninsured drivers on the road?

There's not a lot they can do, except push up prices. The problem needs fixing on a government level.

The fact that 3P has shot up so much further than Fully comp, clearly shows the problem is claims by 3rd partys - and not things like increased repair costs, provision of hire cars, etc.

There are a couple of reasons why 3rd party claims have gone through the roof:

1. The NHS can now claim back the costs of treating road accident victims from the insurer. These costs can be immense. Previously, this cost would come out of general taxation - now it's being pinned on motorists only. Arguably, one could say that this is fairer - as it is the population groups that cause most of the costs that has to bear them, but arguably it is less fair as, for instance, it does nothing for the careful 20 year old driver.

2. There has been a massive rise in claims for personal injury. Something like a whiplash injury, which is essentially impossible to prove, can get you £3-5k - you just say you have a sore neck after being hit, and they send you a cheque.

There has also been a general increase in the number of uninsured motorists - whose costs have to be borne by every insured motorist. And, this is a vicious cycle.

The only real ways I can see to deal with the problem are to address spurious 3rd party claims, and regulate ambulance chasing lawyers - and to take tough (and effective - and this is the difficult part) action against people who deliberately drive without insurance.

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Its about time they put a cap on claims that can be made for injury in a car - if you're worried about risk, take the bus!

Bundling personal injury in with insurance for the vehicle is not right

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Hi guys,

I work for one of the large insurance companies and can add a little flesh to the bones.

For every £100 we receive in premiums for car insurance we pay out £120 in claims!!!

As i'm sure you will understand this is not a good buisness model.

The above is a fact!!!

Because shit happenz.

Spinney.

As I understand it, that's been the case quite often in the recent past. Mrs Hedge used to work for Aviva/GA/Norwich Union or whatever.

She always said that it was the other business they could get from having sold a car policy that was the justification for what was effectively a loss-leader

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The insurance sector have seem how much ther friends in banking are earning and want a piece of the action.

Same goes for the execs of every other listed company! They will be following the bankers in other ways too.

Very bad for investors, very bad indeed.

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The latest trick is for mummy or daddy to be the named driver and add on the kiddy. Saves a mint. Just got my policy and they only add £400 for an under 21 driver and £250 for 21 -24 years old if I added them. Thankfully no kids so that's not happening anyway.

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The latest trick is for mummy or daddy to be the named driver and add on the kiddy. Saves a mint. Just got my policy and they only add £400 for an under 21 driver and £250 for 21 -24 years old if I added them. Thankfully no kids so that's not happening anyway.

http://news.bbc.co.uk/1/hi/programmes/moneybox/7052569.stm

Id say from my time working at an insurers about 90% of policies taken out for under 21 year olds online are invalid.

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http://news.bbc.co.uk/1/hi/programmes/moneybox/7052569.stm

Id say from my time working at an insurers about 90% of policies taken out for under 21 year olds online are invalid.

People were doing this 20 years ago for their kids. From your time at insurers it sounds like they liked to take a lot of money offering cover they had no intention of honouring.

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People were doing this 20 years ago for their kids. From your time at insurers it sounds like they liked to take a lot of money offering cover they had no intention of honouring.

How many 18-21 actually buy cars now. When I was a kid I could count on one hand the number that I knew. Never dreampt of having the money for a car until I was 21. Would love to know if that's changed.

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  • 140 Brexit, House prices and Summer 2020

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      • down 5% +
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