cancel
Showing results for 
Search instead for 
Did you mean: 

Insurance Premiums - unfair contracts?

Community Veteran
Posts: 16,836
Thanks: 1,124
Fixes: 13
Registered: 06-11-2007

Insurance Premiums - unfair contracts?

We all have to pay some kind of insurances... home insurance... contents insurance... motor vehicle insurance....etc.

 

OK... fair enough.... the basic idea is that the insurance company, collects a small amount ( ? ? ? ) from each customer (sucker)... and puts it aside in a BIG pot, so that if one of the customers needs some cash to pay for repairs, etc, then there is enough in the BIG pot to pay out to them.

 

OK.. so... every year.. the pigs with snouts in the BIG pot money trough, want a pay rise for doing whatever it is they do, to maintain that service.. cos the workers want more money to pay for their food, cos the insurance companies put up the running costs of the transport,.... 

 

OK.. so... I have been paying motor insurance for over 50 years... and never had a claim... BUT.. you can guarantee, that if I do have a claim,... and it is paid out by the insurance company... then guess what... they will wack up my premium as a punishment for daring to claim ... and ... of course... I have to be insured to drive on the roads, so I have GOT to pay it.. ( even if I decide to change my insurance company, the new one will "load" the premium because I have to legally declare about any previous claims. otherwise they wont insure me.

 

NCD doesn` t really compensate for paying all those years without a claim... as that is just a mathematical carrot to entice the suckers into signing up with the company...

 

Isn`t that a TAD unfairHuh  Wacking up the premium, because you dared to claim your rights, according to THEIR terms and conditions.? 

 

to me it is just a Rip-Off... that we suckers have to put up with..

16 REPLIES
Community Veteran
Posts: 6,285
Thanks: 446
Fixes: 40
Registered: 30-07-2007

Re: Insurance Premiums - unfair contracts?

the new one will "load" the premium because I have to legally declare about any previous claims.

BUT it's not claims that you have to declare it's 'accidents' , even no-fault ones.

It's still a rip-off but they will argue that having an accident makes you a higher risk.

Not sure if that's true for no-fault ones, you may be just in the wrong place at the wrong time but then again it could be where you drive is more prone to accidents.

rongtw
Seasoned Hero
Posts: 6,330
Thanks: 1,154
Fixes: 11
Registered: 01-12-2010

Re: Insurance Premiums - unfair contracts?

Insurance of any kind is a good idea ,, BUT it is always in favour of the insurance company As Shutter says its a RIP OFF Sad

Asus ROG Hero Vii Z97 , Intel i5 4690k ,ROG Asus Strix 1070,
samsung 850evo 250gig , WD black 2 TB . Asus Phoebus sound ,
16 gig Avexir ram 2400 , water cooling Corsair H100i gtx ,
Corsair 750HXI Psu , Phanteks Enthoo pro case .
Minivanman
Hero
Posts: 4,794
Thanks: 1,046
Fixes: 1
Registered: 04-11-2014

Re: Insurance Premiums - unfair contracts?

"We all have to pay some kind of insurances......"

Not nit picking @shutter but only motor insurance is obligatory, surely?

All views expressed are my own but you can express them too if you want to be right about everything like I am.
Community Veteran
Posts: 16,836
Thanks: 1,124
Fixes: 13
Registered: 06-11-2007

Re: Insurance Premiums - unfair contracts?

Yeah, that`s nit picking !...

 

you don`t have to pay motor insurance...( and quite a few don`t/haven`t for years)..  unless you get caught... pick the nits out of that  ! Smiley

Minivanman
Hero
Posts: 4,794
Thanks: 1,046
Fixes: 1
Registered: 04-11-2014

Re: Insurance Premiums - unfair contracts?

Roll eyes

article-2312124-1966B4B7000005DC-612_306x434.jpg

All views expressed are my own but you can express them too if you want to be right about everything like I am.
Minivanman
Hero
Posts: 4,794
Thanks: 1,046
Fixes: 1
Registered: 04-11-2014

Re: Insurance Premiums - unfair contracts?

I've always been of the view that insurance companies are like betting shops in that they are not in the business of paying out unless they really have to.

I made a genuine claim with Direct Line insurance and whilst they were very efficient in dealing with it, the money paid out to me by way of settlement was paltry to see the least. Short and curlies came to mind, along with suck it up. Sure they get conned themselves but the bottom line is they will never lose money as costs are passed back to us 'the consumer' by way of higher premiums.

They only time I'm going to get my monies worth is when the Mrs makes a claim on my life insurance. Just a pity I will not be around to enjoy it.

http://www.dailymail.co.uk/news/article-2442450/5m-insurance-policy-document-Titanic-revealed-auctio...

Apologies for the DM link. Wink 

All views expressed are my own but you can express them too if you want to be right about everything like I am.
Community Veteran
Posts: 6,285
Thanks: 446
Fixes: 40
Registered: 30-07-2007

Re: Insurance Premiums - unfair contracts?

you don`t have to pay motor insurance...( and quite a few don`t/haven`t for years)..  unless you get caught... pick the nits out of that  ! Smiley

Actually you really don't have to have a motor insurance policy, you can lodge a bond with the high court. You have to prove you're good for the bond amount and the last I looked it was about £500k! 

Community Veteran
Posts: 7,917
Thanks: 596
Fixes: 8
Registered: 02-08-2007

Re: Insurance Premiums - unfair contracts?


MisterW wrote:

the new one will "load" the premium because I have to legally declare about any previous claims.

BUT it's not claims that you have to declare it's 'accidents' , even no-fault ones.

It's still a rip-off but they will argue that having an accident makes you a higher risk.

Not sure if that's true for no-fault ones, you may be just in the wrong place at the wrong time but then again it could be where you drive is more prone to accidents.


But you don't even need to have an accident, points on your license for whatever reason can be enough to see a increase in premiums.

Indeed any excuse they can think up to increase premiums is good enough for them.

One of the most annoying is the amount added to cover drivers who have no insurance in a accident.

No claims should result in a lowering of premiums rather than an increase

Minivanman
Hero
Posts: 4,794
Thanks: 1,046
Fixes: 1
Registered: 04-11-2014

Re: Insurance Premiums - unfair contracts?

..... and we all wonder why so many youngster especially drive around without any insurance. There again, I wonder how those that do can afford it in the first place truth be told. Crazy2

All views expressed are my own but you can express them too if you want to be right about everything like I am.
Community Veteran
Posts: 13,923
Thanks: 515
Fixes: 7
Registered: 01-08-2007

Re: Insurance Premiums - unfair contracts?


shutter wrote:

Yeah, that`s nit picking !...

 

you don`t have to pay motor insurance...( and quite a few don`t/haven`t for years)..  unless you get caught... pick the nits out of that  ! Smiley


Actually you can drive legally without insurance on the public highway (or could back in 2010). It'll cost you £15k in order to do so but you can legally do it. Of course if you then kill someone and are sued for half a million that you don't have then you're kinda done for.

I need a new signature... i'm bored of the old one!
Luzern
Pro
Posts: 2,838
Thanks: 225
Fixes: 2
Registered: 31-07-2007

Re: Insurance Premiums - unfair contracts?

Away from motors for a moment, I think life policies have a lot against them with the weasel clauses, such as, " are you aware of any matter that may be of interest to us that may affect the granting of the policy or the premium payable"?

How does Joe Soap know what he is expected to know what the insurer thinks he should be aware of! It's always seemed to me a perversion of the principle known as uberimae fidei (utmost good faith). Questions should be specific.

No one has to agree with my opinion, but in the time I have left a miracle would be nice.
Minivanman
Hero
Posts: 4,794
Thanks: 1,046
Fixes: 1
Registered: 04-11-2014

Re: Insurance Premiums - unfair contracts?

Sound a fair question though, you are either aware or you or not.

If for example you knew you had a disease that is going to see you off inside a year or whatever then indeed they should be told......... but if you did not know how are they going to prove otherwise?

Insurance companies are miles away from being one of my favorites by the way, I'm just playing devils advocate.   

All views expressed are my own but you can express them too if you want to be right about everything like I am.
Community Veteran
Posts: 2,556
Thanks: 171
Fixes: 2
Registered: 27-05-2011

Re: Insurance Premiums - unfair contracts?

Pedant mode/ Actually the real "players" in insurance are the underwriters organised through Lloyds of London and that is a big foreign exchange earner where you can insure any project or risk worldwide.  The "insurers" @shutter is having a pop at are commercial businesses who won't have a pot but will pay out of their receipts with any excess risk underwritten by Lloyds or other underwriters Lips are sealed

To do is to be - Neitzsche
To be is to do - Kant
do be do be do - Sinatra
Community Veteran
Posts: 7,917
Thanks: 596
Fixes: 8
Registered: 02-08-2007

Re: Insurance Premiums - unfair contracts?

Only a matter of time before some insurance company comes out with a policy to cover you for all the things you thought you were covered for in your existing policy.

Smiley