New Insurance Products, your thoughts appreciated.

[T.C]

I am after peoples thoughts on a new form of legal expenses insurance that is about to come onto the market and will be available through a select number of outlets and which could replace Legal expenses Insurance (motor) as we know it.

First of all the product is absolutely "FREE". The insurance product indemnifies an individual and their family against the cost of legal litigation.

It also covers any passengers in or on a vehicle which is covered by the insurance.

It covers road traffic accidents, accidents at work, accidents in a public place and when playing sport.

It can be targeted to specific groups as a scheme product such as bike clubs, dealerships for their customers or special interest groups such as members of a forum like this one.

Reciprocal arrangements can be provided for the repair and hire of replacement vehicles in the case of road traffic accidents.

There is no catch.

Unlike some schemes that are currently available, the scheme only uses approved law firms who have had to show that they are above a conveyor belt type law firm and are not simply an accident management firm, and the scheme will run exactly the same as it would if you were to instruct solicitors on a Conditional Fee Agreement (No win no fee).

The biggest bonus over a normal LEI is that with someone like DAS you have to go to the law firm appointed by them and in some cases you may get a non specialist firm or as mentioned a firm where you are simply a number on the conveyor belt.

The insurance company underwriting the project are a recognised player, and the reason the product can be offered for free is that with the normal risk assessments that are carried out, there is a better than average chance that the case will be won and the legal and insurance costs will be born by the other side.

I have gone through the small print with a fine tooth comb, and I really cannot see any catches. It is free, it covers members of the family and vehicle passengers, it allows you access to legal representation as a group scheme, and it could save you money as you will not have to pay the LEI premium as part of your motor insurance (even though they say it is free, you still pay).

I will be going out over the coming months and talking to groups about the scheme in more detail, but I would be interested in your initial thoughts bearing in mind that I cannot cover everything here.
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It is better to arrive 30 seconds late in this world, than 30 years early in the next

[Pete.]

Do you realise the first three words of your thread title have the acronym NIP. I hope that's not what the service will be called, since you've capitalised it here
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a.k.a 'Geri'

132.9mph off and walked away. Gear is good, gear is good, gear is very very good

[veeeffarr]

That sounds really good, I can imagine it can be hard choosing a legal representative that has your best interests at heart, and I suppose you usually just get lumped with the cheapest one the insurance co. can find.

It's interesting anyway, I'd like to see it implemented,

Thanks for the info.

T

[T.C]

[gmanxiii]

All sounds very good, its free and appears to point towards a better service for people. I wonder though, how many people realise that the LEI portion of their insurance is not that good. As like myself you only tend to find out once involved in an accident and especially if you have nothing to compare it to?
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I kills hondas

VFR400NC30 > ZZR600 > CBR600FX > CBR1000rr

[G]

Seems like another way to tie people into a particular companies own no-win no-fee solicitors, for which they receive commission.

I'm told that often 'legal insurance' which insurance companies often charge for will in many cases make them a lot more profit if this 'policy' is used than the money they get from selling insurance.

If we were talking about a scheme that offered more than finding and using a decent 'no win no fee' solicitor then it could be interesting, but from what you've said it sounds like this is it all it is.
Lots of places say their staff are the best and most personal ones who will treat me personally; doesn't mean I believe any one place that claims this over another.

So, to conclude; as requested, my thoughts are that it sounds like a minor 'scam', which could be ok if it does what it promises; as could be many things if they do what they promise.

[T.C]

[G]

My definition of 'scam' maybe a little different to many of those working in legal industry, going by some that I have met and paid in the past.

It seems that someone could go direct to any of these solicitors and request a no-win no-fee case if they didn't have this new 'insurance' and get the same treatment.

Based on that, it would seem this is merely a list of solicitors that we are told are good.

The bit that gives me a 'scam' like impression, is that this is presented as 'insurance' - as if there is somehow value there, when to sign up to this would seem to offer very little.
I wonder if you tried to use the services without signing up after an incident if you would be turned away, or still receive the same service (as it would seem it's in their best interest to do the latter.)

If they might as well give you the same service regardless of whether or not you were previously signed up, it seems the main reason for trying to get you to sign up would be to try and lock you into using their companies - giving the illusion that you have less choice, even if there might be better solutions out there.,

[T.C]

[Kickstart]

Hi

It does sound interesting. But it also sounds "too good to be true". Which might be why it triggers the scam warning to G.

If it is working as your checks have led you to believe then it is probably just a case of presenting the service slightly differently.

All the best

Keith
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Traxpics, track day and racing photographs - Bimota Forum - Bike performance / thrust graphs for choosing gearing

[Ste]

What possible disadvantages would there be to someone taking out the new legal expense insurance?

There's no such thing as a free lunch, and all those sayings. What are the risks, clauses, important details that would be hidden in the small print, and any other possible disadvantages to the 'insurance'?

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[sickpup]