Are Insurance Companies some what immoral ?

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Tony50

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Just insured the Car, , third driver was my son who has had no accidents for 20 years approx. but his wife is on his Insurance and she was sitting in a carpark stationary, and a bloke hit son's car, in the " Any Claims " box I put in her details of accident which was classed as a "No Fault " by my Son's Insurer My Insurance Company wanted £ 84 more to Insure my car for a accident that my son was not involved in, I asked the question response was it was a "Claim" sorry Swinton but your not having my money again
 
Apparently statistics show that if someone is in an accident, irrespective of fault, they are more likely to make a claim subsequently.

Insurance premiums are based on risk.

Ian
 
bigtwin said:
Apparently statistics show that if someone is in an accident, irrespective of fault, they are more likely to make a claim subsequently.

Insurance premiums are based on risk.

Ian
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I see where you are coming from , but sitting parked in car not moving she is at risk of having a accident ? I think how Insurance Companies look at it is " If you weren't there you would not be involved in an accident and as you were there it's not the other persons 100% fault for hitting you a percentage of fault is yours because you were there " That's what I was told when I ran over a Hundred cars for a Brewery , Insurance Logic !!

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Yes.

They have the scruples of a politician.

Ultimatly they are running a book, exactlty the same way as a horse racing bookie would do.
There is only one person that matters, and it's not the punter.
 
Somewhat ???
One of our customers phoned her insurance after a minor bump to find out what her excess was, it transpired that our companies quote to repair her bumper was less than the excess, so we repaired it.
She phoned in some time later to tell us that after enquiring why her renewal premium had increased, to be told that they had done this as she had notified them of an incident !!!

Somewhat more than somewhat methinks.

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There are many that will say that there are NO morals in business. Especially in public companies. The sole objective of the directors is to maximize dividends for its shareholders by any means possible short of breaking the law of the land. In fact to do anything less is a neglection of duty. Many politicians of a certain persuasion will quite happily tell you that as well.
 
They are all barely honest.

My son was crashed into whilst he was temporarily parked on the A1 - along side hundreds of other cars during his morning commute.

The other car driver owned up as totally his fault yet my sons insurance went up £100 upon renewal.

The insurance industry is verging on illegal in my humble opinion.
 
Glandwr said:
There are many that will say that there are NO morals in business. Especially in public companies. The sole objective of the directors is to maximize dividends for its shareholders by any means possible short of breaking the law of the land. In fact to do anything less is a neglection of duty. Many politicians of a certain persuasion will quite happily tell you that as well.
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Exactly. I believe that all insurance is ultimately underwritten by Lloyds of London, comprising syndicates of the wealthy, the aristocracy and 'Lloyds 'Names', most from the public schools and Oxbridge, along with a large number of their self-interested political chums.
On the other hand we depend on the profitability of many of their businesses as many pension funds are invested with them.
 
I was on an insurance claim job once where a shipping container was being loaded aboard a ship and the derricks wire ropes parted resulting in the container being dropped about 40 feet onto the quay ,luckily nobody was hurt . In the container were about 60 drums of pharmaceutical grade Vaseline , with a very high value I was representing the shipper Unilever and the shipping company had their Protection and Indemnity chap present when the container was opened to survey the damage .All the drums were bell shaped and locked together ,many had the lids off and Vaseline was all over the roof in great quantity . After taking statements from the stevedores and several witnesses and the damage to the external sides and roof of the container.The shipping companys rep. Concluded that the drums had been put in the container like that ! It was at that stage I just walked away , Three months later after much letter writing they paid up.
 
Spriddler said:
Exactly. I believe that all insurance is ultimately underwritten by Lloyds of London, comprising syndicates of the wealthy, the aristocracy and 'Lloyds 'Names', most from the public schools and Oxbridge, along with a large number of their self-interested political chums.
On the other hand we depend on the profitability of many of their businesses as many pension funds are invested with them.
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You could become a ‘name’ at Lloyd’s however not so long ago in the screams of things many ‘lost their shirt’ in other words every thing, houses cars personal wealth, along with working ‘names’ who also lost everything. It is a risk business do you feel lucky? If so become a name at Lloyd’s. It really is not one way traffic. Eg everyone makes lots of money (not true)Just one perspective
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Coolcats said:
You could become a ‘name’ at Lloyd’s however not so long ago in the screams of things many ‘lost their shirt’ in other words every thing, houses cars personal wealth, along with working ‘names’ who also lost everything. It is a risk business do you feel lucky? If so become a name at Lloyd’s. It really is not one way traffic. Eg everyone makes lots of money (not true)Just one perspective
<Broken link removed>
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Yes, fully aware of that; the father of one of my D'sInLaw is a surviving 'Name'.
It's not for me however as I don't gamble, although I have started up 3 (successful) manufacturing businesses, putting much of my capital into them. I guess you could say that was gambling but they did create wealth, contribute tax and provide employment, as does the frowned-upon insurance industry.

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Spriddler said:
Yes, fully aware of that; the father of one of my D'sInLaw is a surviving 'Name'.
It's not for me however as I don't gamble, although I have started up 3 (successful) manufacturing businesses, putting much of my capital into them. I guess you could say that was gambling but they did create wealth, contribute tax and provide employment, as does the frowned-upon insurance industry.
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Regarding Business if you start and run one then it is a gamble just as being a 'name' is. For me the insurance game should be an equitable one, an example of inequality is when an insurance company (Loss adjuster) will seek out ways not to pay, a friend had a house with lodgers, the insurance company were quite happy with this and took an adjusted premium. Then there was a fire that destroyed a roof the insurance company refused to pay out as unbeknown to my friend the lodger had a criminal conviction (not for arson) and the Insurance company refused to pay out as somewhere in the small print lay the excursion.

I do believe that when people think they are insured and a small print get out clause becomes the reason for not paying out it is understandable people feel cheated. Yes insurance is a risk business but if both parties enter in good faith you hope any claim would also be settled in good faith.

Just edited to say that many claims are paid in full and in good faith so no I personally do not think Insurance companies are immoral
 
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Martin and I are named drivers on my Mum's car insurance. It cost more than our annual motorhome policy to include us ...... no claims or convictions for either of us but Mum is 89 and only one insurance company (Ageas I think) will cover her.
 
Tony50 said:
I see where you are coming from , but sitting parked in car not moving she is at risk of having a accident ? I think how Insurance Companies look at it is " If you weren't there you would not be involved in an accident and as you were there it's not the other persons 100% fault for hitting you a percentage of fault is yours because you were there " That's what I was told when I ran over a Hundred cars for a Brewery , Insurance Logic !!
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Hubby was involved in a bad motorbike accident after being side swiped by a car last minute turning across a very busy road without indicating etc - absolutely the car drivers fault which the police and witnesses agreed with. The insurance company tried to get us to agreed to 80% only their drivers fault because Hubby was on a motorbike and not in a car so was more badly injured so was 20% his fault for the type of vehicle he chose to use.

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