Juggalo Posted June 21, 2015 Author Share Posted June 21, 2015 Oh, what I didn't mention was that the other car I covered myself for was a TDCi Mondeo. My premium went up lol The reason? You haven't driven the Mondeo long. "But I've owned the 350 for 24hrs" "....I don't know" Bonkers. Quote Link to comment Share on other sites More sharing options...
nowhereboy Posted June 22, 2015 Share Posted June 22, 2015 I don't think something required by law should be sold for profit by private companys. I work in insurance and have this opinion. I'm here to make a living, i don't have to agree with it. Quote Link to comment Share on other sites More sharing options...
coldel Posted June 22, 2015 Share Posted June 22, 2015 If there is no profit, then a private company would not want to run it so it would become a government operation under the DVLA type thing? Quote Link to comment Share on other sites More sharing options...
rabbitstew Posted June 22, 2015 Share Posted June 22, 2015 We should do what Australia do and have no compulsory insurance. If you crash and you're not insured, the government will pay the other party for the damage and come after you for the costs! You really don't want to go against the government in court, that's never going to be a fair fight ������ The upshot is that people don't have to be insured so the insurance companies have to offer reasonable premiums, which ultimately means that more people end up insured because it's affordable. I agree, 3rd party only. If you want to insure beyond that i.e fully comp or just fire and theft, you can with brokers/companies. This last 5 years or so when ive got insurance quotes, 3rd Party only insurance is always more expensive than Fully Comp. I am presuming that it is because years ago 3rd party used to be the cheapest way to get your car insured, so I guess statistically maybe 3rd party only insurance is now a higher risk to them than fully comp. Who knows! Quote Link to comment Share on other sites More sharing options...
coldel Posted June 22, 2015 Share Posted June 22, 2015 I guess there are more people that don't make claims each year than do - so the more people you have taking out a particular type of insurance means I would think means more positive outcomes which means you can be more price competitive. Imagine for example flipping it, only 1 person taking out 3rd party only insurance in the UK, if you don't charge them £10k theres a small to reasonable chance you could be in for a big loss on that type of insurance product with it hedged against just one person. There is also the fact that the insurance business runs on such old calculation models and has so many quirks in it that half the time they don't care if it all comes up odd as long as at the end of the day their business makes a profit. Quote Link to comment Share on other sites More sharing options...
Jetpilot Posted June 22, 2015 Share Posted June 22, 2015 Captive market, so they can charge what they want We also pay into a pot for the un insured drivers, seems all perfectly fair to me Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.