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INSURANCE....is it a scam

edited 30 November -1 at 1:00AM in Insurance & Life Assurance
12 replies 1.5K views
ijsimmonsijsimmons Forumite
1 posts
edited 30 November -1 at 1:00AM in Insurance & Life Assurance
Long story short, I have been a safe driver for 7 years and within 2 years I have had two small accidents equating to about £5000 and my vehicle was stolen off my drive last March...salt springs to mind.

The first accident so was so minor, I contacted the Insurance company and told them they were being hoodwinked by the Bodyshop wanting to charge £1900.00 for the repairs, it was reduced to £1500.00

My premium went up from £1200.00 which I have been paying for the last 7 or so years with a £350 excess to a whopping £3600.00 and an excess of £1500.00 this year.

Two days before my insurance was due for renewal a man kindly smashed the rear of my vehicle.
I notified my Insurers and my premium was swiftly promoted to £6000, then after a little discussion (ranting more-like) it was reduced to £4600 which I had to pay.

After paying the £4600, most people I know do not have an amount of money like this in their bank or under their mattress, luckily I my wife paid for it on her credit card.

The following day, ( i am insured now BTW) after more ranting, the broker told me that the third parties insurer had accepted liability.

My No Claims Bonus was reinstated and as a result I would be receiving a refund of about £2200.00....wait for it.... payable 4 to 6 weeks later!!!!

What should have I have done? I was going to call the credit card company and stop the payment but I was fearful of the Broker not insuring me.

I called the broker and tried to explain as to whom should be paying for the £80 interest charge for the monies on my wifes credit card amount.

The Broker said I should have paid by....direct debit...or .....over a payment plan....even more interest... I dont think so, next time I think I will pay in cash and I will be bashing the door down to get it back too.

So how can I get my £80+ back?

If insurers do this with hundreds of policy holders, not only are they making a tidy sum off our pain and suffering in (sort of Clients Accounts) but also the credit card company is making money off our pain and suffering too.

Should I contact the third partys insurer and explain my predicament?
Is this a Legalised scam.....at this end it feels like it
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Replies

  • Weighty1Weighty1 Forumite
    740 posts
    500 Posts Fourth Anniversary
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    How is it a scam that YOU chose to use a credit card?

    Another thread were a scam is most definitely NOT a scam.......
  • zx81zx81 Forumite
    26.9K posts
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    ijsimmons wrote: »
    INSURANCE....is it a scam

    I didn't read the rest, but the answer is no.
  • spadooshspadoosh Forumite
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    No scam. You chose the payment method, you agreed the rpice and they kindly refunded you. You chose not to use another insurer whose premiums would no doubt be considerbaly less.

    When i had two accidents in quick succession (one fault, one non fault) my premiums went down on renewal because i chose to go with another provider. If i wouldve stuck with the original provider i wouldve had to pay a lot more. Luckily i had that choice which i used.
  • dunstonhdunstonh Forumite
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    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
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    INSURANCE....is it a scam

    Forum rules apply - title says scam - post shows it isnt a scam.
    So how can I get my £80+ back?

    you list it as a cost in your recovery from the third party. You may not get it but list anyway.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • forgotmynameforgotmyname Forumite
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    Safe driver for 7 years yet paying £1200 a year? Ferrari parked on a rough council estate with no alarm?

    Sorted insurance for a young driver with no experience and it was less than that.
    Censorship Reigns Supreme in Troll City...

  • Holy moly, I have never paid that much even with zero no claims let alone 7 years. Have you got 50 points on your license or something?
    the concept of a United States of Europe is right.” Winston Churchill 1930
    I think that the Government are right to apply to join the European Economic Community...” -Winston Churchill 1961
    “The future of Europe if Britain were to be excluded is black indeed.”[FONT=&quot][FONT=&quot][FONT=&quot] - Winston Churchill 1963
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  • Safe driver for 7 years yet paying £1200 a year? Ferrari parked on a rough council estate with no alarm?

    Sorted insurance for a young driver with no experience and it was less than that.

    Exactly, obviously not a safe driver at all.
  • csgohan4csgohan4 Forumite
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    1,000 Posts Fifth Anniversary Photogenic Home Insurance Hacker!
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    OP please define 'safe driver' and the word 'Scam' in the context of your post
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
  • edited 5 September 2018 at 9:50PM
    DCFC79DCFC79 Forumite
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    edited 5 September 2018 at 9:50PM
    OP you say your wife paid for the insurance on her credit card, you should check auto renew isn't enabled on the policy.


    I can see what thread will be posted in a years time if you don't check it OP.
  • AnotherJoeAnotherJoe Forumite
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    ijsimmons wrote: »
    Long story short, I have been a safe driver for 7 years and within 2 years I have had two small accidents equating to about £5000 and my vehicle was stolen off my drive last March...salt springs to mind.


    salt??????
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
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