Eddx14xe
Member
Registered: 12th Jan 10
Location: Hertfordshire
User status: Offline
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BTW I agree insurance is expensive, the same as most things now a days but regulating prices is ridiculous imo.
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Fonz
Premium Member
Registered: 12th May 06
Location: Newbury, Berks
User status: Offline
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quote:
Originally posted by pow
Mines gone up 2 years on the trott
in 10 years of driving my insurance has gone up every year.....so i shop around and end up paying £450-£500 each time
turned 21....didnt see any difference
turned 25....didnt see any difference
does anyone wish to offer predictions on turning 30 and seeing a noticable drop in policy cost...
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
User status: Offline
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I'm actually paying similar now for my Impreza as I did when I was 21  If I want said car tho then I just take the hit, not a lot you can do, especially since I live in a Grade F postcode, only option would be to move.
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Gaz
Member
Registered: 24th Aug 03
Location: Widnes, Cheshire
User status: Offline
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quote:
Originally posted by Eddx14xe
I don't see how you would regulate the prices?
The price is there, you either pay it or not. Same with everything else in the world, if all companies were regulated and had to give a set price, there would be no competition between companies or business'.
Do you ask about who regulates Tesco prices? What about petrol? or clothes prices?
My issue is that it's a LEGAL requirement. If I don't want to buy something from Tesco then I am allowed to walk out, but insurance is something I have to have to drive to work and not be on the dole scrimping off the goverment which to be honest, sounds appealing in this day and age.
[Edited on 23-07-2012 by Gaz]
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willay
Moderator
Organiser: South East, National Events
Premium Member
Registered: 10th Nov 02
Location: Roydon, Essex
User status: Offline
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quote:
Originally posted by Mike
I had to do a fair bit of shopping about to get a similar price this year. Managed to get it about £50 cheaper but considering I'm 25, 7 years NCB, no claims, no convictions, £1200 to insure a 1.3 Combo is atrocious.
Commercial insurance.
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Gaz
Member
Registered: 24th Aug 03
Location: Widnes, Cheshire
User status: Offline
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Swift cover now want me to ring them to discuss my renewal.
I'm wondering if it's cheeky to tell them to call me. I don't fancy going through the hassle of setting up with a new company but why should I call them?
whats other peoples thoughts on this?
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JaffaTB
Member
Registered: 7th Oct 09
Location: Sheffield, South Yorkshire
User status: Offline
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ive go with another company just for that reason, i hate talking to companies over the phone, rather do it online
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scunnylad
Member
Registered: 11th Jun 08
Location: Ashby, North Lincolnshire
User status: Offline
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Just got.my renewal through today its gone down £117.34 now pay £631 for fully declared corsa xe with 6 points and 4yrs ncb nt to bad imo
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Online
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quote:
Originally posted by Eddx14xe
I don't see how you would regulate the prices?
You can legislate against monopolistic behaviour, same reason the Competition Commission don't allow companies to become too big.
Not sure they'd intervene in insurance though, particularly as the high prices are mostly down to high expenditure, and until the current culture is wiped out no one is getting cheap insurance any time soon.
I'd like them to say if you were not either the guy dealing with the claim or the guy driving the car, do one and take your inflated overheads with you. I remember crashing years ago, you called your insurance and your insurance called the other persons insurance, you booked the car in for repair and you drove about in whatever random Corsa merit they had lying about. No claim handler company bollocks, doctor's visits, disputes that lasted months and months. That's your problem, too many hangers on and while the public individually benefits from it, the public at large will suffer.
The vaguely good news is that when someone does drive in to you, you'll get a foreign holiday on them even if you're not really put out all that much.
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Twiggy
Member
Registered: 15th Oct 04
User status: Offline
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Fucks me off when you get your renewl through and its £800, you do a quote as a new customer and its £400! 
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Jambo
Member
Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
User status: Offline
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Kids put the prices up because of personal injury claims.
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Pop
Member
Registered: 8th May 03
Location: Reading
User status: Offline
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Gaz - Do you agree that the fundamental existence of a business, which isn't non-profit, is to make money?
Have a read of this article which was written recently...
http://www.insuranceage.co.uk/insurance-age/news/2179589/uk-motor-insurance-industry-cor-improves-106
Some of the key points...
- Insurers posted a net 106% COR (combined operating ratio) for motor business in 2011. Essentially meaning for every £1 taken in premium £1.06 was paid out. This was a £600M loss.
- The 2011 COR of 106% shows an improvement on the 120% figure posted in 2010.
- Motor insurance across the industry has not shown profit since 1994.
Don't get me wrong, the insurance industry is not whiter than white. There are steps that could be taken to reduce costs, some of these stem from accident management companies. It's swings and roundabouts though, what an insurance company will lose in third party claims they will see the opposite when they have the non-fault claimant covered.
If the industry is to return to profit on motor premiums will have to increase. Currently for people to say it is too expensive is factually wrong. The prices we have been paying (most of us for the whole time we have been on the road) have been artificially low.
[Edited on 27-07-2012 by Pop]
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John
Member
Registered: 30th Jun 03
User status: Offline
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It's still to expensive.
It's up to the company to make a profit. If they cut out the scammers, most of which are blatantly obvious, they'd go a long way towards that.
A company being terrible at doing it's job does not in any way mean they aren't charging enough.
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Steve
Premium Member
Registered: 30th Mar 02
Location: Worcestershire Drives: Defender
User status: Offline
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As its a legal part of driving imo it should be govt run just like all the other departments that deal with the legal aspects of driving.
If it were govt run i think it would also be easier to tighten up on false claims and management companies. eg. only use one approved external company etc
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Pop
Member
Registered: 8th May 03
Location: Reading
User status: Offline
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quote:
Originally posted by John
It's still to expensive.
It's up to the company to make a profit. If they cut out the scammers, most of which are blatantly obvious, they'd go a long way towards that.
A company being terrible at doing it's job does not in any way mean they aren't charging enough.
That's all well and good in theory but in the real world it isn't happening. It needs the whole market to shift at the roughly the same time in the same direction which is a challenge. They are making headway now against scammers by several means. A joined up approach sharing data on fraud databases is improving things as well as tighter controls.
The main problem is that motor insurance is seen as a lost leader. It's the add-on's and cross selling opportunity to more profitable products ie. household and commercial which are key. By having a greater market share increases the conversion into these areas. There will always be someone out there buying in business cheaper than it should be written and as you know we are becoming increasingly conditioned to shop round for the cheapest premiums.
As I said before there are ways and means of improving results which many see as a necessity. With poor investment income returns there is only limited reserves that can be released by some insurers. There have been a few casualties in the last couple of years.
IMO it's laughable to he government look after it at the moment. It's such a huge task resulting in huge losses that there is no quick fix as such. The losses from the government would only come back to haunt us in increased tax.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Online
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quote:
Originally posted by Pop
If the industry is to return to profit on motor premiums will have to increase.
Disagree - if COR is a product of income and expenditure, the problem would also go away if expenditure was reduced. Which if the industry stuck to repairing cars it would do.
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Pop
Member
Registered: 8th May 03
Location: Reading
User status: Offline
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quote:
Originally posted by Ian
quote:
Originally posted by Pop
If the industry is to return to profit on motor premiums will have to increase.
Disagree - if COR is a product of income and expenditure, the problem would also go away if expenditure was reduced. Which if the industry stuck to repairing cars it would do.
I agree with you to a certain degree on this, however, I do think that there needs to be an increase on premiums (not necessarily large) and a real re-think of how the industry operates.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Online
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quote:
Originally posted by Pop
The losses from the government would only come back to haunt us in increased tax.
The government wouldn't have a financial involvement, their job would be to govern. ie. legislate out the costs which have killed the profitability of the industry.
That's not a difficult job. I could say today - if you have a crash - fix the car.
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John
Member
Registered: 30th Jun 03
User status: Offline
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It's not a huge task at all, get rid of claims management. Ompanies. Would be straight into profit.
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