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Old 16th May 2022, 11:26   #1
VVC-Geeza
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Default Insurance CONundrum.

This morning I renewed the insurance on my 45.Back in January I was involved in a non fault fault accident in another car which is now all sorted.This has increased the renewal premium on my 45.Why on earth should I be penalised for another drivers actions?Seems so unfair,makes no sense to me
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Old 16th May 2022, 11:36   #2
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I think the innocent driver should be able to claim the increased costs from the 3rd party or their insurance. My wife had a ding in her car, not her fault but it made no difference to her renewal premium.

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Old 16th May 2022, 12:37   #3
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Because your driving profile now means you are driving in situations where people crash into you - therefore you are increased risk compared to before when the insurance company didn't know that. As there is now a chance you will place yourself in this situation again, you have a higher premium..
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Old 16th May 2022, 14:04   #4
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Originally Posted by Dashnine View Post
Because your driving profile now means you are driving in situations where people crash into you - therefore you are increased risk compared to before when the insurance company didn't know that. As there is now a chance you will place yourself in this situation again, you have a higher premium..



And that really is the logic they follow! Sneakily it won't affect your ncb (unless you claim through your own insurance in which case it's a lottery) - but they will increase your base premium. When claiming from the other driver's insurance be sure to include a suitable amount for increased future premiums - on top of everything else.
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Old 16th May 2022, 14:47   #5
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Because your driving profile now means you are driving in situations where people crash into you - therefore you are increased risk compared to before when the insurance company didn't know that. As there is now a chance you will place yourself in this situation again, you have a higher premium..

The accident happened on a road I travel every day,2 minutes from my house.There is a chance that any us could be involved in an accident on every journey we undertake.I still do not understand why it adds to my premium when another driver makes a poor decision.I asked the same question of the lady dealing with the renewal and she couldn't answer me apart from "that's the way it is".
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Old 16th May 2022, 15:04   #6
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The accident happened on a road I travel every day,2 minutes from my house.There is a chance that any us could be involved in an accident on every journey we undertake.I still do not understand why it adds to my premium when another driver makes a poor decision.I asked the same question of the lady dealing with the renewal and she couldn't answer me apart from "that's the way it is".
You said it yourself - 'chance', you can't judge the chances for each and every driver, car and road for every minute they're driving, and then factor in other drivers and their cars too. The annual cost is based on the data they hold against driver age and experience, car make and model, but the insurance companies will make adjustments based on actual data.

The overall insurance cost is based on a risk calculation, and as you've had one accident you're statistically more likely to have another driving the same car on the same road.
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Old 16th May 2022, 15:13   #7
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You said it yourself - 'chance', you can't judge the chances for each and every driver, car and road for every minute they're driving, and then factor in other drivers and their cars too. The annual cost is based on the data they hold against driver age and experience, car make and model, but the insurance companies will make adjustments based on actual data.

The overall insurance cost is based on a risk calculation, and as you've had one accident you're statistically more likely to have another driving the same car on the same road.

I've travelled this stretch of road a thousand times before without incident.This time another driver made a poor choice and hit me.Why should HIS mistake cost me a higher premium?
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Old 16th May 2022, 16:23   #8
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Thoughts occur Mick.

Was the renewal at the exact and proper contract date?
Did you actually have sight of the claim papers, or any other indication at the time of the incident, that acknowledged your non-liability?
Have you any correspondence from any source concerning the incident?
What percentage increase of the expiring premium was the new premium?

It sounds to me like a basic rating increase rather than a penalty or liability charge. You can ask, even demand, copies of all correspondence relating to that incident if it affected your renewal.

You can formally request details of current premium rates compared to most recent ones. You are entitled, and they must comply, to enquire about precise details about rating increases compared to last renewal. They'll wriggle, but the word 'ombudsman' is powerful.
Only you can decide if in your case it's worth it!

I would, and for every last penny. (25 years in the biz)
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Old 16th May 2022, 16:57   #9
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Quote:
Originally Posted by VVC-Geeza View Post
I've travelled this stretch of road a thousand times before without incident.This time another driver made a poor choice and hit me.Why should HIS mistake cost me a higher premium?

I think there are a few reasons for this. Firstly, car insurance is mandatory for every driver so the market is huge and there's very little real competition. The insurance companies can therefore make up the prices as they see fit.

Secondly, selling insurance plays on people's fear of the unknown. I doubt there are many motorists who choose a policy on price alone so the insurers use this to keep premiums high and deter claims with a steep reduction in the no claims discount.

Thirdly the insurance business really comes under the category of Financial Services. They are simply collecting as much money as they can and paying out as little as they can.

There are other anti-consumer practices in this industry. For example, why should the insurer be able to write-off your car if the cost of repairs exceeds the trade-in value? What's the trade-in value's relevance? You weren't about to sell your car before the accident so why should you be pressured to do so now? You have paid the required premium for insurance, then they tell you that they're not going to honour their side of the moral contract!

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Old 16th May 2022, 17:57   #10
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Quite a few assumptions there Simon!

1. With hundreds of companies and brokers chasing the same market it’s certainly competetive!

Outlets charge more than the direct companies’ basic rates, that reflects their operating costs and profit.

2. They mostly operate those reductions by similar amounts. Motor Insurance is the most competetive market – premiums are the first step at selection time. Commonly known as ‘call birds’.

3. OK.

4. He doesn’t. The trade-in value is an indication of precisely that and only that. It varies only when considering how the insurer or repairer can trade it on! There’s no such thing as a moral contract! It’s only money! And write-offs aren’t what it sounds like!

In similar vein, I have at the moment a personal and ongoing claim from the Storm Eunice fiasco (not Motor):

Apart from shenanigans that I wouldn’t want to go into here, (legalities no less), there are 3 companies involved in the same settlement! The broker masquerading as the insurer, the assessor operating in his own company name, and the actual insurance company! They don't necessarily tell you that in the big Ads.

The broker and the insurer are national names, both pillars of the community! The assessor so far will not answer my enquiry regarding materials he will specify, or the extent of repairs! Nor will he give any indication of exactly what he will do! Smoke and mirrors everywhere.
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