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Insurance companies..
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By (user no longer on site)
over a year ago
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What makes me laugh.....
I've got 8 years driving experience and pay £112 on a Civic type R.
If I want to put Mrsdpt on the insurance and a PROVISIONAL with 0 experience it's an extra £33 per month |
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By *DontExistWoman
over a year ago
•+• Silicon valley. •+• |
mine was able to sell me insurance saying if anything happened to my household items i would get the price of brand new stuff to buy new ones. when it came to paying out i got £700 for the whole of my downstairs being destroyed. like for literally everything, carpets, furniture, white goods. they're con artists for sure.
i just wouldn't pay insurance now, and don't. |
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By (user no longer on site)
over a year ago
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Car insurance is a disgrace now as what you once got included is all at a extra price.
Check that you can drive another vehicle. The last two years I've noticed I cant...they want a premium for what was included. |
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By *elson61Man
over a year ago
WELWYN GARDEN CITY |
"Postcode lottery, things like average cost of vehicles on road in your area,amount of accidents etc "
It's not a lottery, it is calculated on the various risks in each area and the individual buying the policy. |
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By (user no longer on site)
over a year ago
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My mr has been having a battle with his insurance company for the past 10 months. Had a burst pipe and all the time the amount they want to pay out keeps going down despite things getting worse due to the floors drying out. And causing further damage. Just a big con x |
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Apparently they are automatically increasing premiums if there are searches done via comparison sites. Eg, your age, postcodes etc. It was covered in the news a few weeks ago - be careful how you search when not buying immediately  |
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By *m389Man
over a year ago
Bromley |
A possible reason is that people who use comparison sites may be less likely to stay with the insurer afterwards (as they will shop around after one year)
As they cannot rely on renewals to subsidise new policies, they won't offer attractive loss making premiums to these people.
I'm not as familiar with general insurance so I'm like wrong. But the above is an example of how an insurer might think.
It is unlikely an insurer will arbitrarily increase prices for no reason. Insurers are regulated and actuaries who do the pricing are professionals who are also regulated. |
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I've only had to claim on insurance twice, both times house insurance and never had any problems. This was some years ago now though.
My car insurance renewal quote this year was £100 cheaper than the comparison websites offered so I stayed with the same company. |
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By (user no longer on site)
over a year ago
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"Postcode lottery, things like average cost of vehicles on road in your area,amount of accidents etc
It's not a lottery, it is calculated on the various risks in each area and the individual buying the policy."
Well said sir, people just don't get or want to understand how insurance works and is calculated.
 |
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By *ENGUYMan
over a year ago
Hull |
For my house Insurance, I have tended to avoid the big named insurance companies.
They just look at my Home postcode and as it's the biggest in Hull, just lump the bad, and the good parts together & charge accordingly as one price.
However, some companies have local representatives or agents who know the area, and who can see the good areas as opposed to those which aren't and their local in depth knowledge can make all the difference.
Thus my annual premium for Buildings Insurance this year is £110 but if I'd gone for one of the major companies, the nearest was just over £200 and all for the same cover. |
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"Postcode lottery, things like average cost of vehicles on road in your area,amount of accidents etc
It's not a lottery, it is calculated on the various risks in each area and the individual buying the policy.
Well said sir, people just don't get or want to understand how insurance works and is calculated.
"
I understand how it works. But then there's the question of, how can one insurance company quote £60 a month and the other £180, for the exact same thing, benefits too. |
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By *ENGUYMan
over a year ago
Hull |
"I've only had to claim on insurance twice, both times house insurance and never had any problems. This was some years ago now though.
My car insurance renewal quote this year was £100 cheaper than the comparison websites offered so I stayed with the same company."
What you have to take into consideration is that the price comparison websites are often divisions of or owned by the Insurance companies or major banks.
They're not as "independent" as they make out! |
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By (user no longer on site)
over a year ago
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"Postcode lottery, things like average cost of vehicles on road in your area,amount of accidents etc
It's not a lottery, it is calculated on the various risks in each area and the individual buying the policy.
Well said sir, people just don't get or want to understand how insurance works and is calculated.
I understand how it works. But then there's the question of, how can one insurance company quote £60 a month and the other £180, for the exact same thing, benefits too."
It depends on their individual loss ratios operating costs and the amount they pay in commission to brokers or price comparison sites...
Yeah if you buy off a price comparison site they get commission that you pay as part of the premiums... and the higher profile such insurers are likely to get on such sites.
No one site deals with all the insurance companies out there some are owned by insurance companies and price transparency is just an illusion..
Only solution try mutliple sites and one or two offline brokers... |
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By *hechapMan
over a year ago
Derry |
"Should they be investigated by trading standards?
Putting people's premiums up through not at fault accidents etc?
"
They might claim its just company policy.
Just to keep everyone covered its best to insure a 3rd party does the investigation.
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By (user no longer on site)
over a year ago
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Watch out for auto renewal there sneaking that in on tour policy these days check those policies and make sure you inform them you dont want ro renew otherwise you could find they have renewed automatically and your bank balance lighter |
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By (user no longer on site)
over a year ago
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"I've hotm my insurance the cheapest I've ever had it £112 per month for car insurance  "
Wow! That's £5 short of my annual premium for the car, I pay £84 for each of my bikes. |
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By (user no longer on site)
over a year ago
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I can't slag the industry. It pays my wages.
When buying insurance do your homework. Not all
Insurance companies offer the same cover. Benefits differ from one policy to the next. Search the internet for feedback on claims service etc.
' which ' is a good place to check out. |
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By (user no longer on site)
over a year ago
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Just a little tip... when renewing your insurance do your initial search through a cashback site.
You might not get a fortune but I got £29 off a £400 policy  |
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By (user no longer on site)
over a year ago
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I hate it that they rely on our laziness or busy schedule and forget.
I got an email from my car insurers and they were talking about the fact that they have to tell me how much my insurance was last year to help me compare. I then forgot about it. A few weeks later I thought oh I haven't had a reminder come through and did a search on my emails and found the shits had auto renewed my policy.
Note to self: put a calendar reminder for when my policy is due in future. |
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By (user no longer on site)
over a year ago
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They tried to charge me a extra £15 to send my policy documents through the post. I said cancel the policy then...they sent for free.
I know the send them electronic for free...but why the hell should I use my paper and ink for setting that was always mandatory. |
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By (user no longer on site)
over a year ago
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"I hate it that they rely on our laziness or busy schedule and forget.
I got an email from my car insurers and they were talking about the fact that they have to tell me how much my insurance was last year to help me compare. I then forgot about it. A few weeks later I thought oh I haven't had a reminder come through and did a search on my emails and found the shits had auto renewed my policy.
Note to self: put a calendar reminder for when my policy is due in future. "
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Insurance companies lose money hand over fist, there is no money in insurance and they merely use your premiums to invest in other areas. Historically this has been property, with the downturn in international commercial property value insurance companies have had there solvency levels reduced drastically (insurance companies must have 130% of their total potential outlay in reserves) with property value reduced and poor investments they have had to increase premiums. |
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By (user no longer on site)
over a year ago
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"Insurance companies lose money hand over fist, there is no money in insurance and they merely use your premiums to invest in other areas. Historically this has been property, with the downturn in international commercial property value insurance companies have had there solvency levels reduced drastically (insurance companies must have 130% of their total potential outlay in reserves) with property value reduced and poor investments they have had to increase premiums. "
That comes across as irrelevant to me...all I do is give them more money every year...never claimed and prices are rising all the time. |
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By (user no longer on site)
over a year ago
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19 years driving experience. 14 years no claims (would be 19 but one firm I was with didn't give additional no claims once you got to 10 years) no points claims convictions.
Car insurance went up £300 this year. Renewal premium was £500 more!
all on a 3k car on tpf&t |
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By (user no longer on site)
over a year ago
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"19 years driving experience. 14 years no claims (would be 19 but one firm I was with didn't give additional no claims once you got to 10 years) no points claims convictions.
Car insurance went up £300 this year. Renewal premium was £500 more!
all on a 3k car on tpf&t"
Try putting fully comp cover on, works out much cheaper for me |
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By (user no longer on site)
over a year ago
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"19 years driving experience. 14 years no claims (would be 19 but one firm I was with didn't give additional no claims once you got to 10 years) no points claims convictions.
Car insurance went up £300 this year. Renewal premium was £500 more!
all on a 3k car on tpf&t
Try putting fully comp cover on, works out much cheaper for me "
This. |
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"Insurance companies lose money hand over fist, there is no money in insurance and they merely use your premiums to invest in other areas. Historically this has been property, with the downturn in international commercial property value insurance companies have had there solvency levels reduced drastically (insurance companies must have 130% of their total potential outlay in reserves) with property value reduced and poor investments they have had to increase premiums.
That comes across as irrelevant to me...all I do is give them more money every year...never claimed and prices are rising all the time."
I have just tried to explain the relevance! I'm good times when investments are doing well insurance companies keep premiums down as they have other income, in poor times they have to make the premiums against risk more realistic! Hence premiums go up! |
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By (user no longer on site)
over a year ago
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"Insurance companies lose money hand over fist, there is no money in insurance and they merely use your premiums to invest in other areas. Historically this has been property, with the downturn in international commercial property value insurance companies have had there solvency levels reduced drastically (insurance companies must have 130% of their total potential outlay in reserves) with property value reduced and poor investments they have had to increase premiums.
That comes across as irrelevant to me...all I do is give them more money every year...never claimed and prices are rising all the time. I have just tried to explain the relevance! I'm good times when investments are doing well insurance companies keep premiums down as they have other income, in poor times they have to make the premiums against risk more realistic! Hence premiums go up!"
Well I've just done a little bit of research and basing every car on the road on just my £400 pa insurance they took over 15 billion last year and paid out under 5 billion for the same period.
He'll of a profit for a loss making industry eh. |
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I'm pretty happy with mine.
Insured as a new driver with an 02 plate Mazda mx5, got 3 years no claims riding a scooter on L plates. I was thrilled that they only charged me £600.
My scooter renewal came through with a significant percentage increase (£15 on a £80 annual cost). I hit the comparison sites and found that by moving I got the same cost as last year. Rang my insurer and they matched it. |
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By (user no longer on site)
over a year ago
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"19 years driving experience. 14 years no claims (would be 19 but one firm I was with didn't give additional no claims once you got to 10 years) no points claims convictions.
Car insurance went up £300 this year. Renewal premium was £500 more!
all on a 3k car on tpf&t
Try putting fully comp cover on, works out much cheaper for me "
Came out higher.....not a lot....but higher. |
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Once I was looking on a comparison site for cover for a van and had one quote that was over 27k!!! Part of the increase cost is the increasing insurance premium tax that government keep sneaking into each budget!! Added hundreds to my insurances last year. Then there are all the uninsured drivers, uninsured vehicles should be seized, auctioned and the money put into a fund that the insurance companies of victims of uninsured drivers can claim from... |
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By (user no longer on site)
over a year ago
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my insurance went up a fiver a month untill i phoned them and said can you do any better.got it down to what i paid last year £47 pm for both cars.both fully comp ncp |
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By (user no longer on site) OP
over a year ago
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"What makes me laugh.....
I've got 8 years driving experience and pay £112 on a Civic type R.
If I want to put Mrsdpt on the insurance and a PROVISIONAL with 0 experience it's an extra £33 per month "
Can you put other people on as additionsl named driver? Can bring it down |
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By (user no longer on site) OP
over a year ago
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"Postcode lottery, things like average cost of vehicles on road in your area,amount of accidents etc "
Occupation is a biggy too.
Zero br contract etc |
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