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MSE News: Car insurance premiums too high, competition watchdog says

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"Car insurance premiums are too high and should be cut through a number of 'far-reaching reforms', the CC says..."
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Car insurance premiums too high, competition watchdog says

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Car insurance premiums too high, competition watchdog says

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How can they be quoting at a loss?
They give me a quote, I don't crash they have my money for doing very little, if I crash and it costs more than the premium they have made a loss.
So surely at the time of quoting its a schrodinger equation as I have both crashed and not crashed and we will only know when the year is up which is the reality.
Quit day job to run 3 businesses 08/02/2017
Started third business 25/06/2016
Son born 13/09/2015
Started a second business 03/08/2013
Officially the owner of my own business since 13/01/2012
Hardly earth shattering. They seem to have missed all sorts of other dubious practices that drive up premiums.
What relevance is that?
We know from anecdotes on MSE some punters get their insurance for coppers.
Doesn't mean that generally we can buy from companies cheaply. And we know that some companies "cheap" comparison site prices mysteriously evaporate when we try to buy them.
You won't get too much sympathy on MSE for companies claiming to be losing money on car insurance!
Quentin, do you not see the connection between ridiculously cheap website prices and the extremely high admin and cancellation charges that people constantly complain about on here? Do you not think there is a link somewhere?
That is what I'm complaining about. They do not mention the fact that that the cheapest insurer is going to be the one that charges the most fees.
Going to leave it a couple of days in the hope that it settles down again...
I also have concerns should the at fault party have more control over where the vehicle is repaired (obvious conflict of interest - cost vs quality of repair), and the provision of hire cars (e.g. the insurer will want to give you a small cheap hactchback, but you may need an estate car, or you may struggle with low-torque engines, etc). I do agree that stopping "mickey-taking" claims (e.g. "needing" an AMG Mercedes hire car) is sensible, though.
Where are you complaining about this? Not in this thread anywhere?
If you make lots of changes and get charged fees, then either go with one of the cheap insurers who let you do changes online free of admin fees, or pay more premium with an insurer that won't charge fees.
There is a delicate balance to be struck, and I wonder how the Competition Commission will achieve it. Give too much power to the at-fault insurer, and they will do the cheapest job possible at the expense of quality. Take too much power away and third parties will find every opportunity to take a cut and increase expenses, at the expense of premiums.
When the OFT first referred the issue to the CC they seemed at a loss as to how to remedy the issue, even considering the possibility of returning to 'knock for knock' arrangements!