insurance rip off

AdrianC

stranger12 wrote: »

Reading and putting it yhere does not make it morally sound

Perhaps you should have read the Ts & Cs before buying, and chosen a policy that suited your requirements?

As I said way back up there - the numbers you give do not add up. If you are getting £200 back, then there is about £50 being deducted from the pro-rata than you list.

If you're going to complain about rip-offs, then it's as well to get your numbers in a row first, then you know whether you actually ARE being "ripped off".

dacouch

londonTiger wrote: »

the cheek of the broker to ask you to pay their comission. The comission is an back office deal between the broker and the insurer. In sales you win some and you lose some. They should not be able to reclaim the comission from the policyholder.

The OP agreed a contract with the broker for twelve months, the commission being the broker's profit.

You're in business, if one of your customers entered into a twelve month contract with your business for which you had priced up your costs & profit margin over the twelve month period. Of which your staff & other costs were all incurred in the first few days of the policy. If the client asked you to release them from the annual contract early (Which in itself would create further work for your business), would you retain your profit margin or would you waive your profit margin?

stranger12

The way you are talking is as if insurance companies dont make fortune

rev_henry

EdGasket wrote: »

Yes it's a rip-off; the nature of the beast I'm afraid. You never have got back a pro-rata amount for any unused insurance making what you pay for time covered effectively more expensive.

Actually I did once manage to get a pro rata refund, about 3 years ago. I changed my car mid term to one that they couldn't cover for a reasonable amount so they gave me a pro rata refund. This was from a very highly regarded broker.

dacouch

stranger12 wrote: »

The way you are talking is as if insurance companies dont make fortune

What percentage profit margin do you think your Insurer works on?

stranger12

A lot else they wont be around

Some brokers are bunch of low life

dacouch

stranger12 wrote: »

A lot else they wont be around

Some brokers are bunch of low life

So what percentage profit do you think an Insurer makes?

20%

30%

or 40%

stranger12

I dont know not a broker

AdrianC

stranger12 wrote: »

The way you are talking is as if insurance companies dont make fortune

Actually, they don't - which is precisely why so many insurers are getting out of this kind of market.

If they were making a huge margin, then it would be easy for one insurer to break ranks, take a smaller margin, and clean-up with a huge market share. Yet... strangely... they don't.

dacouch

stranger12 wrote: »

I dont know not a broker

The answer is generally between 0% and 10% so hardly raking it in