The Great Hastings Direct Rip Off!

Smithers37

twincamms wrote: »

Please, someone tell me this isn't extortion?

This isn't extortion. You're obviously someone who just wants to not be pulled over by the police when they check their ANPR systems and you don't see value in the insurance. Did you know your insurance covers you for £20 million third party liability? Would you put £20 million of your own money if someone paid you what you pay your insurers? I doubt it.

Don't like insurance? Don't have a car.

TSx

I don't think there's any point trying to get you to see otherwise, but I'm not some massive insurance defender - I work for an insurance company, but I disagree with some insurer practices (I'm not convinced about explicit charging of fees, but at least understand why they are charged - I really dislike auto renewal). The problem you have - and it will be difficult to believe this I'm sure - but we have one of the most competitive motor insurance markets in the world. There are a large number of brands - and it is incredibly easy to compare costs compared to a lot of other countries. Most people also don't see the value of motor insurance - and will choose the cheapest insurer on the list.

Next time you get quotes, have a look at the T&C's - you'll probably find that all the cheaper insurers will charge explicit fees for adjustments and cancellations. Scroll down the list some more and you'll find some insurers who will charge lower fees (or may not charge a fee at all) - but you're paying for it in the premium.

As a consumer, you have a huge amount of choice - there are a myriad of different insurers and brokers offering differing levels of cover and service. If you choose to buy on price alone, then you need to take some responsibility when the insurer turns around to say they will be charging you in accordance with their terms and conditions.

If you want to change a flight with British Airways (to use a straightforward example, 2 adults returning to Barcelona), then you can change the flight for free. Ryanair will happily charge you £120 for the same change (£30 per person per one way flight - and on some flights, the fee would be as high as £240 in total). If you wanted to cancel with BA, you'll pay £15 - Ryanair don't even allow cancellations.

This is no different - the cheapest products will usually also be the most inflexible.

GingerBob_3

Smithers37 wrote: »

This isn't extortion. You're obviously someone who just wants to not be pulled over by the police when they check their ANPR systems and you don't see value in the insurance. Did you know your insurance covers you for £20 million third party liability? Would you put £20 million of your own money if someone paid you what you pay your insurers? I doubt it.

Don't like insurance? Don't have a car.

Well I've seen some strange comments here, but this one takes the biscuit.

GingerBob_3

TSx wrote: »

If you want to change a flight with British Airways (to use a straightforward example, 2 adults returning to Barcelona), then you can change the flight for free. Ryanair will happily charge you £120 for the same change (£30 per person per one way flight - and on some flights, the fee would be as high as £240 in total). If you wanted to cancel with BA, you'll pay £15 - Ryanair don't even allow cancellations.

Yes, I think I mentioned earlier that the British insurance industry by and large adopt the RyanAir pricing model.

TSx

Bur the whole point is that there is choice - there are Ryanairs, there are British Airways and there are companies inbetween.

Volvo Insurance don't charge anything for cancellations or amendments - but I'm sure if you get a quote, it'll be more than you're paying now (you don't need to own a Volvo to take out a policy according to Which).

mills705

GingerBob wrote: »

Well I've seen some strange comments here, but this one takes the biscuit.

How does it?
Go read the Rta of 2007 I believe where that amendment was made. All insurance for motor policies has to have that requirement!
So complain to the government!

Where I work a traditional broker firm there are admin fees and we vary it depending on the change and have discression I waiver charges for some things. So always be nice to the clerk!

I also bet the non admin fee companies have a call centre in India so if you would rather talk to mark with a very Indian accent but claiming to be British then go ahead!

On a note about prophit I've been told by managers that it takes actually several years for a company to then make a prophit on car insurance. After taking into consideration admin costs advertising etc

Smithers37

GingerBob wrote: »

Well I've seen some strange comments here, but this one takes the biscuit.

As already explained by the poster above. You're clearly not familiar with the RTA, so you've just shown your complete and utter lack of understanding of the motor insurance business.

GingerBob_3

mills705 wrote: »

How does it?
Go read the Rta of 2007 I believe where that amendment was made. All insurance for motor policies has to have that requirement!
So complain to the government!

Where I work a traditional broker firm there are admin fees and we vary it depending on the change and have discression I waiver charges for some things. So always be nice to the clerk!

I also bet the non admin fee companies have a call centre in India so if you would rather talk to mark with a very Indian accent but claiming to be British then go ahead!

On a note about prophit I've been told by managers that it takes actually several years for a company to then make a prophit on car insurance. After taking into consideration admin costs advertising etc

I don't normally respond to people with such a poor command of the english language, but I'll make an exception in your case. You did not look closely at the quote - particularly the highlighted text - which demonstrates quite clearly that Smithers37 has no understanding of the fundamentals of insurance. Instead, you launched into a rant about the peripheral issue of police surveillance (I think).

Regarding Smithers37's comment, and I'll repeat it here for your convenience:

Would you put £20 million of your own money [sic] if someone paid you what you pay your insurers?

No, I wouldn't, is the answer; in fact, no one would. We have insurance companies for just this reason, so that people don't have to. The insurance companies finance the payment of claims (if they can't wriggle out of them) via the payments made by those who don't claim. This basic fact seems to have escaped Smithers37.

Regarding making a profit, I would simply refer you to my earlier posts and the links to various articles. These show the MI industry generally makes fat profits, partly by ripping people off with unjustified charges.

Anyone who thinks their insurance premiums are lower than they otherwise might be, as a result of admin charges levied on certain actions, is living in dreamland.

As I intimated earlier, most things - though not all - about the insurance industry stink!

Smithers37

Now you've proved you have no understanding of the insurance business AND that you're a snob.

My quote was absolutely fine and serves to show that no one else would be prepared to lay down 20 million for an outlay of what is comparatively peanuts. Sorry you couldn't understand that.

Again, you've proven that you have zero knowledge of how the insurance industry works. They don't project profits based on customer's canceling and making changes to their policy. Insurance providers take premiums based on risk, everyone contributes premiums that the insurer will eventually use to pay out on claims.They then make money on the interest they gain when they hold on those premiums. The cost that you pay is the cost that you generate.

Like I said, if you don't like how motor insurance companies operate I'm sure they won't miss your business.

GingerBob_3

Smithers37 wrote: »

Now you've proved you have no understanding of the insurance business AND that you're a snob.

My quote was absolutely fine and serves to show that no one else would be prepared to lay down 20 million for an outlay of what is comparatively peanuts. Sorry you couldn't understand that.

Again, you've proven that you have zero knowledge of how the insurance industry works. They don't project profits based on customer's canceling and making changes to their policy. Insurance providers take premiums based on risk, everyone contributes premiums that the insurer will eventually use to pay out on claims.They then make money on the interest they gain when they hold on those premiums. The cost that you pay is the cost that you generate.

Like I said, if you don't like how motor insurance companies operate I'm sure they won't miss your business.

OK, so perhaps you have a basic understanding of the industry. However, you seem to be forgetting that insurance can't be avoided ("... they won't miss your business"). The MI companies know this and exploit it.

I just read today another example of the b/s talked by this disreputable industry. They state that fraudulent whiplash claims cost each policy holder £50 per year :rotfl:. That, of course, is on top of the £30 per year that uninsured drivers cost us. No doubt other things rack up the premiums as well, but with these two examples that £80 that we shouldn't be paying. I've never heard such drivel in my life.

You carry on thinking the MI industry is the best thing since sliced bread. You might change your tune if you ever have cause to make a claim and they wriggle out of it on a technicality.