Hit and Run Help

Poppy9

What is she being compensated for? She only lost 2 days of work, does she earn £800 per day? Pain/anxiety? How do you value it.

Whatever you claim you will be paying back in increased premiums, as will all drivers. The compensation has to come from somewhere and it comes from drivers premiums, so whether it's your fault or not, costs rise for all drivers.

Scooby_Doo.

Poppy9 wrote: »

What is she being compensated for? She only lost 2 days of work, does she earn £800 per day? Pain/anxiety? How do you value it.

Whatever you claim you will be paying back in increased premiums, as will all drivers. The compensation has to come from somewhere and it comes from drivers premiums, so whether it's your fault or not, costs rise for all drivers.

Three to five grand.;)

Poppy9

Scooby_Doo. wrote: »

Three to five grand.;)

Ooh so many people I think I'll sue then!!:D

rizla01

Poppy9 wrote: »

What is she being compensated for? She only lost 2 days of work, does she earn £800 per day? Pain/anxiety? How do you value it.

Whatever you claim you will be paying back in increased premiums, as will all drivers. The compensation has to come from somewhere and it comes from drivers premiums, so whether it's your fault or not, costs rise for all drivers.

'Scuse French but - What a LOAD of B0LL0KS.

That is a nonsense perpetuated by disgruntled drivers who resent paying anything to keep their cars on the road.

Insurance Co's are insured and the monies come out of a fund of monies deposited over time by ALL insurance Co's.

Only a National disaster would adversely affect us all - oh and rises in the Cost of Living.

dacouch

rizla01 wrote: »

'Scuse French but - What a LOAD of B0LL0KS.

That is a nonsense perpetuated by disgruntled drivers who resent paying anything to keep their cars on the road.

Insurance Co's are insured and the monies come out of a fund of monies deposited over time by ALL insurance Co's.

Only a National disaster would adversely affect us all - oh and rises in the Cost of Living.

The levy the Insurers pay is equivalent to circa £30 for each policyholder which is in effect paid for by the policyholders.

There are plenty of situations that are not "National Disasters" which have an adverse effect on premiums.

Some recent non national disasters that have caused a "Hard Market" (Premiums to increase dramatically) are.

Change in law (Government reducing Legal Aid and in return introducing "No win no fee" for solicitors)

9/11

The current increases are predominantly (In conjunction with a few other issues) due to the fall in investment returns for Insurers which as a result have meant they have had to increase premiums to cover the reduction in their investment values and returns.

rizla01

dacouch wrote: »

The levy the Insurers pay is equivalent to circa £30 for each policyholder which is in effect paid for by the policyholders.

There are plenty of situations that are not "National Disasters" which have an adverse effect on premiums.

Some recent non national disasters that have caused a "Hard Market" (Premiums to increase dramatically) are.

Change in law (Government reducing Legal Aid and in return introducing "No win no fee" for solicitors)

9/11


The current increases are predominantly (In conjunction with a few other issues) due to the fall in investment returns for Insurers which as a result have meant they have had to increase premiums to cover the reduction in their investment values and returns.

But that levy will be paid regardless of claims made but may increase slightly in line with inflation, if I am not mistaken - NOT because someone makes an insurance claim.

I accept the other reasons for increase in premiums. tho.

dacouch

rizla01 wrote: »

But that levy will be paid regardless of claims made but may increase slightly in line with inflation, if I am not mistaken - NOT because someone makes an insurance claim.

I accept the other reasons for increase in premiums. tho.

The MIB are a not for profit organisation, their only income to settle claims is from the levy from Insurers. Thus if the value of the claims they pay out on increases then so does the levy on insurers which would lead to an increase in each policyholders premium. In the same way if the value of claims they pay out reduce, the levy would reduce.

"What is the cost of the operation of these Agreements to the individual motor policyholder?
At the present time, the cost varies between £15-£30 per policy. However, the cost continues to rise in the light of increasing compensation, legal costs and changes in legislation."

http://www.mib.org.uk/Frequently+Asked+Questions/en/Default.htm

rizla01

OK. I can accept that but if one year the claims paid equalled £7, 555,000 which, say, is 55k up on the previous year, the following year sees a rise in payouts, yet again of say 45k then that would suggest that premiums must rise but if that is followed by 3-4 years of drops in claims then would that reduce the levy fees and ultimately the policy prices?

OR, as I would have thought, levy fees would rise according to an average figure, based on a 5 yr span?

I find it hard to believe that the prices will go up AND down like a yoyo, but perhaps they do. If that is so then what is to stop companies from USA or Aussie selling us insurance that isn't affected by the levy rises in this country?

dacouch

rizla01 wrote: »

OK. I can accept that but if one year the claims paid equalled £7, 555,000 which, say, is 55k up on the previous year, the following year sees a rise in payouts, yet again of say 45k then that would suggest that premiums must rise but if that is followed by 3-4 years of drops in claims then would that reduce the levy fees and ultimately the policy prices?

OR, as I would have thought, levy fees would rise according to an average figure, based on a 5 yr span?

I find it hard to believe that the prices will go up AND down like a yoyo, but perhaps they do. If that is so then what is to stop companies from USA or Aussie selling us insurance that isn't affected by the levy rises in this country?

No doubt the MIB will use averages of payouts for the previous year, previous few years and probably 5 years along with acturies to predict future levels of claims they will have to pay.

It is a levy based on previous claims, predicted claims and the cost of implicating laws on insurance. For instance the MID (Database the police use to confirm insurance details) is run by the MIB following laws brought in by the EU.

The MIB have a campaign on reducing uninsured drivers, along with the police use of the MID hopefully it will have an effect on uninsured drivers

There is a simple reason why overseas countries cannot bypass the MIB to offer cover and that is to be authorised to provide third party insurance in the UK you have to be a member of the MIB

Note as well as paying out claims for un insured drivers the MIB also handle claims for untraced drivers and also act as a point of reference for foreign insured drivers who have an accident whilst driving in the UK

Poppy9

rizla01 wrote: »

'Scuse French but - What a LOAD of B0LL0KS.

That is a nonsense perpetuated by disgruntled drivers who resent paying anything to keep their cars on the road.

Insurance Co's are insured and the monies come out of a fund of monies deposited over time by ALL insurance Co's.

Only a National disaster would adversely affect us all - oh and rises in the Cost of Living.

Not a load of bolloocks at all and not perpetuated by disgruntled drivers who resent paying anything to keep their cars on the road. The majority of people accept it as a running cost of a motor vehicle but just like home insurance object to constantly rising premiums when they have been claim free for x number of years (or even have never made a claim) and the insurance companies give the reason as rising number of claims be they genuine, exaggerated or false.

http://www.uswitch.com/news/insurance/exaggerated-home-insurance-claims-pushing-up-premiums-800503244/

http://www.telegraph.co.uk/finance/personalfinance/insurance/motorinsurance/8382241/A-new-way-to-put-a-brake-on-rising-car-insurance.html