MSE News: Insurance costs to soar as gender discrimination banned

ashleypride

Ihatecameron wrote: »

It is nonsense because insurance companies use things like that to bump up your premium. Most people do not have the luxury of living where they like or choosing to park where they like at work, or even where they work and what type of work they do.

They also use it to bump down premiums. It's not nonsense at all.

pinkteapot

Claims are getting more expensive for insurers to pay because of an increase in uninsured drivers and a big increase in personal injury claims, courtesy of these ambulance chasing companies that have come over from the US in the last 10-20 years. These costs are passed on to everyone.

The bottom line is that you may well have paid for 25 years and not claimed. But next year you could cause a coach load of people to go off the road, resulting in a multi-million pound claim. Or, more likely, your car could get stolen, you could go into the back of someone, etc etc etc.

ashleypride

Ihatecameron wrote: »

That might be true in some peoples minds, but when you have never made a claim on insurance in 25 years of driving and your premiums keep rising, nearly double this year for eg, it kinda knocks that theory into a tin hat.

It rises because a) inflation, b) fraud, c) claim management compaines/solictors milking the insurance compaines.

pinkteapot

Suggested reading for some:

http://www.ibc.ca/en/Car_Insurance/Introduction/How_Insurance_works.asp

Ihatecameron

pinkteapot wrote: »

Can you not see that these things affect the likelihood and potential size of a claim?

Your car is more likely to be stolen if it is parked on an inner city street than if it is locked in a garage in a quiet village. Therefore you pay more because you are statistically more likely to cost the company money.

What exactly is nonsensical about that?

Swings and roundabouts, what I see is insurance companies pricing some people off the roads, especially young people and that can't be right.

IMO as insurance is a legal requirement, the DVLA should handle it along with your driving licence, putting an end to the thousands of private insurance companies out to make a fast buck.

dunstonh

Ihatecameron wrote: »

IMO insurance should not be based on anything other than the value of a car and there should be set prices for each category of vehicle. As it stands insurance companies appear to name prices at random and vary wildly between companies.
What we need is set prices to prevent them ripping people off with a whole host of ridiculous criteria based on age and sex, the area you live in, where you park etc which is a load of nonsense.

Value of car is actually less significant than most other risk areas.

If you kill someone or injure them and a claim results in £3 million pounds being paid out then whether the car was £10,000 or £40,000 doesnt really matter.

Area where you live is one of the greatest risk differences.

Ihatecameron

ashleypride wrote: »

It rises because a) inflation, b) fraud, c) claim management compaines/solictors milking the insurance compaines.

d) greedy sods who can charge what they like because you have to pay by law if you want to drive.

ashleypride

Ihatecameron wrote: »

d) greedy sods who can charge what they like because you have to pay by law if you want to drive.

Utter rubbish. The market forces private compaines to be competitive, anyone taking too much profit is driven out of the market.

Ihatecameron

ashleypride wrote: »

They also use it to bump down premiums. It's not nonsense at all.

I dare say they have a minimum charge, if you live in what they class as a rough area, even though you have never claimed. You will pay big time.

Ihatecameron

ashleypride wrote: »

Utter rubbish. The market forces private compaines to be competitive, anyone taking too much profit is driven out of the market.

Like who for eg, name one insurance company that has been driven out of the market for over charging.