eldavo69 Posted January 19, 2011 Report Share Posted January 19, 2011 I had the chance not to crash my first car but one night of stupidity I was utterly pushing my luck and crashed it into a post. I should have known better, it was icy and I had hit some ice before the post. If I didn't do that I could have said that I didn't crash in the first year of driving but I blew my chances through cocking about Basically, you wouldn't have crashed your first car had it not been for the fact that you crashed your first car. How can you be defensive about Milo's comments when you basically confirm them? I'm utterly amazed that you've been banned from so many forums too, And not once thought about what the common denominator was! Please don't get banned from here, your posts genuinely make me laugh! Link to comment Share on other sites More sharing options...
Tipex Posted January 19, 2011 Report Share Posted January 19, 2011 How is it my fault? I challenge anyone to say that to my face:mad: It's nothing to do with me if other people claim on their insurance. Once I crashed my car I got it fixed month by month and the insurance never knew and never will. Why anyone would use insurance unless they crashed into someone else I don't know. I meant 'our' as in society, it's our fault we all go out as teenagers and crash cars, as you have said you did yourself, it's only due to luck you didn't get caught, as you'd have had to claim if whoever owns the post found out it was you that damaged it (including the local council)! People use insurance if they can't afford to pay to fix whatever they crashed into, wether that be a person or an object! Link to comment Share on other sites More sharing options...
Waylander Posted January 20, 2011 Report Share Posted January 20, 2011 you're all lucky bast@rds. I pay nearly £700 for my A4, clean licence for 11yrs - all due to my postcode. Link to comment Share on other sites More sharing options...
bazza_g Posted January 20, 2011 Report Share Posted January 20, 2011 The insurance I pay has continued to go up despite my age and having zero points (so far!). Am *really* not looking forward to next years renewal after a £5k claim for my door just before Christmas.. In response to the other point about high insurance costs for young drivers, I see it as all part of payin your dues growing up - and something that helps you look forward to getting older Link to comment Share on other sites More sharing options...
collease Posted January 20, 2011 Report Share Posted January 20, 2011 I did not crash my first car and i have not yet crashed any car. My insurance cost me £400 last year and will cost me similar this year judging by the quotes i have so far. I have made no claims and been driving for 10 years with 7 years no claims. It is part of Being young getting a heap of a car and paying over the odds for it. I remember looking with my parents for insurance for my mums Fiat Panda 997cc poo heap that cost her £800 to buy. It was going to cost me £1300 to be insured on it so she took the policy and i was a named driver. It brought the cost down and i still got the use of the car. It was still not cheap £700 but it made a difference. This was 12 years ago though so it would be alot worse these days. Link to comment Share on other sites More sharing options...
cruiser647 Posted January 20, 2011 Report Share Posted January 20, 2011 Basically, you wouldn't have crashed your first car had it not been for the fact that you crashed your first car. How can you be defensive about Milo's comments when you basically confirm them? I'm utterly amazed that you've been banned from so many forums too, And not once thought about what the common denominator was! Please don't get banned from here, your posts genuinely make me laugh! So Flynn was pushing his luck [read as 'arsing about'] and crashed. Which is typical of the younger driver....... Link to comment Share on other sites More sharing options...
theduisbergkid Posted January 20, 2011 Report Share Posted January 20, 2011 To be fair, BBC stuff is usually pretty good, but I'd rather they look into the disgusting practices of ambulance chasing lawyers and the likes of 'claims direct' than insurance. The high cost of insurance can be squarely attributed to these parasites more than anything else. Link to comment Share on other sites More sharing options...
Waylander Posted January 20, 2011 Report Share Posted January 20, 2011 True TDK. Link to comment Share on other sites More sharing options...
cruiser647 Posted January 20, 2011 Report Share Posted January 20, 2011 Has BBC been back to read this thread? Doubt it somehow. Link to comment Share on other sites More sharing options...
m4ttm4son Posted January 20, 2011 Report Share Posted January 20, 2011 If you can't afford the insurance, choose a different car. Patience is a virtue and when you're older you have the experience of the road to deal with quicker/ more expensive cars. Don't try to run before you can walk Insurance companies knowing their competitors pricing sounds a bit dodgy to me, in an industry that is a legal requirement (and therefore monopoly). So not too different from Gas Electricity companies managing price fixing. Link to comment Share on other sites More sharing options...
Milo Posted January 20, 2011 Report Share Posted January 20, 2011 Insurance companies knowing their competitors pricing sounds a bit dodgy to me, in an industry that is a legal requirement (and therefore monopoly). I agree, it's very suspicious. And I guess if they had been making big profits then the OFT would have nailed them to the wall. But contrary to widespread belief, motor insurance for a lot of the big names has been a loss maker for many of the last 10 years. Even now after 2 years of vicious price hikes, many are still struggling to break even as the cost of claims is keeping pace. Link to comment Share on other sites More sharing options...
m4ttm4son Posted January 20, 2011 Report Share Posted January 20, 2011 I agree, it's very suspicious. And I guess if they had been making big profits then the OFT would have nailed them to the wall. But contrary to widespread belief, motor insurance for a lot of the big names has been a loss maker for many of the last 10 years. Even now after 2 years of vicious price hikes, many are still struggling to break even as the cost of claims is keeping pace. That is very interesting. I would have thought motor insurance was a hugely profitable business. Is it just a loss leader for other types of insurances then? Link to comment Share on other sites More sharing options...
Milo Posted January 20, 2011 Report Share Posted January 20, 2011 (edited) It's certainly not meant to be a loss leader Broadly speaking (and how it's been explained to me to a degree), all were caught out by a sudden jump in the cost of claims and didn't react quick enough. There then came a period when no-one wanted to take the bull by the horns and stick premiums up by 25% and to compound it, a fierce price war started, driven by the likes of esure, Direct Line etc looking for low risk business (over 30s, low group, no points etc). All of this masked the fact claims were rocketing while revenue for most stagnated or dropped. The result? Everyone was losing money. I know of one () big insurer who had a combined ratio of ~125% for 3 years running for motor insurance not long ago meaning for every £100 they took in premiums, they paid out £125 in costs and claims. Clearly that's not sustainable. They had a massive re-shuffle in 2008 and decided to drive the market up - I started telling poeple in 2008 to be prepared for 15%-20% hikes. They lost a load of business as a result as and their comeptitors books grew however all it did was increase the losses at its competitors. Since the beginning of 2009 though, the others have followed suit after realising the cost of claims hasn't even levelled never mind dropped therefore premiums had to rise, and rise quickly. So 15% in 2009, 20% in 2010 and 20%+ for 2011. All of this is in the hope that they start to make decent returns on gross written premium. I think (although I'd need to check), that same big insurer that started the price hikes back in 2009, had a combined ratio of 99% in 2010 for motor insurance so 1% return, it kind of puts things in perspective. And before I bore everyone to death, as a benchmark, I think their combined ratio for ALL insurances in the UK in 2007 was 105%, 2008 was 96% and 2009 was 98%. So insurance companies don't make much money off your premiums in the guise of money out is less than money in, it's myth Where they make and have made money in the past is investment returns. They take tens of billions of our money (in the guise of insurance) and hope to turn a decent profit on it while premiums in vs claims out plods along on a pretty much 1:1 basis. However as investment returns have collapsed over the past 3-5 years (therefore their potential to make money), expect them to look a lot closer at insurance pricing if they want their balance sheets to still look good. In truth, motor insurance in the UK is still underpriced vs the risk it carries for the insurers. Hence everyone fights over the lower risk drivers and no-one wants the high risk ones i.e. young drivers. Give them an excuse to rate you a higher risk (points, claims, car, postcode etc) and expect to see your premium go North. Edited January 20, 2011 by Milo Link to comment Share on other sites More sharing options...
m4ttm4son Posted January 20, 2011 Report Share Posted January 20, 2011 By that rationale, if you're in the low risk group, you're laughing as that's the price war category? Link to comment Share on other sites More sharing options...
Milo Posted January 20, 2011 Report Share Posted January 20, 2011 You stand a much better chance of being shielded to some degree, yes. I'm what they would class as a very low risk. I'm 40 now, 22 years of driving and never had claim, decent postcode, no points, car garaged at night, <8k miles per year. As a result I've never paid more than £350 including business use since I came out of a company car scheme in 2003 and bought a succession of Audi A4s. It hovered around the £330 mark for a while (even though I changed to what was a group 16 car in 2006) and last year I paid just over £300, my lowest ever. Having got a few dummy quotes this week, I expect my renewal to come in at ~£320. So I've definitely been protected by being a low risk, they'll fight like mad for the likes of me as stats say, it's money for nothing. However I'm under no illusions, 1 bump or a couple of SP30s and I reckon it would double (and some) overnight. Link to comment Share on other sites More sharing options...
garcon magnifique Posted January 20, 2011 Report Share Posted January 20, 2011 Mine's just dropped 400 quid. Link to comment Share on other sites More sharing options...
m4ttm4son Posted January 20, 2011 Report Share Posted January 20, 2011 Mine's just dropped 400 quid. Gonna start getting the bus? Link to comment Share on other sites More sharing options...
Chrisg Posted January 20, 2011 Report Share Posted January 20, 2011 Gonna start getting the bus? It makes a difference ! Yes , I use the bus into the town... but most of the time it's easier/more convenient/quicker to walk .... 15-20 minutes .... but I do have the time to do this. I'm finding that proven low mileage appears to reduce the premium considerably, with three cars in the house and no commuting mileage these days we are pushed to do more than 3k on two of them and my old 80 Sport is already on a classic policy at £102 a year ( but no NCD ... but at that price who needs it ! ) In 2010 I paid about £248 for a B6 1.8Tquattro, her chipped car a B5 1.8TQS is about £345. Link to comment Share on other sites More sharing options...
cruiser647 Posted January 20, 2011 Report Share Posted January 20, 2011 Mine's just dropped 400 quid. Unless I have missed a thread.......... I don't think age or location came into this £400 drop! Link to comment Share on other sites More sharing options...
Flynn Posted January 20, 2011 Report Share Posted January 20, 2011 Basically, you wouldn't have crashed your first car had it not been for the fact that you crashed your first car. How can you be defensive about Milo's comments when you basically confirm them? I'm utterly amazed that you've been banned from so many forums too, And not once thought about what the common denominator was! Please don't get banned from here, your posts genuinely make me laugh! Wha...? If I wasn't deliberately trying to slide it around then I wouldn't have crashed it. I was having fun until I went over ice and lost control. How about you pipe down before I have to sort you out? Link to comment Share on other sites More sharing options...
bazza_g Posted January 20, 2011 Report Share Posted January 20, 2011 Wha...? If I wasn't deliberately trying to slide it around then I wouldn't have crashed it. I was having fun until I went over ice and lost control. How about you pipe down before I have to sort you out? oi, play nice - none of this "sort you out" business happens here..... unless its me doing it! Link to comment Share on other sites More sharing options...
stooH Posted January 20, 2011 Report Share Posted January 20, 2011 Wha...? If I wasn't deliberately trying to slide it around then I wouldn't have crashed it. I was having fun until I went over ice and lost control. How about you pipe down before I have to sort you out? Anyone getting more and more suspicious? I mean who seriously shouts and screams about the price of insurance and when pointed out that it's because young people crash more goes onto to deny this and call people out whilst in the same thread saying they were trying to slide their car around and crashed it. I don't recall reading as much hypocrisy/contradiction in a single thread from a single person before. Link to comment Share on other sites More sharing options...
Flynn Posted January 20, 2011 Report Share Posted January 20, 2011 Mate it wasn't on a road that I did that I was responsible and did the act off road. Link to comment Share on other sites More sharing options...
Maxyboy Posted January 20, 2011 Report Share Posted January 20, 2011 Mate it wasn't on a road that I did that I was responsible and did the act off road. In a supermarket car park into a supermarket bollard? Link to comment Share on other sites More sharing options...
Milo Posted January 20, 2011 Report Share Posted January 20, 2011 Anyone getting more and more suspicious? That he's an annoying ****? Oh, in my opinion of course And I'd love to see him sort eldavo out, he obviously hasn't met him Flynn, fcuk off with your attitude, bullsh1t stories and keyboard ninja style. No-one knows who are (possibly a troll from the past who was made to look a fool then as well, who knows or even cares?), so I suggest you wind it in a bit or fcuk off back to where you came from. Mods, PM me my ticking off please :D Link to comment Share on other sites More sharing options...
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