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Insurance Mob Racket

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owl
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Joined: 21 Oct 2016
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PostPosted: 07:06 - 31 Jul 2017    Post subject: Insurance Mob Racket Reply with quote
Quote:
Every driver in Britain is being overcharged for motor cover because insurers are using secret deals to grossly inflate repair bills, a Telegraph investigation has established.

Insurers are routinely inflating repair costs by as much as 100 per cent, while receiving undisclosed kickbacks for the difference, it can be revealed.

The system is used by insurers representing drivers involved in accidents which were not their fault to rip off rival firms representing the “at fault drivers” for repair work.

Across the industry the process is creating a hidden cost layer potentially affecting all drivers, which could be worth as much as £750m, equivalent to around 5 per cent of the UK's 34 million drivers' annual insurance premiums.

Motor insurance premiums reached a record high this year, with the average price paid for comprehensive car cover now £462 a year.


Yeah no shit...

Source: https://www.telegraph.co.uk/news/2017/07/30/telegraph-investigation-drivers-overcharged-motor-insurance/
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grr666
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PostPosted: 07:10 - 31 Jul 2017    Post subject: Reply with quote
Whilst simultaneously trying to get us to believe it's young and uninsured drivers putting costs up. Laughing

In other shock news - Water is wet and fire is hot. Rolling Eyes
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owl
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Joined: 21 Oct 2016
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PostPosted: 07:14 - 31 Jul 2017    Post subject: Reply with quote
grr666 wrote:
Whilst simultaneously trying to get us to believe it's young and uninsured drivers putting costs up. Laughing

In other shock news - Water is wet and fire is hot. Rolling Eyes


https://s14.postimg.org/fkluvxir5/IMG_6009.jpg
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arry
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PostPosted: 07:16 - 31 Jul 2017    Post subject: Reply with quote
Vehicle repair isn't where the money is; as they quote 5% let's call it that.

The government has taken the rate of IPT from 6% to 12% in a very short time frame and nobody has batted an eyelid. At the same time they've reformed the discount rate scale that's taken one of my claims (non motor but principle still the same) from 4.7m to 12m. Nobody batted an eyelid.

It's not right, but it's not where I'd be concentrating.
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defblade
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Joined: 30 Apr 2009
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PostPosted: 07:53 - 31 Jul 2017    Post subject: Reply with quote
vice wrote:

https://s14.postimg.org/fkluvxir5/IMG_6009.jpg


No, hot liquid will scald Rolling Eyes
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owl
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PostPosted: 08:44 - 31 Jul 2017    Post subject: Reply with quote
defblade wrote:


No, hot liquid will scald Rolling Eyes


if you have to tell someone that something that is hot will cause physical pain, chances are they won't understand the word "scald"

arry wrote:
Vehicle repair isn't where the money is; as they quote 5% let's call it that.

The government has taken the rate of IPT from 6% to 12% in a very short time frame and nobody has batted an eyelid. At the same time they've reformed the discount rate scale that's taken one of my claims (non motor but principle still the same) from 4.7m to 12m. Nobody batted an eyelid.

It's not right, but it's not where I'd be concentrating.


isn't there some kind of regulator who should be monitoring this shit? Shocked
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Johnnythefox
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PostPosted: 12:30 - 31 Jul 2017    Post subject: Reply with quote
to think, without this 'investigation' we would never have known.
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M.C
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PostPosted: 12:48 - 31 Jul 2017    Post subject: Reply with quote
arry wrote:
Vehicle repair isn't where the money is; as they quote 5% let's call it that.

Is it hire charges?
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Ste
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Joined: 01 Sep 2002
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PostPosted: 12:55 - 31 Jul 2017    Post subject: Reply with quote
Whiplash cash for crash must account for more fraud then inflated repair prices.
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CaNsA
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PostPosted: 13:10 - 31 Jul 2017    Post subject: Reply with quote
Fuck yo paywall
https://www.pressreader.com/uk/the-daily-telegraph/20170731/282445644133502
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Rogerborg
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Joined: 26 Oct 2010
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PostPosted: 14:32 - 31 Jul 2017    Post subject: Reply with quote
Wow, I love the "we don't want to, but everybody else is doing it" excuse. Shocked
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skatefreak
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Joined: 06 Feb 2010
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PostPosted: 15:27 - 31 Jul 2017    Post subject: Reply with quote
A couple of years back, new genuine front NS panel + brackets + spray to match + 1/3'rd front bumper sprayed on a 2005 307. Great job, I can barely see any difference and I know exactly where to look.

£250 all in (that's paying for the panel, brackets and spray job).

This £2,000 to screw on a bumper or spray a 1/4 horse shit is where it's at...

Massive scam. Whats new?
I thought everyone realised it was a gravy train, just like the £800 hacks 'rented out' for £80 a day by insurance companies?
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Pete.
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PostPosted: 19:47 - 31 Jul 2017    Post subject: Reply with quote
6 grands worth of damage, apparently.
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M.C
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PostPosted: 21:53 - 31 Jul 2017    Post subject: Reply with quote
Pete. wrote:
6 grands worth of damage, apparently.

Tell us what happened...

https://gclibrary.com/images/storytime.jpg
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skatefreak
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Joined: 06 Feb 2010
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PostPosted: 09:00 - 01 Aug 2017    Post subject: Reply with quote
Pete. wrote:
6 grands worth of damage, apparently.


That should be taken to the courts or something (don't ask?)? That's absolutely ludicrous?

Some serious f*cking gravy training going on here then and we're all having to top up the coffers?

Surely the government, as they are the ones enforcing this whole racket should be liable for ensuring bullsh*t like this does not happen (ie the end users are not ripped a new one each and every year)?

Auz model makes sense to me (not that I know it intimately) but goes along the lines of, the gov provide basic cover to meet legal requirements (thirds party) and anything over and above that is your problem.

Basic cover to get legal is cheap as chips out there Thinking
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arry
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Joined: 03 Jan 2009
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PostPosted: 09:32 - 01 Aug 2017    Post subject: Reply with quote
skatefreak wrote:


Auz model makes sense to me (not that I know it intimately) but goes along the lines of, the gov provide basic cover to meet legal requirements (thirds party) and anything over and above that is your problem.

Basic cover to get legal is cheap as chips out there Thinking


No it's not. It varies state to state but Western Australia is about 450 dollars for the most basic of injury cover.

That's more than I pay on any of my 4 comprehensive insurance policies in this country.

In Australia the flat premium schedule means older experienced drivers are funding for younger, inexperienced drivers.

Careful what you wish for.
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thx1138
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Joined: 06 Oct 2005
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PostPosted: 09:49 - 01 Aug 2017    Post subject: Reply with quote
vice wrote:
defblade wrote:


No, hot liquid will scald Rolling Eyes


if you have to tell someone that something that is hot will cause physical pain, chances are they won't understand the word "scald"



No need to scold him.
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Rogerborg
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Joined: 26 Oct 2010
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PostPosted: 10:23 - 01 Aug 2017    Post subject: Reply with quote
thx1138 wrote:
No need to scold him.

This comment is sublime.
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M.C
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PostPosted: 11:56 - 01 Aug 2017    Post subject: Reply with quote
arry wrote:
skatefreak wrote:


Auz model makes sense to me (not that I know it intimately) but goes along the lines of, the gov provide basic cover to meet legal requirements (thirds party) and anything over and above that is your problem.

Basic cover to get legal is cheap as chips out there Thinking


No it's not. It varies state to state but Western Australia is about 450 dollars for the most basic of injury cover.

That's more than I pay on any of my 4 comprehensive insurance policies in this country.

In Australia the flat premium schedule means older experienced drivers are funding for younger, inexperienced drivers.

Careful what you wish for.

Sounds good to me Whistle I'm willing to bet you've never paid anywhere near 3k for car insurance.
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skatefreak
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PostPosted: 12:25 - 01 Aug 2017    Post subject: Reply with quote
arry wrote:
skatefreak wrote:


Auz model makes sense to me (not that I know it intimately) but goes along the lines of, the gov provide basic cover to meet legal requirements (thirds party) and anything over and above that is your problem.

Basic cover to get legal is cheap as chips out there Thinking


No it's not. It varies state to state but Western Australia is about 450 dollars for the most basic of injury cover.

That's more than I pay on any of my 4 comprehensive insurance policies in this country.

In Australia the flat premium schedule means older experienced drivers are funding for younger, inexperienced drivers.

Careful what you wish for.


Firstly... Anecdotal... I pay barely £100 for a year on my R1? Does that make 150BHP super sports bikes universally cheap to insure?

Further more the $450 'Reggo' is not just third party injury liability but also contains the equivalent to UK vehicle excise duty so to be fair we need to say that the $450 is basic insurance AND tax (which is running me at £250 a year alone here Shocked ) Thumbs Up
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arry
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PostPosted: 08:19 - 02 Aug 2017    Post subject: Reply with quote
M.C wrote:

Sounds good to me Whistle I'm willing to bet you've never paid anywhere near 3k for car insurance.


How much are you willing to bet and what's your definition of anywhere near? My first year's policy on an Austin Maestro was over 2 grand and that was back near 2 decades ago.
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M.C
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PostPosted: 14:25 - 02 Aug 2017    Post subject: Reply with quote
arry wrote:
M.C wrote:

Sounds good to me Whistle I'm willing to bet you've never paid anywhere near 3k for car insurance.


How much are you willing to bet and what's your definition of anywhere near? My first year's policy on an Austin Maestro was over 2 grand and that was back near 2 decades ago.

How the hell did you manage that? Shocked I remember getting quoted £1200 when I was 17, that was before premiums went through the roof.

Wasn't the turbo was it? Laughing
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arry
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PostPosted: 14:55 - 02 Aug 2017    Post subject: Reply with quote
Nope, it was a 1.3 with weight reduction wheel arches and a drooping frayed draylon headlining. Sex magnet.

It was the way it was back then. Living on a crap council estate didn't help.
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M.C
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PostPosted: 16:28 - 02 Aug 2017    Post subject: Reply with quote
So did premiums rise then fall (genuine question)? The £1200 was in 2005, in 2010 a mate paid over 3k to insure his 1.2 Clio, and I got quoted £2800 on a 1.2 Corsa in 2012.

Paying a grand now (crap council estate) but I'm not far off 30 Crying or Very sad
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arry
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PostPosted: 17:25 - 02 Aug 2017    Post subject: Reply with quote
TBH mate I can't really remember; I haven't written wheels since circa 2002 I think, and back then yeah, rates on motor trade which is what I was writing were going up over 50%. It was a very tough time.

Similar things are happening on motorcycle insurance at the moment, it seems, unless you want to use crap offshore unregulated paper.

Premiums fell after MoJ reforms in 2012/13 for a bit, where the 'portal' stated to have an effect, but that seems to have backed off a bit now.
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Old Thread Alert!

The last post was made 8 years, 198 days ago. Instead of replying here, would creating a new thread be more useful?
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