why pay every year

TSx

Aren't you proposing a savings account?

I'm fairly sure if you can deposit either £1m or £10m (can't remember which) with the Bank of England (or Lloyds, again, can't remember which) you can insure yourself. So there is an option if you don't want to pay annual costs for insurance.

dzug1

CAN1976 wrote: »

Out of interest what sort of profit margins do insurance companies make? I'm guessing it's not some huge scandalous amount.

Well a few years back most of them were making losses - offset by interest on investing the premiums.

That's not as easy these days though.

vaio

raskazz wrote: »

In law, it is fulfiled if there is a total loss claim of the subject matter.

What you are advocating dates from the coffee house days of insuring ships on the silk, spice or slave runs, if a ship sinks then once the payout is made then there is nothing to insure so what you say might make sense.

On a modern car policy where, as the insurance companies are often telling us, the majority of the premium is to cover third party risks, to end a policy because of a total loss pay out seems intrinsically unfair.

_Andy_

Great troll thread, very creative, I like it. good work OP!

Spiderham

TSx wrote: »

Aren't you proposing a savings account?

I'm fairly sure if you can deposit either £1m or £10m (can't remember which) with the Bank of England (or Lloyds, again, can't remember which) you can insure yourself. So there is an option if you don't want to pay annual costs for insurance.

£500,000 http://www.legislation.gov.uk/ukpga/1991/40/section/20

Hub

dacouch wrote: »

A company called Guardian Royal Exchange used to allow pro rata refunds after a claim / total loss.

Even though their premiums were normally a fair amount more than the rest of the market. They continually posted losses of of upwards of £1.50 paid in claims for every £1.00 in premium they received.

They tended to attract a lot of the fraudulent claims (This was back in the 80's and 90's so it was mot failures being stolen or set fire to.

They did not help themselves by offering DOC to anyone of any age and unlimited stereo cover (Back when stereos were very expensive and very stealable which also meant most of their dodgy claimants also had very expensive stereos fitted...)

They were a wonderful company, great on claims, cover and service.

They were rescued by Axa

Did you work for GRE?

Dave101t

i have the same policy with food and im....not...feelsing werrry welllllllllll.....gah!

dacouch

Hub wrote: »

Did you work for GRE?

No, big account with them

starrystarry

vaio wrote: »

What you are advocating dates from the coffee house days of insuring ships on the silk, spice or slave runs, if a ship sinks then once the payout is made then there is nothing to insure so what you say might make sense.

On a modern car policy where, as the insurance companies are often telling us, the majority of the premium is to cover third party risks, to end a policy because of a total loss pay out seems intrinsically unfair.

You need to go and read up on basic contract law, raskazz is spot on.

mikey72

starrystarry wrote: »

You need to go and read up on basic contract law, raskazz is spot on.

No one said he wasn't.
Outdated maybe, and time for change though.