she didnt pass the mot ;-(

[mexman123]

Its quite a well known fact that insurers DO NOT make a profit from motor insurance, its a loss leader and always has been.....

If i said to you 'right theres £400 in your back pocket, BUT you have to promise to pay for the damage to my car or the damage to any car or property i damage with my car for the next 12 months, what would you say?? I know i wouldn't take the risk...would you??

Insurers make their money by investing your motor insurance premium into Lloyds of London or other investment shares around the globe, NOT from your poxy premiums, its a fact....

I am not defending some insurers practises, but having worked in the past for the insurance industry, i have heard it all...Its just not true that insurers make obscene profits from motor insurance....

[bashbymk2]

I think thats a bit of a broad statement saying insurers dont make any profit at all from the premiums and not all companies go off investing premium income. With claims constantly on the increase and insurance fraud on the rise insurance premiums are getting higher to compensate for there losses, its the stupid companies that decide to offer rediculously low prices on these go compare sites for frankly ver limited cover that are barely scaping profit. i know that my company has had a profitable account for 8 years running however it is the largest motor insurer in the country.

 

£393 with no no claims is cracking mate.... im building a rs2k with yb conversion but im only 26 so its never going to be cheap...

[over_head_cam]

In 20 odd years I have never had an accident that was my fault so have never cost any of the insurance company's a single penny. They may or may not be making a profit out of motor insurance, but I seem to be a good few grand down. Insurance is a scam and I only pay it because I have to. If there is no chance of getting your AGREED value (that means 2 or more parties acknowledging what it would cost to repair/replace your vehicle) then I'd be happier finding the most basic cover at the cheapest price and funding any repairs myself as I would have to anyway.

[SmokeEm]

Man, that blows. What reason were you given for them only paying out just over 50% of the cover they agreed to provide?

 

I wasn't given a proper reason Scott. I even provided them adverts for similar cars for sale, all of which were 10-14k and still got nowhere. The company was Privilege Insurance

[Russian Bear]

Right i'll nip this in the bud now, for our policies...

 

I have confirmed with my head of broking Peter McIlvenny that policies that are with us will be paid out for in full at the agreed value stated on your Agreed Value certificate less your policy excess, irrelevant whether the car is modified, standard, concourse or all of the above.

 

I would also like to add to avoid an unhappy customer further down the line we ensure that the customer and ourselves are happy with the agreed value at quote stage prior to inception.

 

If anyone has any query regards their policy feel free to call us on 0800 954 2875.

 

Thank you.

 

Greg

[Vista]

Thank you for the clarification Greg, it's reassuring to be covered by a company that lives up to its commitments

[l j shaw]

Im well happy with his service,

[fostersice]

Right i'll nip this in the bud now, for our policies...

 

I have confirmed with my head of broking Peter McIlvenny that policies that are with us will be paid out for in full at the agreed value stated on your Agreed Value certificate less your policy excess, irrelevant whether the car is modified, standard, concourse or all of the above.

 

I would also like to add to avoid an unhappy customer further down the line we ensure that the customer and ourselves are happy with the agreed value at quote stage prior to inception.

 

If anyone has any query regards their policy feel free to call us on 0800 954 2875.

 

Thank you.

 

Greg

 

so I should have ce to u guys lol

[GJUK]

Its quite a well known fact that insurers DO NOT make a profit from motor insurance, its a loss leader and always has been.....

 

What tosh. They're a business, the idea behind one is to make profit. Every insurance company sells insurance with the view to profit from their sale. Obviously they have to pay out now and again but think of the number of people who crash their cars, vs those that don't...

 

[mexman123]

It isnt tosh at all....i spent 9 years working for Norwich Union/Aviva as an underwriter/engineer.

Your motor premiums are invested into world wide stocks/shares,that run into millions/billions thats where an insurer profits from. Aviation insurance / Marine Insurance on multi billion pound ships and airliners, not poxy £300 per year premiums when decent accident repairers are charging £90 per hour labour...How many hours labour would that pay for plus modern day cost of parts???

But obviously you are better qualified to opinionate on the subject so i will take your word for it....

[bashbymk2]

obviously mexman123 is a fully fledged pro at this so i would take his word for it.