Kurt
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Registered: 23rd Oct 05
Location: Hi
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Just a bit of a thing I've thought up
What if an insurance company were to be started that charged a flat car insurance premium of say £250 to everyone
Surely that would be cheaper than all the others and attract if not everyone the majority of policy holders?
Only thing is would you ever have enough money to pay out?
There's something like 30 million cars in Britain if google figures are to be believed
Thats 750 million a year 
Obviously that's at the extrmeme end of the scale but would it ever be feasible?
p.s it's just a random thought I'm not intending to start selling insurance 
[Edited on 10-12-2010 by Kurt]
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Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
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Are you a casual communist in your spare time as well?
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Kurt
Member
Registered: 23rd Oct 05
Location: Hi
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Da.
My underlying point though is why is insurance so pissing expensive? My renewal is about £100 cheaper this year.
Does it even need to be so high? Some of the quotes are ludicrous
[Edited on 10-12-2010 by Kurt]
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John
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Registered: 30th Jun 03
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How would you pay for all the repairs of young inexperienced drivers crashing fast expensive cars?
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ajscorsa
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Registered: 30th Apr 02
Location: Perceton, North Ayrshire
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you would need money to begin with, say on your first week you get 1000 cars, 100 of them crash. It could work tho if publicised enough. I mean who doesnt want cheap car insurance. you would need one hell of a large volue of staff to cope also and premises to house them
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taylorboosh
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Registered: 3rd Apr 07
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I think its fine how it is. Young drivers are overcharged for a reason
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John
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Registered: 30th Jun 03
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quote:
Originally posted by ajscorsa
you would need money to begin with, say on your first week you get 1000 cars, 100 of them crash. It could work tho if publicised enough. I mean who doesnt want cheap car insurance. you would need one hell of a large volue of staff to cope also and premises to house them
If only 10% of your cars crash you'd be spending well over your income on payouts, before even starting to run the business, not quite sure how it 'could work'?
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chrisritch
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Registered: 2nd Sep 08
Location: Northants Drives: V40
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quote:
Originally posted by john-d
I think its fine how it is. Young drivers are overcharged for a reason
because insurance companies are cunts and know it is a necessity.
IMO insurance should be capped to a certain limit, its getting out of hand and making it nigh on impossible for new drivers to get on the road.
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Neo
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Registered: 20th Feb 07
Location: Essex
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You would also miss out on older drivers, My old man doesn't pay that much for 2 cars combined. If it's £250 to insure any car, people wouldn't buy saxo's as first cars but instead ctr's, s2ks etc which would get destroyed !
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Kurt
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Registered: 23rd Oct 05
Location: Hi
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Obviously you would have senible restrictions based on age/experience and cc but so that it's still desirable
I didn't think old people payed less than that tbh.
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John
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Registered: 30th Jun 03
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Some not so old people pay less than that.
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Kurt
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Registered: 23rd Oct 05
Location: Hi
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Even at 150 it's 450 million
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Kurt
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Registered: 23rd Oct 05
Location: Hi
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Anyone know the figures paid out by insurance companies?
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John
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Registered: 30th Jun 03
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More than that, before running costs and making a profit.
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Matt L
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Registered: 17th Apr 06
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i can see the arguement for both sides tbh. what they need to do is cap certain ages to certain power/engine size cars, charge them a set amount and if they do mod it charge them more obviosuly, if they dont declare the mods and have an accident dont pay out and MAKE sure they pay for the damages if they dont jail/shot.
problem with insurance companies is they charge rediculous amounts for young drivers who cant afford it so drive around with no insurance so its a no win situation tbh, which is why i can see the reason for the set amount but they would need to be capped power/car wise.
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Kurt
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Registered: 23rd Oct 05
Location: Hi
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Theres something like 2 million un insured drivers in the uk, that's truly sickening, doesn't help that all you get is a slap on the wrist
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Matt L
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Registered: 17th Apr 06
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anyone who is caught with out any insurance should really have their legs broken so they cant drive.
none of this banned from driving lark its obvious they dont care otherwise they would of paid for insurance.
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AlexW
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Registered: 25th Oct 08
Location: Essex
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IIRC the max fine for no insurance is only about a grand too, thats cheaper than most insurance policys anyway.
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chrisritch
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Registered: 2nd Sep 08
Location: Northants Drives: V40
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quote:
Originally posted by AW06
IIRC the max fine for no insurance is only about a grand too, thats cheaper than most insurance policys anyway.
£236 for me. not proud of it either tbh so dont bother taking digs.
For the record all i did was move my mums car from the other side of the road onto the drive
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ed
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Registered: 10th Sep 03
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You need more than £1million public liability to do anything these days so £750million isn't much in the grand scheme of things
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