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UK's car insurance premiums on the rise again.

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Old Mar 20th, 2017, 10:37   #21
ChrisKnottIns
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You're missing that 1 in 5 is a high frequency compared to more experienced drivers. Therefore the risk of a young driver is greater. As I said before you have to pre-empt this because you don't know which is the one in the five.

There's no fairer way of working it I'm afraid.
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Old Mar 20th, 2017, 11:18   #22
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CKI you make a good argument for most of the points raised. The 1 which you haven't explained is why does the premium go up for a no fault accident when the other drivers Insurance pays up. Why is it that Insurance companies divide the costs and the driver who has done nothing wrong is penalised for it.
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Old Mar 20th, 2017, 11:27   #23
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Quote:
Originally Posted by ChrisKnottIns View Post
You're missing that 1 in 5 is a high frequency compared to more experienced drivers. Therefore the risk of a young driver is greater. As I said before you have to pre-empt this because you don't know which is the one in the five.

There's no fairer way of working it I'm afraid.
Then why don't insurance companies offer refunds to those who don't claim? No claims bonus does not cut it I'm afraid, because again the figures are made up based on someones interpretation. I think companies should offer an initial cost quote, and a refund figure should the policy holder successfully complete their first years driving accident free. Reward the other 4 out of 5 drivers, and stop making them pay for others mistakes.
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Old Mar 20th, 2017, 12:32   #24
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CKI you make a good argument for most of the points raised. The 1 which you haven't explained is why does the premium go up for a no fault accident when the other drivers Insurance pays up. Why is it that Insurance companies divide the costs and the driver who has done nothing wrong is penalised for it.
Thanks pagan8c. That's not always the case but where it does occur it's down to the insurers having done statistical analysis which shows that once a driver has been involved in an accident (at fault or not) they are more likely to make an 'own policy' claim. I don't think the increase for the non-fault driver is as high as for the at fault driver but nonetheless...
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Old Mar 20th, 2017, 14:47   #25
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I'm insured with Admiral and was involved in a non-fault claim in 2015 yet my premium came down by over £50 this year. Perhaps they generously gave me their £48.25 chunk of their £193 million pound profit?

There seems to be little rhyme or reason to some of the pricing used by insurance companies. Also on my Admiral policy is a Golf GTi with a mileage allowance of 5000 miles annually. It's been SORNed for the last 12 months so the actual mileage was zero. I asked if the premium would drop if I changed to an allowance of 1000 miles or less, but for some reason it made no difference. So the fact the vehicle is not even on the road seems to make it no less likely to be involved in a claim than if I used it every single day.
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Old Mar 20th, 2017, 15:20   #26
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There seems to be...
That's the point, it doesn't mean there isn't any.

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I asked if the premium would drop if I changed to an allowance of 1000 miles or less, but for some reason it made no difference. So the fact the vehicle is not even on the road seems to make it no less likely to be involved in a claim than if I used it every single day.
It may be that their minimum mileage bracket is 5,000 or that the cost of making the change would negate the saving.
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Old Mar 21st, 2017, 01:55   #27
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Dancake you ask some good questions, but everything is sprinkled with paranoia, i'm being ripped off mentality.
First of all you do not have to take the first quote you get, you can sit in your pants watching TV ask a few meerkats etc for quotes, pick up the phone and ask the guys at Chris Knott you will be able to get the price you are due to pay down.

Quotes are based on risk, these risks are based on a huge number of different statistics that are averaged out against the main criteria that can be judged against, Gender is no longer allowed as you should know.

Age, it is a fact that younger drivers crash more as well as inexperienced drivers so more like to result in a claim = higher premium

Were you live, while not always easy for people to control, some areas have high crime rates for cars than others so therefore claim more likely = higher premium

Were your car is parked, these days this is far more complicated since it is pretty much impossible (most of the time) to steal a modern car without the keys, people break into housed to steal the keys, so if they know extally were you live, more likely for that to happen...ding ding you guessed it.

so on and so on

They are not trying to rip people off with the premium who you are, were you are, where you park, when you drive, why you drive, how long you have driven and what you drive all have individual effects on how likely you are and how much a claim is going to be which is why they monitor that.

Insurance companies are private companies, for the money you pay per year, one bad claim just see them see hundreds of thousands of pounds, far more than you could ever likely pay in premiums over a lifetime, even a minor one will likely exceed what you have paid as a premium. So for that risk they have to have people invest, they are going to want a return on putting up their money for that, so they of course need to make profits..

A system were the risk was far more individual would require every single car to be fitted with advanced tracking systems, that knows what the car is doing and what things around it are doing in relation to it, pretty much every stretch of road would need to be recorded, cameras fitted to every car.......premiums would be extremely high since that would require massive amounts of data to be processed every minute and you still have the problem of how to you examine and determine risk?


The system that we have isn't perfect, but its far better than it could be and premiums would be a shed load lower if the amount of fluffed up injury claims and people that have "little" bumps caused by not paying attention were reduced.

The same could be said for the number of points you get on your licence, the max should be the max no question no but i need my licence...

Caught on your mobile while driving....that will be your licence from you, your car is confiscated and sold with the processed going towards the roads, uninsured drivers fund(when people are hit by them) etc if the call is so important that you need to speak to them right at that second you can pull over, anything else can wait.

Get your car pulled over, and you have bulbs out everywere, illegal tyres etc bye bye licence, and again bye bye car...

Far too many people see driving as a right, it isn't, it is a privilege, and if everybody drove like that and kept that in mind when they maintain the car they drive, accident and claim rates would drop significantly.

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Old Mar 21st, 2017, 08:52   #28
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Jebus I can't help but disagree. How can you not be paranoid when inurance companies make so much profit? We're not talking a couple of thousand pounds here. We're talking hundreds of millions of pounds each year paid by motorists and home owners etc. Is it not obvious that we're all getting ripped off? Companies are no longer satisfied when they make a profit, because the profit needs to be big enough to appease the investors and to line their pockets too. It's a legalised criminal enterprise, just like the worlds banking system.

As for getting a quote from CK, ask them why they won't quote for Northern Ireland. Apparently we can't be trusted over here, and the troubles are still used by insurance companies as an excuse to keep premiums sky high. It's active discrimination, but is allowed to continue. In the 21st century we still have companies that have licences to print money, all because of their ability to legally discriminate?
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