Advice on insurance increases after non-fault accident?

malkie76

So what are the actual stats? The only reason to hide them would be if they don't support your stance. (same for insurance companies).

My industry can only launch products when all of the associated information is presented to regulators then published in publically available databases. We have nothing to hide - transparency breeds trust.

Clearly insurance does not, allowing them to move the goal posts as they see fit without transparent justification. Interesting industry.

raskazz

malkie76 wrote: »

So what are the actual stats? The only reason to hide them would be if they don't support your stance. (same for insurance companies).

I'm not going to publish company confidential information on this website and put my carerr in jeopardy to satisfy your curiosity, I'm afraid. To state that "the only reason to hide them would be if they don't support your stance" is total nonsense - as explained numerous times on this thread statistics are lifeblood to an insurer and it would make no sense whatsoever to publish them and make them available to competitors.

malkie76 wrote: »

My industry can only launch products when all of the associated information is presented to regulators then published in publically available databases. We have nothing to hide - transparency breeds trust.

Well, that's nice but you haven't actually answered the question of what industry do you work inl and you mention the dissemination of data on "product launches" but not on the pricing of that product, so that is not really relevant to this discussion.

malkie76 wrote: »

Clearly insurance does not, allowing them to move the goal posts as they see fit without transparent justification. Interesting industry.

Again, you have only mentioned transparency in terms of "product launch", not pricing, so this comment is totally irrelevant to this discussion.

malkie76

I'm not going to publish company confidential information on this website and put my carerr in jeopardy to satisfy your curiosity, I'm afraid. To state that "the only reason to hide them would be if they don't support your stance" is total nonsense - as explained numerous times on this thread statistics are lifeblood to an insurer and it would make no sense whatsoever to publish them and make them available to competitors.

Essentially insurers use a random number generator to come up with your premium, then claim it's based on private statistics. Seems entirely fishy to me, but I guess that's exactly how insurance companies work. As soon as the cat it out of the bag that the actual statistics do not support their assertions the sector would come crashing down. Guess it probably is best to keep those data to yourselves.

lisyloo

If sufficient members of the public question the practice and raise the issue with the regulating bodies then questions will need to be answered.

It sounds like you aready know the answers to your own questions about how to pursue it (regulating bodies, press etc.)
So why don't you pursue those methods?

The first thing you need to do is to get some support and unfortunately it doesn't look like everyone agrees with you or is bothered by it.

I presonally don't agree with it, but if I had spare time/money I'd probably get motivated about something like torture and not slight pricing anomalies in insurance. I think there are many worse injustices going on in the world to give my resources to.
So I think the first thing you have to do is find like minded people which doesn't appear to be here.

This was featured on watchdog a while ago and I did post up the time/date.

malkie76

Thanks for your suggestions and support. There seems to be significant information on the DFT website which supports some of the things I'm saying - I'd post links but they are all excel spreadsheets which are against the rules to link to (I think).

vaio

Don't recall any sort of restrictions on links so link away, I'm sure the mods will advise if you do anything wrong

raskazz

malkie76 wrote: »

Essentially insurers use a random number generator to come up with your premium, then claim it's based on private statistics.

Now you're jsut being childish.

malkie76 wrote: »

Seems entirely fishy to me, but I guess that's exactly how insurance companies work. As soon as the cat it out of the bag that the actual statistics do not support their assertions the sector would come crashing down. Guess it probably is best to keep those data to yourselves.

Er, no - see my point above re: how a competitive market actually works.

vaio

Maybe not an actual random number generator but there are certainly elements of the premium that are not risk related as so can appear to be random to the ordinary punter

Parking_Trouble

It would help if insurers were a bit more transparent about the outcomes of an accident or a claim.

The real test of an insurer is the claims process and the subsequent impact on your premiums.

All the honest customers take out a policy in the hope they don't have to make a claim. There are clearly some savvy people on here but most punters will not bother to shop around, will not compare the cover and T&C's and won't understand the impact of an accident/claim on their future premiums.

The expectation is that the insurance company will deal with your claim fairly and your premium will be pretty much the same on renewal if it wasn't your fault. Especially if you have protected NCD.

Reality is often different and there are many cases if unfairness.

Many people are getting screwed over because the insurers have to recoup what they pay out through their premiums. The rise in premiums in recent times is a travesty and I am amazed how many people just roll over and accept it.

Some people on here seem to imply that we should put up with it and make sure we never have an accident.

Stop driving and go campaign against torture? Maybe when I become aware of people close to me being tortured in the UK.

Currently though they are being screwed by insurers, lawyers, Claim Management companies and compliant medics.

Time to make a stand people.

lisyloo

I've asked about this (claiming back loaded premiums as uninsured losses) on The Motley Fool and got advice from a well respected poster there who is a solicitor.
His opinion is that this is claimable as an uninsured loss.
http://boards.fool.co.uk/are-any-of-them-solicitors-no-but-many-people-12397437.aspx
I wonder whether those that have had advise not to claim are suffering from lousy/lazy solicitors who don't want to bother becasue it's a bit difficult.

Time to make a stand people.

What's the proposal?