Car Insurance Hike

Message Topic Search Topic Options Post Reply Create New Topic Printable Version Translate Topic

 Norrie wrote:

I can give an insight into how some of it works. Basically each insurer will have a fund pot. This is a moving amount of money that they are holding, increased by new subscriptions, decreased by claims. When you call an Insurer with a call centre, the person who answers the call has this ever changing information on their screen. Therefore you can call on a Monday at get one price and the next day and get another.

When we have ice, snow more claims are made and this alters the cash flow, the computer automatically recalculates so the Insurer suffers no loss, and further add risk compensation price to protect its self.

It is possible to avoid this, by a getting a guaranteed value for you car, can be done by BMWCCGB in some cases and also a broker who will quote on that fixed price. In my case I used "A" Plan and Clare gave me a good deal.

You can imagine how quickly the rates change for big insurers with 35 million cars on the road in UK.

So the pool was really being depleted when the fraudulent claims for whiplash and over inflated car repairs were going in by the thousands, and I paid for the shortfall when my premium doubled on renewal. 

There was a roundabout in Cheadle near me where millions of pounds was claimed for by a criminal gang who had their own claims company, they were stopping suddenly and people were running into them, often no damage until they made some later and then claimed for whiplash and loss if earnings etc etc

The thing is my premium hasn't really gone down, Ive not claimed, not moved, same job, similar car and have more no claims bonus but the problem has been sorted out !

The industry makes me sick...this is something MPs should be sorting...I wrote to mine he was sympathetic but its taken ages to sort and the premiums are still high. I wonder if the mps are bent too ! Oh dont be silly you say...of course they are !