Disclosing Accidents To Insurance Companies
10-12-2012, 12:51 AM
#21
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I have to agree that Insurance Companies negate their care of responsibility to check the information provided.
My late father, who was in his 70's and had a claim initially refused because whilst the car registration was correct as an R-reg, the car had been written down as a 1987 not 1997. As he had taken the insurance out by phone, it was probably finger trouble by the operator. As the insurance forms are computerised this could easily have been checked. But insurance companies just wash their hands of all responsibility and put that it is your responsibility to verify that all details are correct.
The really annoying thing is when you do correct any mistakes on paperwork, the insurance companies don't reply in writing either.
My late father, who was in his 70's and had a claim initially refused because whilst the car registration was correct as an R-reg, the car had been written down as a 1987 not 1997. As he had taken the insurance out by phone, it was probably finger trouble by the operator. As the insurance forms are computerised this could easily have been checked. But insurance companies just wash their hands of all responsibility and put that it is your responsibility to verify that all details are correct.
The really annoying thing is when you do correct any mistakes on paperwork, the insurance companies don't reply in writing either.
10-12-2012, 01:34 AM
#22
UK Moderator
Originally Posted by lovegroova' timestamp='1349972836' post='22075244
The system you have described in the Netherlands is pretty much the same as it is here, it's just that any discount is arrived at differently. The fact that Steven's wife had had a couple of accidents effectively meant that some NCB points were lost on what is effectively a joint policy where she is a named driver.
Elephant wouldn't take my wife's wife's previous unblemished record into consideration when I bought the Jazz so I think it unreasonable for them to later penalise me for an a claim on another policy with another insurance company.
Back OT - this works both ways, plenty of people here have obtained a reduced premium by adding a parent as a named driver.
10-12-2012, 01:37 AM
#23
Actually, it's one reason I do most of it through one broker; the forms come pre-printed so it they Flux the job up, it's down to them.
It's a service industry, ergo full of useless shysters, so I CBA any more. Cheapness is rarely worth the pain.
I can imagine a corollary; we found out your declared income for mortgage purposes doesn't match your HMRC record, so we're repossessing the house you bought five years ago. Only one it's increased in value mind, so you'll have to keep paying until then...
It's probably why GB made the lifetime allowance rules so impossibly complicated for the average Joe to comprehend. Oh, you've mis-declared Mr, Richman; we'll have your pensions, thanks...
It's a service industry, ergo full of useless shysters, so I CBA any more. Cheapness is rarely worth the pain.
I can imagine a corollary; we found out your declared income for mortgage purposes doesn't match your HMRC record, so we're repossessing the house you bought five years ago. Only one it's increased in value mind, so you'll have to keep paying until then...
It's probably why GB made the lifetime allowance rules so impossibly complicated for the average Joe to comprehend. Oh, you've mis-declared Mr, Richman; we'll have your pensions, thanks...
10-12-2012, 01:39 AM
#24
UK Moderator
the 20yr old will pay more, but it won't be 10x as much as you see sometimes here with silly 2500 pound quotes for a 4000 pound car.
I had my car insured on my dads name when I just got my license to keep the cost down, and I took over the insurance when I was 24.
I've been in the UK 4yrs now and have been lucky not to have to claim on the insurance, so I went from 5 to 9yrs NCB. Yet my insurance has gone up over a 100 pounds each year, there's simply no way of justifying that.
Edit:
Also the claiming works a lot better, depending on the size of the claim you either freeze a years ncb or you lose some, so if you find a scratch on your car and want it fixed, you can just claim on the insurance, it costs a few hundred to fix, next year you won't get an extra year ncb but you stay on the same, meaning you'll pay the same as you did the year before.
All this means you will never have to pay for things yourself, you just claim it on the insurance, because that's what insurance is for.
In the UK I find you will pay for it several times, you pay your premium to be insured and when something happens you pay for it again by the way it goes up, year after year. So we ended up paying like 300 quid for a 60 quid window, just because they can.
I had my car insured on my dads name when I just got my license to keep the cost down, and I took over the insurance when I was 24.
I've been in the UK 4yrs now and have been lucky not to have to claim on the insurance, so I went from 5 to 9yrs NCB. Yet my insurance has gone up over a 100 pounds each year, there's simply no way of justifying that.
Edit:
Also the claiming works a lot better, depending on the size of the claim you either freeze a years ncb or you lose some, so if you find a scratch on your car and want it fixed, you can just claim on the insurance, it costs a few hundred to fix, next year you won't get an extra year ncb but you stay on the same, meaning you'll pay the same as you did the year before.
All this means you will never have to pay for things yourself, you just claim it on the insurance, because that's what insurance is for.
In the UK I find you will pay for it several times, you pay your premium to be insured and when something happens you pay for it again by the way it goes up, year after year. So we ended up paying like 300 quid for a 60 quid window, just because they can.
Did your dad pay an additional premium to include you on the policy?
Insurance is subject to claims inflation, so the initial premiums should go up year on year. Repairs and parts will cost more, but in the UK the major rise has been down to 1) liability claims which have massively outstripped inflation, and 2) idiotic practices by the insurance companies selling your details to ambulance chasers and claims recovery companies who arrange absurdly expensive hire cars for "victims". The OFT investigation is primarily focussed on 2).
My premiums have fallen for the last 5 years. If you're paying an extra £100 each year you need to shop around. Insurers will always offer you an inflated renewal price - they are trying to make money (and in most cases failing).
10-12-2012, 02:32 AM
#27
UK Moderator
That's one case. As I said, in most cases and as a whole, they are failing.
£600m lost in 2011 http://www.insuranceage.co.uk/insura...r-improves-106
>£2,000m in 2010 http://www.deloitte.com/view/en_gb/u...56f00aRCRD.htm
£1,600m in 2009
Page 10 of this gives a good picture of the underwriting - on top of that you have to add expenses and subtract investment income, either way, it's a pretty bleak picture for most insurers: www.abi.org.uk/Facts_and_Figures/64101.pdf
£600m lost in 2011 http://www.insuranceage.co.uk/insura...r-improves-106
>£2,000m in 2010 http://www.deloitte.com/view/en_gb/u...56f00aRCRD.htm
£1,600m in 2009
Page 10 of this gives a good picture of the underwriting - on top of that you have to add expenses and subtract investment income, either way, it's a pretty bleak picture for most insurers: www.abi.org.uk/Facts_and_Figures/64101.pdf
10-12-2012, 03:29 AM
#28
Banned
That's one case. As I said, in most cases and as a whole, they are failing.
£600m lost in 2011 http://www.insuranceage.co.uk/insura...r-improves-106
>£2,000m in 2010 http://www.deloitte.com/view/en_gb/u...56f00aRCRD.htm
£1,600m in 2009
Page 10 of this gives a good picture of the underwriting - on top of that you have to add expenses and subtract investment income, either way, it's a pretty bleak picture for most insurers: www.abi.org.uk/Facts_and_Figures/64101.pdf
£600m lost in 2011 http://www.insuranceage.co.uk/insura...r-improves-106
>£2,000m in 2010 http://www.deloitte.com/view/en_gb/u...56f00aRCRD.htm
£1,600m in 2009
Page 10 of this gives a good picture of the underwriting - on top of that you have to add expenses and subtract investment income, either way, it's a pretty bleak picture for most insurers: www.abi.org.uk/Facts_and_Figures/64101.pdf
plenty of businesses make a loss on at least one part of their operation
if it's so painful, why do these companies stay in the market?
10-12-2012, 04:30 AM
#30
Banned
