Yesterday the OFT announced that it was going to look at the allegations that insurance premiums have risen by up to 40% over the past 12 months.

OFT Press Release

About time.

 

Hilarious.

All the insurers need to do is point towards the losses they've been making for years (with a few notable exceptions, Admiral being one). £2billion lost in 2010 http://uk.reuters.com/article/2011/0...7HH0QS20110617 and underwriting losses made every year from 1994 to 2009.

Job done.

They should be examining the lawyers of course.

 

Or the practice of quietly changing the T&C in the smallprint - withdrawal of 3rd party cover in IME conspiracy to cause a crime to be comitted.

Ax for Cox Hacker LLP and all the other ambulance chasers; they should be referred to the Office For the Taliban.

 

Funnily enough, I had a call yesterday from my insurer (LV) asking me about their service when I made a claim a couple of months ago (woman reversed out of a driveway into my parked car ).

I had great delight in telling her I would be looking to renew my insurance with another provider mainly because when I called them to report the incident, I was immediately bounced to a claims management company (they said they were putting me through to the claims department, it was another company) who set about looking to 'add value' (their words) to my claim.
I don't want added value, I want my car fixed and something big enough to take my family while mine is being repaired.
No I don't need another 4x4, I only have one for towing the race car and we won't be doing that in the next few weeks.
No, really, just get me a runabout.
No, a runabout - 4 doors, no offroad capability.
And no, there was no-one in the car at the time it was hit so no personal injury claim.
No again, I didn't lose any earnings thanks to a dent in my car.

You want me to do what? Sign a f**king credit hire agreement. F**k off!

Just sort my f**king car out.

And if I get another f**king text telling me I can 'Claim up to £7000 for the accident I had recently' I'm going to kill someone.

 

I'm sick of getting phone calls about 'my accident' to which I ask 'which one' and they answer 'the one you had recently' so I ask them to narrow it down as I've had quite a few due to my job as a stunt driver in the movie industry. Last person hung up on me

 

Class!

A fake stutter is entertaining so long as you don't lose it and crack up over the embarassed idiot on the other end.
"I have had this since the accident - I think it's PTSD" but take five minutes to pronounce it all... then they don't stay long.

@Steven, it made BBC news this morning and the indication was it is heavily related to the 'Referral Fees' scam.

 

a bit cartel conspiracy to drive up revenue - because the number of cars to insure hasn't changed much in the last 5 years. From 1994 to 2004 the number of cars was gradually increasing.. whereas now it is effectively flat.. so when you have a business category that has reached saturation or maturity, how do you still grow revenue ongoing?

You charge more per item by "adding value" to the product.

Back in the 90's, you just got basic comprehensive insurance - whereas now you can click for protected no claims (re-insurance), legal cover to sue somebody else, replacement car cover, breakdown cover, European cover.. and so on. It's a money merry go round, the more we claim the higher the premium and the higher the revenue for them.

I am also now suspicious of the comparison websites, since they are getting such a big kickback.

Last time round, I bought two policies direct with Aviva, and got the £160 kick back through Quidco. Half the cost of Admiral and friends.

 

i bet they wont have anything inplace by october for my renewal.
i do hope it doesnt go up anymore - cant really justify much more premium

 

If you've had any claims lately and put them in the quotation stand by for the avalanche of accident claims folk wanting to help you, I get it after every renewal.

 

cheapest I've had was 1st or 2nd year of s2000 ownership. bent it in the first year.
clean ever since! (I'm now about to enter my 5th year in October). i do have protected 10yr+ NCB aswell..