Insurance RIP OFF !!! (1 Viewer)

[Phill D]

Did anyone see the report and interview with an insurance companies reprasentative trying to justify once you become unemployed youb are a highr=er risk so adds 30% + to your premium.:Angry:

he was in knots trying to explain...:Angry: but insisted it was justified and there was data to support the increase :Sad: however he could not provide it or say where it existed

 

[sedge]

No - where is it? - the interview I mean!

 

[ShiftZZ]

Did anyone see the report and interview with an insurance companies reprasentative trying to justify once you become unemployed youb are a highr=er risk so adds 30% + to your premium.:Angry:

he was in knots trying to explain...:Angry: but insisted it was justified and there was data to support the increase :Sad: however he could not provide it or say where it existed

I am aware that the ABI do share MI on a regular basis, could be from there.

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[Phill D]

twas on BBC morning this morning an actual interview live on the morning news. not sure if there is a recording anywhere. it also interviewed an Architect who had just lost his job and his renewal was up £100 when he asked why, he was told because he was a bigger risk as he was now unemployedoh:

 

[Phill D]

apparently ther are some insurers who do not do it but they would not say whichoh:

 

[aba]

probably because when you are working you car is parked up for 8 hours a day and not going anywhere and when you are unemployed you have the time to be on the road more therefore increasing the risk of being in an accident.

the fact that because you are unemployed you cant afford to put fuel in it to go anywhere is completely irrelevant.

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[scotjimland]

A change in circumstances includes moving jobs, as insurers beleive this can affect your risk. Scandalously, the unemployed often (though not always) pay higher rates for their car insurance, so do inform your provider if you're out of work but also check to see if it’s worth cancelling and moving elsewhere, as you don’t need to be at renewal to change insurer.

plus other tips on reducing insurance
Link Removed

 

[philw111]

For once I think I'm almost on the side of the insurance companies on this one. The architect interviewed said that his renewal quote was £100 more and the only thing that had changed was the fact that he was unemployed. Part (possibly a large part) of the £100 increase would have been due to the fact that virtually all premiums (or is that premia :Cool have gone up in the last year or so.

I can't believe this story is getting as much news coverage. Insurance is based on statistical risk and the individual companies work out their quotes based on this. Different companies will use different stats - if you don't like the renewal quote, go compare (to quote a famous website ).

Maybe quotes for young people should be lower because they haven't much money - or possibly it's ageist to charge them more

 

[scran]

insurance

it was on rip off britain a few weeks ago about insurance companies

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[jhorsf]

Just had my contents insurance for the house its kept going up I will not be renewing with them as on line 87 companies cheaper quite a few were 25% of the cost! thats right not 25 % cheaper and lots were 33% or so of my quote

I will no longer be lazy keeping the same company and look online for better offers

Does anyone know what direct line are like if you have bad luck and have to claim?

 

[Phill D]

we have direct line emegency breakdown cover on the boiler. used it twice in 6 years both times sent a dedicated repairer no hassle job done. considering them for my house ins as they have quoted 1/2 of what i am currently paying:thumb:

 

[jhorsf]

They are less than half what I paid last yearoh:

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[chatter]

Lets face it, if they think they can get away with it they will charge for it, I was told my premium would be more if i was to use the vehicle to comute to work as there is more chance of something happening on a daily run to the same place as drivers become complacent with the familiarity of the route

 

[sedge]

Well - one good thing for Direct Line - they only deal direct with their customers therefore do not pay any part of any premium to middle men. They only deal in the classes of insurance and types of client they can make money on - and all that jazz.

You do have to consider however that this leaves the other insurers to cover the classes of insurance and client that it's not apparently possible to make 'enough' money on (else Direct Line would offer it, wouldn't they?) but those other insurers are perhaps prevented from writing a larger volume of the profitable stuff to prop up the unprofitable, maybe because of the likes of Direct Line whipping it out from under them.

It's one of them there vicious circles I reckon.