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Easy-X |
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Easy-X Super Spammer
Joined: 08 Mar 2019 Karma :
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Posted: 15:28 - 28 May 2021 Post subject: New insurance renewal rules from Jan '22 |
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Insurers must not penalise loyal customers, says FCA
Sounds good to the numpties I suppose but it highlights a fundamental misunderstanding of how insurance and underwriting works. ____________________ Husqvarna Vitpilen 401, Yamaha XSR700, Honda Rebel, Yamaha DT175, Suzuki SV650 (loan) Fazer 600, Keeway Superlight 125, 50cc turd scooter |
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Ayrton |
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Ayrton World Chat Champion
Joined: 02 Sep 2010 Karma :
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Posted: 16:19 - 28 May 2021 Post subject: |
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"Charities said other people might not be able to switch so easily. They said the problems were worse for people on very low incomes who might not have the technology to search for the cheapest deals, or those who find the calculations difficult."
Right because the country is full of people who can afford cars but have absolutely no access to the internet. I dont know what calculations they are talking about either, just plug in your details and pick the best looking policy. If people bothered to spend 20 minutes searching for insurance every year perhaps insurance companies would change to have competitive renewal prices.
Good news though. I've had to cancel my insurance before and then take it out again online because it was quite a lot cheaper than the renewal price. |
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Evil Hans |
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Evil Hans World Chat Champion
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stinkwheel |
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stinkwheel Bovine Proctologist
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GettinBetter |
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GettinBetter Crazy Courier
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Nobby the Bastard |
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Nobby the Bastard Harley Gaydar
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Andy_Pagin |
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Andy_Pagin World Chat Champion
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Andy_Pagin |
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Andy_Pagin World Chat Champion
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GettinBetter |
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GettinBetter Crazy Courier
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Nobby the Bastard |
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Nobby the Bastard Harley Gaydar
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Polo |
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Polo World Chat Champion
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Nobby the Bastard |
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Nobby the Bastard Harley Gaydar
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Easy-X |
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Easy-X Super Spammer
Joined: 08 Mar 2019 Karma :
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Posted: 22:06 - 28 May 2021 Post subject: |
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You insure your car with Tesco Insurance. But Tesco aren't really insuring anything, the business is passed to an underwriter so really we're talking about insurance brokerage (which is in the fine print if people bother to look.) So what happens on renewal date to hike the price up?
Underwriters are not static entities, they have a particular "flavour" of risk they're aiming for at any given time much in the same way an investment fund might shift from tech stocks to commodities. Renewal time comes round and they might not want your particular risk which translates to a price hike.
You could argue that your insurer broker is being lazy by not hunting down the best deal every year on your behalf or maybe you think it's down to the consumer to take responsibility for services they purchase...
Somebody somewhere has to put the legwork in and if it's not the consumer then the bean counters will change for the service somehow. Renewal fees, admin charges, cancellation fees... it's not like they've not got form for monetising bollox ____________________ Husqvarna Vitpilen 401, Yamaha XSR700, Honda Rebel, Yamaha DT175, Suzuki SV650 (loan) Fazer 600, Keeway Superlight 125, 50cc turd scooter |
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stinkwheel |
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stinkwheel Bovine Proctologist
Joined: 12 Jul 2004 Karma :
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Posted: 23:17 - 28 May 2021 Post subject: |
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Easy-X wrote: | You insure your car with Tesco Insurance. But Tesco aren't really insuring anything, the business is passed to an underwriter so really we're talking about insurance brokerage (which is in the fine print if people bother to look.) So what happens on renewal date to hike the price up?
Underwriters are not static entities, they have a particular "flavour" of risk they're aiming for at any given time much in the same way an investment fund might shift from tech stocks to commodities. Renewal time comes round and they might not want your particular risk which translates to a price hike.
You could argue that your insurer broker is being lazy by not hunting down the best deal every year on your behalf or maybe you think it's down to the consumer to take responsibility for services they purchase...
Somebody somewhere has to put the legwork in and if it's not the consumer then the bean counters will change for the service somehow. Renewal fees, admin charges, cancellation fees... it's not like they've not got form for monetising bollox |
That's not it because the renewal and the "new" policy have always been the same product underwritten by the same company whenever I've done the whole getting a new quote from the same company thing. As such, the renewal should be cheaper because there has been no legwork done.
Gouging it is then. ____________________ “Rule one: Always stick around for one more drink. That's when things happen. That's when you find out everything you want to know.”
I did the 2010 Round Britain Rally on my 350 Bullet. 89 landmarks, 3 months, 9,500 miles. |
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blurredman |
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blurredman World Chat Champion
Joined: 18 Sep 2010 Karma :
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Posted: 20:41 - 29 May 2021 Post subject: |
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I do this rigmarole 7 times a year. I gots to be on the ball
Will see how it works out in practice when my renewal letters come through. ____________________ CBT: 12/06/10, Theory: 22/09/10, Module 1: 09/11/10, Module 2: 19/01/11
Past: 1991 Honda CG125BR-J, 1992 (1980) Honda XL125S, 1996 Kawasaki GPZ500S.
Current: 1973 MZ ES250/2 - 17k, 1979 Suzuki TS185ER - 9k, 1979 MZ TS150 - 9k, 1981 Honda CX500B - 91k, 1987 MZ ETZ250 (295cc) - 38k, 1989 MZ ETZ251 - 49k. |
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Ste |
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Ste Not Work Safe
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Nobby the Bastard |
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Nobby the Bastard Harley Gaydar
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Easy-X |
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Easy-X Super Spammer
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Robby |
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Robby Dirty Old Man
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Jmoan |
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Jmoan Brolly Dolly
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ThatDippyTwat |
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ThatDippyTwat World Chat Champion
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stinkwheel |
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stinkwheel Bovine Proctologist
Joined: 12 Jul 2004 Karma :
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Posted: 17:31 - 31 May 2021 Post subject: |
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ThatDippyTwat wrote: | Jmoan wrote: | Scrap mandatory insurance or drastically restrict it, cap costs then let the free market decide. |
Removing mandatory insurance is a really bad idea. Look at the cases in the US where states do not have mandatory insurance. My brother lost an awful lot when he was hit by an unisured driver. There's even "underinsured" drivers. Letting insurance companies decide on regulation is letting the wolves look after the children.
{Pretty sure in some cases that it's tied to license fee's. I want to say Aus or NZ, but I could very well be wrong. Seems sensible enough, although I don't know the details or costs. |
Yes, in Australia, you get new plates every year. They show the vehicle is registered, taxed and has a minimum basic level of third party insurance.
You'd probably want to top-up that level of insurance because you could still be hit with costs in a crash but if it has a "reggo" then it's insured and road legal. If it doesn't have a reggo, you're getting stopped. They take a very dim view of counterfeiting. ____________________ “Rule one: Always stick around for one more drink. That's when things happen. That's when you find out everything you want to know.”
I did the 2010 Round Britain Rally on my 350 Bullet. 89 landmarks, 3 months, 9,500 miles. |
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B5234FT |
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B5234FT Brolly Dolly
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Jmoan |
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Jmoan Brolly Dolly
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ThatDippyTwat |
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ThatDippyTwat World Chat Champion
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Old Thread Alert!
The last post was made 2 years, 359 days ago. Instead of replying here, would creating a new thread be more useful? |
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