Insurance costs post high value claim...... (1 Viewer)

[Molly A]

Went through a spell and had 4 excavators stolen of sites mainly around Basingstoke area, could not get insurance for about 3 years had to hire machines and pay the 15% uplift on hire rates to cover insurance
Cost me a lot of money for sure.

Can you not put the van in your wife or children’s name and then go down as a named driver? Thanks

Forgot to add, 3 of the excavators had Trackers fitted, no sign of them!!

That, in insurance parlance is called fronting, and will invalidate your insurance if you do not disclose that you are the main driver and have a claim.

 

[Molly A]

Hello Folks, following a beak in to my home late last year I had a high value vehicle stollen, the insurance company has paid out and all was good.

What I am now finding is that Insurance costs have skyrocketed from around £380 to £3,045.00 for the MoHo despite it being armed to the teeth with Vanbitz Trackers physical security etc. AIB have said LV/Highway do not wish to renew the insurance as I had a claim in 2018 (no fault it was a dent in a car park ) and now out of their 30 underwriting companies only one will insure us.

So what to do, has anyone else had this experience if so which Broker have you used, and do you know what underwriter

Many thanks for your help

Your dent in a car park would have been viewed as a fault claim if the perpetrator drove off and your insurer had nobody to claim off. With that claim and your high value theft sounds like you have lost your no claims bonus, hence the huge increase.

 

[Molly A]

When they ask my mate do you have access to other vehicles? What is total yearly mileage ,etc, he doen't tell them he delivers vehicles all over Uk on a daily basis.

they really are scum in the Uk now , even worse than when I lived there.

So when he kills or maims someone and the insurance company invalidate his insurance for non disclosure, the poor victim will feel so much better that he has fraudulently benefited from cheap insurance all these years.

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[Molly A]

The MoHo was insured with LV, two claims on your record and they decline to quote. This is what I mean in that they are cheap seem to be good but A tight criteria and do not mind a premium increase By two claims 2018 dent by unknown 3rd part on my van then wife’s car and mine stolen in the same incident they do not want to know and they were not the insurer for the stollen vehicles.

Frankly mate, if I were an underwriter I probably wouldn't touch you either!

 

[ramsthom]

So when he kills or maims someone and the insurance company invalidate his insurance for non disclosure, the poor victim will feel so much better that he has fraudulently benefited from cheap insurance all these years.

I would think delivering cars would come under occupation part of his private insurance. Access to other cars or vehicles normally include any in your household

 

[gus-lopez]

So when he kills or maims someone and the insurance company invalidate his insurance for non disclosure, the poor victim will feel so much better that he has fraudulently benefited from cheap insurance all these years.

The victim will not lose out as the company are liable as long as insurance is purchased for all 3rd party claims. They would have to pay & then reclaim.He doesn't do it for cheaper insurance,he just views it is each is separate to all the others & what has people driving in to him whilst working got to do with his personal transport which he has never been hit or had an accident in ? Same as I do.

All this " if you've had an accident even no fault the liklihood of you having another blah,blah ,balh etc" is just done to up the premium.
Why should an accident in one vehicle affect 50 others you own? Just scamming barstewards.
They are the same as councils & governments,banks & make the rules/alter the rules to ensure it is as easy as possible for them whilst not cracking down on the wrong doers & penalising the legal ,decent ,honest & truthful.

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[gus-lopez]

I would think delivering cars would come under occupation part of his private insurance.

Yes ,apart from he is down as retired .

 

[Molly A]

I would think delivering cars would come under occupation part of his private insurance. Access to other cars or vehicles normally include any in your household

Yes, his occupation is a key underwriting criterion. If he fails to declare that he undertakes this as an occupation he is guilty of non disclosure. Many insurance policies no longer automatically cover third party cover on other vehicles, it is part of skinnying down policies sold thru aggregators like Compare the Market in order to achieve the cheapest possible premium and thereby increasing market share. The consumer sees the headline price and doesnt read the endorsements in the small print. Either way, Gus' mate is a wrong'un and in the event that he has to claim, the underwriters will quite rightly stuff him, and , unfortunately his victim if they are a pedestrian not covered by a motor policy.

 

[Exelman]

insurance companies are the biggest rip-of merchants going take your money and then dump you when you claim you are a high risk

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[gus-lopez]

unfortunately his victim if they are a pedestrian not covered by a motor policy.

What do you not understand abot "no ,they cannot"? The law is specific & always has been .Once they have supplied a policy they are liable for the 3rd party claims.i.e the pedestrian. They then have to se my mate to recover there money.

 

[Coolcats]

Here is the issue, you have a bad run with insurance nine of the claims are actually your fault, yet the insurance company mark your file as F for fault ! Then the premiums skyrocket beyond proportion. Insurance companies wish to have full disclosure and I can see why some may take a chance and not fully disclose. Instead of the market providing the cheapest insurance, another £20-£50 on everyone’s premium would help to maintain reasonable costs for all when a string of non fault claimes are made.

 

[Minxy]

Did you managed to get a sensible quote?

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[AXO66]

Just had a quote from lifesure a good £100 less than others.

So will hang on for a few more and read their policy.

had hoped NFU would come up trumps, but automatically include breakdown insurance, but not for 6mtr. + Vans and can’t deduct the charge.

Life sure itemise each benefit you can buy and you choose.

 

[Folkranger]

The number of replies to this testifies to the injustice of insurance companies. My first motorhome (Hymer) was caught in a thunderstorm with large hail stones (in August). I made a modest claim for some of the damage, mainly a new awning. The whole of the van was peppered with dents which I naively didn't claim for. It took me some six or so years to get my excess payments back down to normal levels, despite changing companies each year.

I now go for the highest excess possible because it's not worth claiming for anything less than £1000 asa claim costs more than this in the long run.

 

[Molly A]

You might be surprised that insurance companies don’t often actually make profits on motor insurance, it’s not the cash cow people believe it to be ⚠

Absolutely correct. Many do not, and rely on cross selling Household insurance or add ons like legal cover and breakdown and admin fees in order to turn a profit. Most insurance companies claims ratios( the ratio of premium income versus claims expenditure) are only just positive most years; and with higher repair costs and personal accident claims, frequently tip over into the red, especially with huge household claims liability resulting from the recent increase of severe flood events. Insurance companies used to make money from the reinvestment of premium income, but with interest rates as low as they are, this does not help them. Hence higher premiums to cover acquisition cost and claims liability. You forget that these are businesses who need to make money and not charities

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[Podney]

Absolutely correct. Many do not, and rely on cross selling Household insurance or add ons like legal cover and breakdown and admin fees in order to turn a profit. Most insurance companies claims ratios( the ratio of premium income versus claims expenditure) are only just positive most years; and with higher repair costs and personal accident claims, frequently tip over into the red, especially with huge household claims liability resulting from the recent increase of severe flood events. Insurance companies used to make money from the reinvestment of premium income, but with interest rates as low as they are, this does not help them. Hence higher premiums to cover acquisition cost and claims liability. You forget that these are businesses who need to make money and not charities

Very refreshing to read an entirely accurate statement on the subject from someone who knows the facts.

 

[Molly A]

Very refreshing to read an entirely accurate statement on the subject from someone who knows the facts.

Used to be head of customer service and renewals for a large insurance company. I am no apologist for some of the dodgier tactics used by some companies, but the industry is highly regulated, and in my experience the rights of the customers to be treated fairly are pretty vigorously upheld in most reputable companies.

 

[Molly A]

I used to on occasions do that here. Until it was explained to me that the 'excess' applies to each side of a vehicle + front & back, underneath & roof. So a roll over gets you 6 x excess deduction.

No, it doesn't.

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[Molly A]

On the flip side to all these stories we used to employ someone in the 1990's who always had new for old cover and always seemed to accidentally spill things on the carpet when she wanted a new one. I think at the time they weren't so interested in the claims record on household insurance.
I wouldn't claim anything less than£1500 because of the likely increase in premiums and always go for a high excess.
I can understand why the premiums are so high after 3 recent claims who would take on the risk at what some would see as a"reasonable" premium?.... I wouldn't.

Insurance fraud is now one of the highest contributors to rises in premiums. Companies now employ whole departments to counter fraud, from point of sale to fraudulent claims, so if you want to understand why your premiums are rising, you might want to think about that...

 

[Molly A]

Here is the issue, you have a bad run with insurance nine of the claims are actually your fault, yet the insurance company mark your file as F for fault ! Then the premiums skyrocket beyond proportion. Insurance companies wish to have full disclosure and I can see why some may take a chance and not fully disclose. Instead of the market providing the cheapest insurance, another £20-£50 on everyone’s premium would help to maintain reasonable costs for all when a string of non fault claimes are made.

Personally I don't want to be penalised for someone else's dodgy claims history. You seem not to understand that a claim is designated fault if there is nobody to claim from, such as a theft or a knock in a car park when someone scarpers.

 

[Coolcats]

Did you managed to get a sensible quote?

Hello Minxy Girl, yes although I am not sure it how sensible it is but is £1200 for this year which is more inline with what I was expecting from Adrian Flux. The Agent from AIB was quite pushy for the £3K they were asking for even trying FUD (Fear Uncertainty and Doubt) about buying any other insurance as it could be inferior as it would be too cheap to provide proper cover!!

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[Coolcats]

Personally I don't want to be penalised for someone else's dodgy claims history. You seem not to understand that a claim is designated fault if there is nobody to claim from, such as a theft or a knock in a car park when someone scarpers.

Oh I understand only too well, its always the Insurance company that is looking to penalise the honest individual. Unless every penny is recovered it remains marked as a Fault on my file, yet if the burglary had been my fault the Insurance company would not have had to pay out!

So even when a customer is not at fault you appear to be saying it is their fault.

Fault, Non Fault is too simplistic in this type of scenario I would suggest

Edited to say I have a claimed history, not a 'dodgy' claims history as that insinuates blame.

 

[The Wino]

Oh I understand only too well, its always the Insurance company that is looking to penalise the honest individual. Unless every penny is recovered it remains marked as a Fault on my file, yet if the burglary had been my fault the Insurance company would not have had to pay out!

So even when a customer is not at fault you appear to be saying it is their fault.

Fault, Non Fault is too simplistic in this type of scenario I would suggest

Edited to say I have a claimed history, not a 'dodgy' claims history as that insinuates blame.

But if I were an insurance company being asked to take on a risk from two people one with a history of a few high value claims apparently not their fault another with many years with no claims I would certainly not quote them both with the same figure. I agree that it might have reached a point where the loadings are too high though. Maybe theres a market for a £10k excess where people genuinely have been unlucky and think they are a good risk.

 

[Coolcats]

But if I were an insurance company being asked to take on a risk from two people one with a history of a few high value claims apparently not their fault another with many years with no claims I would certainly not quote them both with the same figure. I agree that it might have reached a point where the loadings are too high though. Maybe theres a market for a £10k excess where people genuinely have been unlucky and think they are a good risk.

Don’t get me wrong stuff happens and it doesn’t matter who you are or how careful. 350 odd pounds then a broker claiming they can only get insurance for you @£3000 I would suggest the broker is not doing their job. My neighbours are just as much as a risk Or more for an insurance company as they own some nice cars and have not retrospectively undertaken further action against a burglary. So I’m not saying there should be no premium increase I am saying it should be context.

No fault claims should be marked as such, I was not careless with my keys neither was my vehicles or house insecure it’s just stuff that happens it could happen to you this evening

why should anyone be penalised after being a victim of crime? we pay our premiums for the loss of a vehicle and when it happens the individual is punished financially.Even when an insurance company pays out you never fully recover all costs involved. The victim pays and pays again.

if I was going out getting speeding fines, jumping traffic lights or causing accidents I totally get high premiums as that is actions within my control.

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[The Wino]

Don’t get me wrong stuff happens and it doesn’t matter who you are or how careful. 350 odd pounds then a broker claiming they can only get insurance for you @£3000 I would suggest the broker is not doing their job. My neighbours are just as much as a risk Or more for an insurance company as they own some nice cars and have not retrospectively undertaken further action against a burglary. So I’m not saying there should be no premium increase I am saying it should be context.

No fault claims should be marked as such, I was not careless with my keys neither was my vehicles or house insecure it’s just stuff that happens it could happen to you this evening

why should anyone be penalised after being a victim of crime? we pay our premiums for the loss of a vehicle and when it happens the individual is punished financially.Even when an insurance company pays out you never fully recover all costs involved. The victim pays and pays again.

if I was going out getting speeding fines, jumping traffic lights or causing accidents I totally get high premiums as that is actions within my control.

I can see all that and agree with some but its not a no blame discount its a no claim discount and the premiums work in a similar way. Insurance basically is gambling they are taking a gamble on people claiming less than the toatal premiums.
I can see that your claims may well have not been your fault but where does it say the insurance premium is based on fault. I don't know what the total claim was but suspect that the increase in premium would be a small proportion.

 

[Coolcats]

I can see all that and agree with some but its not a no blame discount its a no claim discount and the premiums work in a similar way. Insurance basically is gambling they are taking a gamble on people claiming less than the toatal premiums.
I can see that your claims may well have not been your fault but where does it say the insurance premium is based on fault. I don't know what the total claim was but suspect that the increase in premium would be a small proportion.

Interesting, so one of the claims was not mine it was my Wife, her car her insurance, however as she is a named driver on the MoHo her claim goes against me and the reverse is also true as a named driver on her car her premiums also increased.

When you take out insurance it is against possible damage or loss, it’s a risk and you pay a premium for the policy. Being a realist I expected a rise but not one which is punitive and not one which punishes a victim of crime. The premium I have landed up paying is just acceptable and at the top end of what I expected.

I do not drive recklessly, have not caused an accident, I do not drink and drive ( zero alcohol). Just hope that the run of bad luck Has run it’s course.

my wife’s car has been found the police are still investigating so it will be interesting if the find out what happened to my vehicle.Even if they do find the vehicle unless the monies paired out are recovered, and the insurance company have to take a civil prosecution to recover their loss, (which is highly unlikely they would do this ) I will still have my file marked as Fault!

 

[Minxy]

Coolcats ... how did they get in and where were your keys? I suspect a lot of people don't think about where they leave stuff when they go out (not saying you did this).

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[The Wino]

Coolcats ... how did they get in and where were your keys? I suspect a lot of people don't think about where they leave stuff when they go out (not saying you did this).

I think quite a few are still done by fishing rods to reach keys through the letterbox although it's been known about for years. If we go away we now put all car keys in a safe but if they were in long enough they would still get them. I think all you can hope is to make it easier to go somewhere else. That being said 2 skoda estates 4 and 10 years old probably don't make a very attractive target!

 

[Minxy]

I think quite a few are still done by fishing rods to reach keys through the letterbox although it's been known about for years. If we go away we now put all car keys in a safe but if they were in long enough they would still get them. I think all you can hope is to make it easier to go somewhere else. That being said 2 skoda estates 4 and 10 years old probably don't make a very attractive target!

A lot of people still 'plop' them down near the front door, same with handbags etc, we have a large central hallway and that's where our keys get put if we go out shopping etc so they'd need a ruddy long fishing rod, be able to open an internal door and then get inside the box they're in ... oh and get past 3 dogs too ... when we go away every thing gets well hidden.

 

[Coolcats]

Coolcats ... how did they get in and where were your keys? I suspect a lot of people don't think about where they leave stuff when they go out (not saying you did this).

The Btards broke in via the locked front door, small nicks in the door frame where they had used ‘tools’ through the hall way in to the main lounge, then in to a dinning area and the keys were in a Cupboard draw Effectively in the middle of the house. I think they were targeting one vehicle and got ‘lucky’ This was between 03:45 and 04:45 Boxing Day morning, they also stole my MacBook Pro plus a few other items out of the house. If the Mac is ever turned on and it pings the internet it will wipe itself (hard drive is encrypted anyway) and a notice will flash up saying it is stollen and it’s ID is on the national crime database.

I also had to undergo a 3 hour insurance investigators questioning which included proving how I paid for the vehicles, they ask for all the documents And keys one vehicle had 3 keys and they thought I had one cut and Asked why was this the case.....I have no answer other than that is what came with the vehicle. Questions about how the vehicles were used, when and where the last time I used it, how and where they were parked, condition of the vehicle service history how did I know the vehicle was locked etc etc etc. It felt the insurance company was looking for any excuse not to pay out.

So new doors on the house and Garage new security systems cameras Etc (Costing thousands) so you can see why as a victim of crime I feel slightly peeved at such high insurance premiums ( I won’t be alone in this as any victim of crime will testify too)

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