MSE News: David Cameron vows action on car insurance costs

InsideInsurance

Mikey72 wrote:

True, they would keep it as seperate business, then make even more profits from that business, while making the combined ratio look worse, and pushing another hike in premiums.

Exactly, so not better for anyone other than the group company.

k3llyj wrote:

Insurance companies don't make money from car hire referral fees

Not sure how you are defining "dont make money" but they are paid for credit car hire referrals.

You say the above and then start talking about courtesy cars not credit hire. You will find a significant number of insurers receive the details of an accident which they believe means their customer is the innocent party and therefore pass their clients details to a credit hire/ accident management company and in return get a fee.

Its been a few years since I was last involved with credit hire but it used to be around £100 for hire only, up to £1,000 for hire + injury etc

Arg

Remove or severely limit the requirement for third party insurance otherwise they will continue to think of more scams to annoy the motorist with.It's a joke that this problem is being palmed off onto whiplash claims

Stephen_Leak

Arg wrote: »

Remove or severely limit the requirement for third party insurance otherwise they will continue to think of more scams to annoy the motorist with.It's a joke that this problem is being palmed off onto whiplash claims

Again, you make people afraid of something, and then blame someone else for it.

I can't wait for the actual outcome of this meeting, though.

smala01

Charge claiments 100-200 fee for each compensation claim. Anyone genuinley injured would be happy to pay this amount. Others out to make a buck will be put off.

Crazy_Jamie

My hope for this summit is that the issue is looked at properly, as opposed to it becoming an excuse for the government to pander to the public without really getting anything done, which would be very easy to do where whiplash claims are involved.

smala01 wrote: »

Charge claiments 100-200 fee for each compensation claim. Anyone genuinley injured would be happy to pay this amount. Others out to make a buck will be put off.

To be in any way justifiable such a fee would have to be recoverable as a costs element if the claim is successful. In which case similar payments already exist in the form of issue fees in order to bring a claim.

Mrs_Arcanum

Will believe this when I see it. Sometimes they just need to look at what needs doing & get on & do it rather than yet another Summit.

WhiteHorse

rogerblack wrote: »

I don't quite see the clear statement 'We will outlaw referral fees' in the above.

Yes indeed. It's a psychological trick - headlines are worded so as to suggest that 'action' will automatically follow.

By the time the punters have realised that nothing will actually happen, it's election time!

chanz4

They could also go back to using hire firms like enterprise, that would knock a lot of cost off the stupid credit hire rates

laurel7172

Maybe the fines could go into subsidising younger drivers policies.

Should anybody be subsidising younger drivers' policies? And I say that as someone who has sent off for a 17 yo's provisional licence today. I don't know whether I'll be able to afford to insure my car for her when she passes. While I'm ticked off at the ruling that says I have to pay as much for my daughter as if she were a higher risk young male (effectively), I'm not sure I'm entitled to have somebody who has earned their low premium with 40 years of perfect driving share my pain.

I can't help wondering how other countries do it though. From the land of litigation itself:

Sooner or later, your teen will want to learn to drive, and your apprehension is understandable. Your child will be put at risk each time he or she takes control of a car. And not only will you see your car take off, but you will see your insurance premiums take off too. Adding a teenage driver to your policy will increase your premiums by at least 50% for a female and 100% for a male, irrespective of your good driving record.

http://www.generalautoinsurance.com/how-to/insure-a-teen-driver

50% of my policy would be around £150 :eek:

mikey72

I'd be happy with an extra 50%.
That would be a double
The ones that would insure mine want another 1000% though.
It's cheaper to actually buy a car and have her own policy than add her to mine. By about £200.

So it they can do it for £150, why are we £1500?

The stats there look similar to the ones that are quoted for our kids.
So ours aren't worse than anyone else.