Car Total Loss- A Few Questions

vaio

InsideInsurance wrote: »

And do you think the insurers just happily pay inflated figures and cut their profits or do you think they inflate premiums to reflect inflated claims?

It may not be an amount you pay out up front but there is a good reason why insurance is increasing massively above inflation and yet combined ratios arent moving significantly.

I'd have thought it the figures were "inflated" then they would be challenged as happened with the delightful RSA intermediary company case.

On the other hand, if insurers looked after innocent parties properly then claims management & credit hire would disappear overnight.

On the other other hand, if insurers dealt with claims in house rather than farming them out to credit hire for a nice fat referral fee then maybe costs would be lower

InsideInsurance

vaio wrote: »

I'd have thought it the figures were "inflated" then they would be challenged as happened with the delightful RSA intermediary company case.

These are the joys of credit hire and therefore not as simple as the RSA case plus these leaches obviously heavily push for a PI claim to get the big money in the door

vaio

I'm sure they do push for PI claims but would be quite happy with a nice long drawn out credit hire/repair too. Using the industry agreed credit hire rates I wouldn't say qualifies as "inflated"

As above, if insurers looked after innocents then the "leaches" would find their little evolutionary niche had disappeared overnight and they would become extinct.

As for the RSA case being simple, once you get down to the bones it is but RSA did their best to make getting to the bones as far from simple as it's possible to get.

If a policy holder had done similar them I'm sure RSA would have been calling for jail or hanging, luckily the fraud laws don't seem to apply to insurers.

johnsons_baby

Got another call from Ageas, they've looked again and the engineer was out LAST Friday, report came in with a value of £1600, I haggled, asked for £2000 then they made a final offer of £1855 which I am happy with as it will get me a similar car. Payment being arranged today. I'll get my excess back apparently and the legal cover will do it on my behalf.
Top Marks Ageas!

chanz4

do you have finance oustanding?

johnsons_baby

Nooo! Never have had and never will have a car on finance, much prefer paying my hard earned cash to buy outright!