Car stolen and claim against me!!!

InsideInsurance

Going off topic.... I have seen the statements being made, our friends at Admiral Group even used to have a policy that had a TP excess but to the best of my knowledge they werent enforced (and Admiral Group has withdrawn the term on their policy)

vaio

s151 RTA, insurer is liable only if thief is identified and an unsatisfied judgement obtained against him

unidentified driver and it's down to the MIB

don2345

Thanks for the replies, i really appreciate the help.

So according to the RTA, as the driver fled the accident i should not be liable. I will be writing a letter to churchill and hopefully that should clear things up.

dacouch

raskazz wrote: »

Sometimes I do wish I would forget all the insurance triva stored away in the grey matter!



I would be careful not to state categorically that an excess is only ever payable for own losses claims. In the past you'd normally only get a true "all sections" excess for specialist/fleet risks but there are now mainstream insurers who impose a third party liability excess - XS Direct being one of them.

Thankfully XS Direct have stopped accepting UK business

raskazz

dacouch wrote: »

Thankfully XS Direct have stopped accepting UK business

Ah, I see that they have - thanks.

I wonder what happened. The capacity provider (Hannover) were boasting of a 60-odd percent 2010 ultimate loss ratio in a set of investor presentation slides I saw. But in the same slide it was 96% for 2009. Perhaps they were over-optimistic in how much of the TP liability excess they would be able to recover.

I would mention that I found this line in their FAQs (http://www.xsdirectinsurance.co.uk/faq.pdf) pretty funny:

"Past, present or future claims have absolutely no impact on our pricing"

Bit odd to not take into account predicted future claims in your pricing!

dacouch

They were in effect offering a set price based on your age group, irrespective of your claims or (most) conviction history and set prices for a large band of car groups in one group.

I think you can imagine the types of customers they attracted and the subsequent loss Ratio.

rs65

dacouch wrote: »

I think you can imagine the types of customers they attracted and the subsequent loss Ratio.

Can you imagine being hit by one of their customers with a £3k TP excess !!!

dacouch

rs65 wrote: »

Can you imagine being hit by one of their customers with a £3k TP excess !!!

The Insurer (XS Direct) had to pay the third party claims without any deductions which they are obliged to under the RTA.

They then had to try and collect £3000 from their client with no guarantee the client has £3000