Rant: Why is Car Insurance so expensive and forms so intrusive these days?

Car_54

Joe_Horner wrote: »

You'll very often find that a quote for "now" is a lot higher than one for a couple of weeks in the future, even from the same company. I assume it's because they know you need it so are less inclined to be competitive at short notice.



If you look closer you'll see that an awful lot of that apparent competition is illusion. The mainstream market consists of about 20 actual companies trading under multiple names each.

This little list, for example, are ALL trading names owned by RBS group:


U K Insurance Limited
ATS Euromaster Motor Insurance
BMW Fleet Insurance
BMW Insurance
Churchill Car Insurance
Churchill Home Insurance
Churchill Insurance
Churchill Insurance policies
Churchill Van Insurance
Citroen Insurance
Direct Line Car Insurance
Direct Line Commercial Vehicle Insurance
Direct Line Van Insurance
Egg Insurance
Green Flag Motoring Assistance
Lombard
Lombard Direct Motor Insurance
MBNA Car Insurance
MINI Cover
MINI Insurance
Mint Insurance
National Insurance and Guarantee Corporation
Nationwide Car Insurance
Natwest Fleet Insurance
Natwest Insurance
NIG
NIG Insurance
Peugeot Insurance
Privilege
Privilege Car Insurance
Privilege Insurance
Privilege Insurance policies
Privilege Motor Insurance
Privilege Plus
Prudential Car Insurance
Royal Bank Insurance
Royal Bank of Scotland Fleet Insurance
Royal London Motor Insurance
Sainsbury’s Car Insurance
Sainsbury’s Premier Car Insurance
The National Insurance and Guarantee Corporation
Yourcar Insurance

No they aren't.

RBS sold off all the Direct Line and Churchill companies many years ago, and probably others.

Joe_Horner

Car_54 wrote: »

No they aren't.

RBS sold off all the Direct Line and Churchill companies many years ago, and probably others.

That list was current as of Jan this year according to Adrian Flux (note the "important note" at the top):

https://www.adrianflux.co.uk/blog/2007/08/who-owns-your-insurer.html

Besides which, when they sell brand names they tend to be bought by one of the other groups already in the market so it just shifts the balance amongst the same core companies rather than actually opening competition.

eta: You can get a good idea of the "real" market here:

https://register.fca.org.uk/

Type in any insurer (such as your own) and it'll show all related trading names. For example, my Hastings Direct policy come up with the following. Obviously, not all are car insurance brands but there are a lot of well known names in there.


Peoples Choice Insurance Services,
Hastings Direct,
The Automobile Insurance Service Centre Ltd,
2501500 Insurance Service Ltd,
Ridesure Insurance Service Ltd,
1st Advantage Ltd,
1066 Direct Ltd,
Agenda Direct Ltd,
1-2-1 Auto Ltd,
Aardvark Insurance Management Ltd,
Angel Insurance Services Ltd,
Halo Insurance Management Ltd,
Help Insurance Services Ltd,
Power Line Insurance Services Ltd,
Insurepink,
Hastings essential,
Hastings Van,
Hastings Bike Team,
insurepink,
insurebasics,
insure.co.uk,
insureblue,
insure commercial,
insure-shop,
Hastings Local,
Hastingsvan,
Hastings Van Insurance,
Hastingsvan Insurance,
Nationwide Autocentres Insurance,
Nationwide Autocentres Car Insurance,
Affinity Compare,
Likewise Insurance,
Renew Insurance,
SoHowMuch.Com,
insure-now,
Hastings Insurance,
HastingsInsurance,
Benefit Causes,
Benefit Sports,
Benefit Forces,
Wheeler Dealer,
Hastings Partnerships,
250/500 Insurance Services,
Powerline Insurance Services,
Hastings Premier,
Hastings Pet Insurance,
Hastings Direct Premier,
Hastings Bike Team Premier,
Owl Insurance,
People's Choice,
Trade UK Insurance Services,
Argos Insurance,
Argos Car Insurance,
Hastings Direct SmartMiles,
Hastings Insurance Services Ltd

dacouch

Joe_Horner wrote: »

That list was current as of Jan this year according to Adrian Flux (note the "important note" at the top):

https://www.adrianflux.co.uk/blog/2007/08/who-owns-your-insurer.html

Besides which, when they sell brand names they tend to be bought by one of the other groups already in the market so it just shifts the balance amongst the same core companies rather than actually opening competition.

That list isn very out of date for RBS, it was not even accurate in Jan this year

Joe_Horner

dacouch wrote: »

That list isn very out of date for RBS, it was not even accurate in Jan this year

Well, the FCA are still listing all those brands as under the same umbrella (UK Insurance Ltd) so if RBS sold them they sold them as a block which doesn't really alter the point about far fewer companies than we're encouraged to believe. It's still largely smoke n mirrors

dacouch

Joe_Horner wrote: »

Well, the FCA are still listing all those brands as under the same umbrella (UK Insurance Ltd) so if RBS sold them they sold them as a block which doesn't really alter the point about far fewer companies than we're encouraged to believe. It's still largely smoke n mirrors

Many of those brands don't exist anymore eg Egg etc.

Or they no longer offer Insurance eg Lombard

Or they use a different Insurer eg BMW & Mini who are underwritten by Allianz

The list is very out of date and not accurate

Joe_Horner

dacouch wrote: »

Many of those brands don't exist anymore eg Egg etc.

Or they no longer offer Insurance eg Lombard

Or they use a different Insurer eg BMW & Mini who are underwritten by Allianz

The list is very out of date and not accurate

As I said, the FCA is still listing them as belonging to the same group and I did acknowledge later in the post that not all companies in a group may offer car insurance.

But "or they use another insurer [...] Alliamz" hardly improves the situation seeing ad they've just moved from one existing group to another. So still smoke n mirrors.

NBLondon

forgotmyname wrote: »

Intrusive questions? Not had one ask my sexual orientation or preferences or sexual deviants yet.

Give them time

I wonder if dogging increases the likelihood of accidental damage?

takman

Joe_Horner wrote: »

Well, the FCA are still listing all those brands as under the same umbrella (UK Insurance Ltd) so if RBS sold them they sold them as a block which doesn't really alter the point about far fewer companies than we're encouraged to believe. It's still largely smoke n mirrors

It's pretty much irrelevant that so many of the companies are grouped together. The proof that the market is so competitive is that all insurance companies either make a loss or a very small profit each year of only a few %.

If there was any kind of deception to push the price up then why arnt they making large profits?.

Joe_Horner

NBLondon wrote: »

I wonder if dogging increases the likelihood of accidental damage?

It's more the risk of malicious damage when your OH finds out :eek:

BeenThroughItAll

Joe_Horner wrote: »

It's more the risk of malicious damage when your OH finds out :eek:

Easily avoided by getting them involved too