Unfair loading to car insurance

Smithers37

nobbysn*ts wrote: »

I agree. not really. Most prices are in the same ball park. Set it high, shave a few pound off the competition. A tenner of £533 won't impress many people. If it was competitive, lets go for bogofs, 2 years for the price of 1, like you see in competitive markets, where you do have the 'take it or leave it' option.

No one is forcing you to buy a policy. If you're so cynical of insurance companies, then don't bother dealing with them.

Adam3

Simply, you have been used to driving in a different style i.e LHD this to me is a huge 'risk'. Another 'risk' is the insurers have no way to prove you have not had any claims as the CUE DB only records UK claims.

I appreciate you say you have proof of NCD. This on some occasions does not have any weighing on whether or not you have made a claim. Example: Having protected no claims and then making a claim doesn't effect your NCD.

SOURCE: Insurance Underwriting training through a large UK bank.

nobbysn*ts

Smithers37 wrote: »

No one is forcing you to buy a policy. If you're so cynical of insurance companies, then don't bother dealing with them.

Seriously. You really mean I don't need car insurance. I can just drive without? I'm not forced too by pesky legislation? Cheers. With you reimburse me when I'm caught?

nobbysn*ts

InsideInsurance wrote: »

............Hence you get so many 12 months for the price of 9 etc

Ironically, the 12 months for the price of 9 price equates to other peoples 12 months. I tend to find the words are good, the prices aren't.

nobbysn*ts

Adam3 wrote: »

..........Another 'risk' is the insurers have no way to prove you have not had any claims as the CUE DB only records UK claims.

I appreciate you say you have proof of NCD. ............

'Utmost good faith' = customer always lies.

InsideInsurance

nobbysn*ts wrote: »

Ironically, the 12 months for the price of 9 price equates to other peoples 12 months. I tend to find the words are good, the prices aren't.

Only those with margins have space to cut prices. Same reason why M&S, Debenhams, House of Fraser etc have sales/ promotions much more frequently than Primark.

vikingaero

nobbysn*ts wrote: »

Seriously. You really mean I don't need car insurance. I can just drive without? I'm not forced too by pesky legislation? Cheers. With you reimburse me when I'm caught?

If you lodged a bond of £500k+ with The High Court then you can drive without insurance although you would need a mechanism to enter your vehicle(s) registration numbers onto the MID database.

If you did lodge a bond it would be prudent to reinsure above any amount that you feel you could comfortably pay.

Most bus, utility and fleet operators do this. They essentially insure or pay their own claims up to £x and the reinsurer picks up more serious claims.

nobbysn*ts

vikingaero wrote: »

.................although you would need a mechanism to enter your vehicle(s) registration numbers onto the MID database..............

So how do I do that. Without buying insurance?

InsideInsurance

vikingaero wrote: »

If you lodged a bond of £500k+ with The High Court then you can drive without insurance although you would need a mechanism to enter your vehicle(s) registration numbers onto the MID database.

If you did lodge a bond it would be prudent to reinsure above any amount that you feel you could comfortably pay.

Most bus, utility and fleet operators do this. They essentially insure or pay their own claims up to £x and the reinsurer picks up more serious claims.

You cannot reinsure as you arent an insurer, you could buy excess insurance to sit above your bond (though in normal definitions it would still be a primary layer with "only" a 500k attachment point but you may have a problem with this due to it being compulsory insurance)

Having worked with fleet insurers I'd certainly not say that "most" fleet operators do this. Many do have captives or indemnity deductibles but still buy ground up insurance and then reinsure back to their captive or reimburse the insurer. As such the insurer only charges a claims handling fee (if they are to handle the claims) and a credit risk fee for the £0 to captive/deductible limit

Was looking at a well known international hire car company recently and they have ground up third party only insurance but reimburse the insurer $30m for any one claim up to an aggregate limit of $100m a year

InsideInsurance

nobbysn*ts wrote: »

So how do I do that. Without buying insurance?

I don't know

There will have to be a mechanism. For commercial insurance its the insured's responsibility to update the MID with vehicle details so potentially the same could be for those with a bond.

Guess if you can afford half a million bond then you're probably using a solicitor in which case they'd advise.