Insurance for young 'uns

[Craig the Princess]

Many insurance companies pay very good dividends. I wonder why...

 

Because car insurance doesn't earn any money...

 

Sorry to bust an urban myth, but the insurance companies really aren't making much out of motor business.

 

Yes and no, from pure motor business you are bang on the money. That said the "payments" from credit hire firms, add-on legal insurance, loss leading on corporate products to garner more profitable business do earn them (lots) more money, hence the dividend payments.

 

We all know credit hire firms are a rip-off compaired to hiring the same car. The insurance companies aren't paying twice as much because they are stupid, the reason is far more complex.

[Luxobarges_Are_Us]

Sorry to bust an urban myth, but the insurance companies really aren't making much out of motor business.

 

Yes and no, from pure motor business you are bang on the money. That said the "payments" from credit hire firms, add-on legal insurance, loss leading on corporate products to garner more profitable business do earn them (lots) more money, hence the dividend payments.

 

And that's before you mention the nice little earner that is 'financing' policies at 23.8% APR, which is provided by an "external" (in-house) finance firm and, of course, never forms part of the actual premium.

[Craig the Princess]

Sorry to bust an urban myth, but the insurance companies really aren't making much out of motor business.

 

Yes and no, from pure motor business you are bang on the money. That said the "payments" from credit hire firms, add-on legal insurance, loss leading on corporate products to garner more profitable business do earn them (lots) more money, hence the dividend payments.

 

And that's before you mention the nice little earner that is 'financing' policies at 23.8% APR, which is provided by an "external" (in-house) finance firm and, of course, never forms part of the actual premium.

 

/\ This, it is far better to get a standard loan if you can't afford it all in one go. The sooner the OFT review the whole thing the better.

[dollywobbler]

Aye. If it was so crap at generating profit, there wouldn't be any insurance companies. I haven't used finance to pay for car insurance for a very long time fortunately - which is one reason I can't consider taking out a modern insurance policy in my own name. It'd be hundreds of pounds that I don't have. Can't help thinking that higher premiums will force more people to take out dirty, profit-rich instalment packages...

 

Let's also not forget the huge amount spent on advertising, paying fat pricks to sing and even paying for computer generated fuggin' Meerkats. That's not the behaviour of companies living on a profit of pennies is it?

 

Oh, and the small matter of the insurance companies all SELLING your personal information to bloody ambulance chasers and the like.

[Cavcraft]

...and the absolute and utter hopelessness of people like Direct Liars. Had they even a modicum of sense they'd be a lot better off just from thhe two claims involving people insured with them who crashed into me.

How much did about 9 weeks hire of a new Fiesta cost them? How much did it cost them to piss arse about making trite offers, getting my details wrong and admitting/denying/admitting things as fancy took them? Shit loads I suspect. Had they been sensible from the start then probably three 'phone calls maximum and one cheque in the post and they'd have been done with. Instead weeks of wrangling and my solicitor's bills on top of all thhe above meant they shot themselves in the foot quite spectaculary.

[forddeliveryboy]

People need to wake up and smell the coffee - WE ARE BEING ABSOLOUTELY DICKED by corporations and conglomerates whose sole aim is too make as much money as possible

 

Insurance is barely worse than the rest. And they're mostly running the American business model, screwing people as much as they can legally get awway with. The day was when if you worked then you could save some money - today people are struggling to get by without saving. Yet I know of someone who was put on full pay and permanent holiday (Which was £150k+) to try and 'change their mind' about setting up in competition with the business they worked for. He worked in insurance, albeit personal, not motor.

[Minimad5]

And by the sounds of it, things are going to get worse

 

http://popularclassics.forumcircle.com/ ... hp?t=18452

 

If you can't be bothered to click the link, basically Footman James apparently will no longer insure young (under 25yrs old) drivers

[warren t claim]

And by the sounds of it, things are going to get worse

 

http://popularclassics.forumcircle.com/ ... hp?t=18452

 

If you can't be bothered to click the link, basically Footman James apparently will no longer insure young (under 25yrs old) drivers

 

Under 1.5l and you should find someone to cover you.

[Cavcraft]

Just shy of three grand for my lad as a learner in his 1.0 Corsa.

[Mr_Bo11ox]

As a learner there doesnt seem much point in him having his own insurance, i've just insured Mrs_bol's lad to drive our astra for £85/month on his provisional licence. we'll worry about what to do when he passes, whenever that happens.

 

www.coveredlearnerdriver.com

[Pillock]

And by the sounds of it, things are going to get worse

 

http://popularclassics.forumcircle.com/ ... hp?t=18452

 

If you can't be bothered to click the link, basically Footman James apparently will no longer insure young (under 25yrs old) drivers

 

Under 1.5l and you should find someone to cover you.

 

This has been common at other classic insurers for a while - they were getting wise to the trick of buying an older car and getting cheap insurance - given that most classic insurers don't demand that it's a concours condition true classic, just any old banger. I got a mk3 Golf GTI on classic insurance no problems, took my premium down from £850 (31 years old, 6 years NCB) to £220.

[dollywobbler]

Aye. the FJ thing is a major problem. 2CV club is taking it seriously. We have a wide range of ages in our club, from first-time drivers through to pensioners. It's a serious issue of young'uns can't be a part of things any more.

[Cavcraft]

As a learner there doesnt seem much point in him having his own insurance, i've just insured Mrs_bol's lad to drive our astra for £85/month on his provisional licence. we'll worry about what to do when he passes, whenever that happens.

 

http://www.coveredlearnerdriver.com

 

I can see why some kids don't bother (not that I condone it I hasten to add) as it's probably cheaper to wing it and pay a fine if you get caught. This probably then leads to a lifetime of them not being insured though as they'll never afford it once the points/bans start counting up.

 

Can't get my lad on my insurance as trade won't cover him until he's at least 21 apparantly. We did try getting quotes for him and I together but they were still talking telephone numbers.