| Product: |
Motor Insurance in general |
| Date: |
03/07/01 (44 review reads) |
| Rating: |
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Advantages: handy in an accident
Disadvantages: Captive audience, Rip off, Continual price rises
Why is my insurance set to rise again, even though I have nearly full no claims bonus? I am paying more now than in 1995 when I was younger and driving a sportier car than now.
(1995, Renault 19 16v, now Lexus LS400).
At present I pay £440 for the privilege of being able to drive my car. This is the cheapest quote I had last time, the most expensive was £1350 (from Direct Line, yeah! you will save money, but not if you have insurance with us)
How can the insurers continually say that premiums are set to rise year in year out. After all they do have a captive market. You can't drive without insurance so you HAVE to have car insurance. Hence Captive market.
Maybe the reason is because more and more people are claiming for injuries after accidents. Ala Claims Direct and these other parasites.
I think that the cost of car insurance must be curbed or the way that vehicles are insured must change. Perhaps we should look at other countries where you insure the car not the driver.
I dont know what others think on the subject but I am damn sure that there isnt many happy people out there when it comes to motor insurance. Then again the only thing we can do is to think with our wallets and force the more expensive companies to revise there strategies or force them out of business.
© copyright 2001, Mike Porter.
Summary:
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Last comments:
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- 07/07/01 Some insurers offer special terms to those who have been driving for some time on a partner or firm's insurance.
They will provide you with a basic no claims bonus which you, hopefully, will be able to build up to the maximum in time. A good broker will be able to advise you. |
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- 06/07/01 The reason my insurance is so high is because I don't have any no claims bonus, even though I've been driving for most of my adult life. The problem is, since moving back to the UK, our cars have always been insured by my ex, and now that I'm alone, I have to start building up a no claims bonus from scratch. |
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- 05/07/01 The value of an insured vehicle is only part of the story; most people overestimate it in any case.
More important is the insurance group of the vehicle, the age and experience of the driver, where it is kept overnight, your accident-free or otherwise record, whether there are security precautions and the area where you happen to live.
Insurance on a new car is far lower than you might think for an experienced driver, especially if he/she has a good no claims bonus and lives in what insurance groups regard as relatively crime-free. |
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