Then what is being done about the claiming frenzy? This is a problem that needs to be dealt with. As the previous post stated it has the potential to get out of hand.

 

Insurance is a rip-off full stop.....

 

Maybe the courts should fine people £1000 for driving with no insurance instead of £100.

 

..... untill you have a claim, then it's a bargain

 

£100? Screw that, Im cancelling my insurance as I can afford to get caught a few times and when I lose my licence just pay the fines. Crash and Ill claim bankruptcy.

 

...joking by the way.

 

Underwritten by Direct Line actually.

Any share holder would reasonably want a return on their investment - RBS owns Direct Line and are just like any shareholder.

And if the word on the street is correct - RBS would sell Direct Line tomorrow if they could get a decent buyer for it.

 

You know, I wouldn't care but government could, if it wanted, organise 3rd party insurance for everyone at a minimum prfit, like they do in Oz. That would get MOST of the uninsured drivers off the road.

Then those of us who wanted fully comp, protected ncd and foreign use, could pay other insurance companies for the xtras.

But they won't, they just pay lip-service to getting uninsured drivers off the road

After all, the insurance companies tell us they are hardly making any profit on car insurance...................aye, right, that's why every second advert is trying to get new customers and new customers get huge discounts to get them on board.

 

Not really,i own a body shop so id fix them myself

 

See post #31

Of course insurance companies make money, but maybe not in the way you think (normally from investing the money, trying to make a few £££ before they pay out)

 

You fix the necks of the people you hit who have whiplash?

 

No,I don't hit people,simple's

 

Simples....put £500,000 into the treasury and you DO NOT need to insure your car, or any of you cars.....you can self insure......now where did i put that £500,000

 

^Whats that then?

 

Don't tempt fate. Could happen to any of us, you'd be suprised by some of the stories we hear.

More than once we've had people moan about their price, telling us how good a driver they are, and that they've never had a claim in 20 year of driving.

They don't seem to have much to say when they ring up to report a claim a few months later (and that's happened a few times)

I wish i could say to them ''i though you said you were a good driver?''..... but i've been told not to

 

TBH for that kinda money i would be driving a diesel, with 150bhp and the same perfomance......just 5-8 insurance groups lower....in honesty i cannot for the life of me see the point in driving an Impreza without any genuine peformance....no offense of course, just i would go down the diesel route and pay a fraction of the insurance, or smaller car route i.e. pocket rocket. the £1200 excess atually makes driving a risk...2 stupid little error in a few weeks could see you in a VERY weak position financially....all for a 160 bhp car?......i dont think so....

 

Although i thought it was only £100,000..... but i could be wrong.

You have to pay for any claim out your own pocket though (or out of the money you've deposited)

 

I understand where your coming from and id never be so stupid to claim it couldn't happen to me because 'im a good driver' but it doesn't change the fact that people have seen a disgusting rise in insurance premiums just because they have seen a good excuse to make huge profits through the last year or so's happening's!
It's plain wrong Moley

 

If you place £500,000 in the state treasury you can self insure....its an old law, and i doubt very popular but it is a fact....I help manage a large fleet (90 tractor units) in the road haulage industry, and as such i need to be considered a "professionally competant person", and this section was covered in a recent course i went on via the FTA and VOSA......

so £500,000 = no insurace = legal. you can just write out your own certificate...although it wont last for much longer i'm sure since claims are now in some cases into the millions....

 

It is defo £500,000, which in West Yorkshire seems cheap.....lol

Claoims MUST be taken from you deposited funds, which in turn HAVE to be topped back upto half a mill, or your feked...£100,000 would'nt cover a good 5 car pile up these days...

 

But that isn't why the prices are going up (an excuse to make a bigger profit).... it's because of the increase in claims/costs.

What is wrong is the ambulance chasers who get people to put PI claims in where there isn't actually an injury. (we all know it goes on).

 

That's the bradford way. Insurance is a dirty word there

 

160 bhp isnt bad and Ive held my own more than once on the Yorkshire open twisties with cars with much more power. It is lovely car to drive and if I was to sell it and look for car for the price I would get I cant find anything that would satisfy me. For example, the same price would get me a same MY Ford Fiesta 1.4 Gia, 80bhp, with similar milage (22,000).

If I want to upgrade my Fiesta to a Diesel producing a whopping 100bhp I will have to put around £1000 on top. Err, no thanks. I have looked at the BMW 120d but I would have to put in an extra £2000 and it would have around 80,000miles whereas mine has 23,000, just doesnt seem like a good enough deal.

 

Lol, very true.
It was a fair while ago i was told the figures, so couldn't remember what it was

 

Its also to do with accidents solution firm's,i continually have them hounding me at my business about referring job's to them.

 

Yep, my mate owns his own bodyshop, so i know what he gets offered to refer people to the accident companies.

 

It can be tempting with them offering the hourly rate and bonus incentive they do!

 

Nice bit of extra income for sure.

TBH he doesn't deal with accident damaged cars much, more restorations and 'projects', but the occasional accident referral gets him a nice holiday each year

 

It is hard to see how a Government insurance scheme would be any cheaper than an Insurance company.

Retail motor insurance is not a great game to be in - Moley is right - the combined cost of operations and claims (the combined ratio) is often above 100% of premium income.

Profit comes purely from the interest earned on the insurance reserves - and for years even that has been poor as interest rates are very low.

Where the money is made is selling add ons such as legal protection (profit £10 per customer), AA or RAC style cover, etc.

 

Well how much does the scheme in Oz cost? Perhaps they don't encourage fraudulent PI claims by selling details of clients who've had crashes to parasitic lawyers?