Parked car hit by unknown third party - at fault claim

Car_54

Lewie said:

Oh yes it is me old flower.

Remember 911? I was sub contracting to a company that obviously needed cover. After 911 their premium doubled. They tried to get a cheaper quote. Every company refused them. This happened across the board, in effect forcing each company to pay double. The premium eventually returned to 'normal' and they could change insurers if they wished. The loss had been recouped.

How do you explain the fact that, between 2012 and 2014, average car insurance premiums actually fell?

Lewie

???? No idea what that has to do with it. If they fell then that means they didn't have as much to pay out.

Rather, how do you explain my points, one of which is actual recorded evidence and not just my word.

AdrianC

Lewie said:

Oh yes it is me old flower.

Remember 911? I was sub contracting to a company that obviously needed cover. After 911 their premium doubled. They tried to get a cheaper quote. Every company refused them. This happened across the board, in effect forcing each company to pay double. The premium eventually returned to 'normal' and they could change insurers if they wished. The loss had been recouped.

Another example. Watch the BBC (if you can force yourself :-)) programme about insurance fraud. At the start of every programme, and throughout, they reiterate  that fraud "costs you" millions. Stating that x amount is added to 'honest' people's premiums.

Have you ever heard of the reinsurance market? Or Lloyds syndicates?

And, yes, I do remember September 11th, 2001. Twenty years ago this year, in another country on another continent.

[Deleted User]

Shame you didn't make more effort to trace the guilty party. There might have been CCTV. Probably too late now.

Lewie

AdrianC said:

Have you ever heard of the reinsurance market? Or Lloyds syndicates?

And, yes, I do remember September 11th, 2001. Twenty years ago this year, in another country on another continent.

Evidence just passes you by doesn't it? I'll leave you to your world.

Sandtree

Lewie said:

Sandtree. It doesn't matter to an insurance company if they pay out or not. If you have any kind of 'accident' you are meant to let them know and they will log it as a claim no matter what.

I accidentaly left the plug out of my fridge freezer after doing some DIY.

I called the insurance company to make a claim.

By the time excess was removed it was hardly worth claiming so I told them to forget it.

Next renewal, there was the 'claim' logged.

When I enquired they said it doesn't matter that they didn't pay out, it goes against you because if you have an accident it makes you a higher 'risk'.

When you go to a new company they penalise you if you have made any claims with a different company yet they have never paid out for those claims.

Never trust an insurance company.

It depends on the class of insurance; car insurance you are supposed to inform them of everything but other classes of insurance are not so strongly worded... I mean no one calls their insurers once a week to say they spilt a drop of coffee, scuff a wall or broke a glass etc.

Insurance is for the big losses in life... ultimately thats the fundamental principle of insurance that you exchange the risk of a big loss for the guarantee of a small loss (ie the premium). Unless your freezer is full of caviar and wagu beef its never going to be worth claiming for something as a standalone loss. 

Mass market insurance like Home and Car is priced using statistics; look at the millions of claims you've managed over the years and identify correlations. Insurer's dont try to recoup premiums the year after you've made a claim, as you suggest - people just switch insurers, but price based on the new information they hold on you which includes the fact that someone who's attempted to make one claim is much more likely to make another.  As basically a universal truth then its no surprise that all insurers react in the same sort of way.