Insurance premiums are a subject that I feel quite strongly about, yet one that I cannot conjure up a decent argument for in my head - hopefully this opinion will make some sense!!
I've been driving since just after I turned 17 (A Level Maths tells me that's coming up for 4 years now!) My ... Read review
...sometimes and that insurance is rising to ridiculous levels. You know that something is wrong when you are charged the value of your car to insure it!
As for solutions, I'm not too sure. Perhaps recognition for the type of cars you have experience on? Surely it isn't fair that someone my age who has been driving a 1 litre Fiesta for three years, is entitled to a standard 3 year NCB on a Porsche that he buys......whereas I (for arguments ... ...friend has been driving his Fiesta. Is it fair that we are both entitled to the same discount off the insurance of the Porsche, when I have been driving a car with similar power to the Porsche for 3 years, and he is only used to a 1 litre Fiesta - who is the highest risk driver??
I'd welcome any comments or criticisms you may have of my opinion - and an opinion it is; no-one will change my mind but I would take on board anything you ... more
Insurance premiums are a subject that I feel quite strongly about, yet one that I cannot conjure up a decent argument for in my head - hopefully this opinion will make some sense!!
I've been driving since just after I turned 17 (A Level Maths tells me that's coming up for 4 years now!) My big problem though, is that I have always liked cars with that bit more go. There is nothing more frustrating than being stuck behind someone doing 45mph on a nice, clear road, and your car just doesn't have the ooommmpphh to get past safely. It makes you more dangerous as a driver, as you are taking more of a risk to overtake, than someone in a fast car that can just nip past in a couple of seconds. Although I won't start on that debate as its more speed related!
I always accepted that I would pay more than someone who drove a 1.1 litre car - even though I disagreed with it, because I think that anyone, no matter how powerful their car is, can drive like a tit! What I don't accept is that I am at the age where insurance premiums are supposed to drastically reduce each year, and yet they keep rising! I heard that turning 21, was one of the magical points for insurance premiums (along with 25) and that I'd get cheaper premiums once I was there. I am also building no claims bonus unlike more mature drivers, who usually already have theirs. I would have expected that turning the magical 21 and getting another year's no claims, would have made my insurance premium go down, just a little bit. But, no, its gone up by about 20%. Apparently due to the continuous rise in claim payouts exceeding my new discount - I'd like to know where they are paying out all of this money to, because its certainly not to me!!
Before anyone points it out to me, I am aware that younger drivers are the highest risk group to insure. However we are all tarred with the same brush. How can it be fair that perhaps a 27 year old, who has never driven a car before, can go out and take their driving test, and immediately receive more favourable insurance premiums than perhaps a 21 year old, with 4 years experience. My other point is regarding the more mature drivers at the opposite end of the scale. Over 65's receive very cheap insurance, yet they are another high risk group. I am not discriminating against older drivers - my Nan is still very good. However I have seen quite a bit of really shocking driving from OAP's - some of whom I believe shouldn't have a license. In my opinion (and I'll probably get some comments from saying this) the reason that older drivers aren't in as many accidents as other groups is because they are the cause of a lot of them. I'm sure most people have seen someone pottering along, oblivious to what is going on around them, and then go in the wrong lane at a roundabout...
I'm not saying that young drivers are saints - some drive like complete idiots. I just feel they are a scapegoat sometimes and that insurance is rising to ridiculous levels. You know that something is wrong when you are charged the value of your car to insure it!
As for solutions, I'm not too sure. Perhaps recognition for the type of cars you have experience on? Surely it isn't fair that someone my age who has been driving a 1 litre Fiesta for three years, is entitled to a standard 3 year NCB on a Porsche that he buys......whereas I (for arguments sake) have been driving a Ferrari in the time my friend has been driving his Fiesta. Is it fair that we are both entitled to the same discount off the insurance of the Porsche, when I have been driving a car with similar power to the Porsche for 3 years, and he is only used to a 1 litre Fiesta - who is the highest risk driver??
I'd welcome any comments or criticisms you may have of my opinion - and an opinion it is; no-one will change my mind but I would take on board anything you had to say.....
Advantages: Acturarily logical Disadvantages: It comes out of my wallet
...and the current situation of rising premiums…
What basically is insurance? Well to explain quite it in simple terms, everybody is afraid of some sort of loss, and everyone pays a cost to the insurance company, and the people who suffer the loss obtain a share of this pool, and the people who lose don’t get anything from this pool. Why do we insure? If we consider a simple model of insurance companies accounts, it will have premiums (+) ... ...greater than payouts, in technical talk, you are placing a losing bet, just like the National Lottery, you pay £1 for around 40 pence worth of hope in winning. But with the National Lottery you cannot sit in your bath and dream about what you can do with the money… The answer is simply that we are risk averse people, we prefer certainty and are willing to pay for it. Another reason cold be that we are forced to buy it.
Why are we forced to ...
Modena 26.01.2001 (11.02.2001)
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Ciao members have rated this review on average: very helpful Review of Rising UK Insurance Premiums
Advantages: Your covered Disadvantages: Your not covered
...bonus" but the payouts are rising for liability so premiums rise so in fact your standing still or like me my extra year N.C.B did not even cover the premium increase. So don't blame the insurers blame the courts, jurors but most of all, as I wrote in the speed limits topic, blame the drivers. ...
petersmyth1 05.01.2001
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Ciao members have rated this review on average: very helpful Review of Rising UK Insurance Premiums
Advantages: You can fight for payment in the event of an accident. Disadvantages: If you don't have an accident, it's money down the drain. Getting money out of an insurance company is like the 'getting blood out of a stone' scenario. I can only 'recommend to potential buyers' because it's illegal to drive without insurance.
...my annual premium is actually RISING - not falling. That's despite the amount of no claims discount I have.
There's little wonder that so many people are willing to take the risk and drive without insurance.
It baffles me where all the money collected in insurance premium tax goes to. That's 5% of my premium lining the government's pockets. I could say the same about road tax. I pay all that money out each year, expecting that 'Road Tax', as the ... ...know what the roads are like in your area, but where I live in South Yorkshire, there are pot-holes the size of the Grand Canyon. And what's with sinking man-hole covers three inches into the road surface??! Is that someone's idea of a joke? The times I've almost been dealt a fractured skull or put my head through the sunroof.
We all pay our insurance and we get nothing in return. I've never made a claim, but I know people that have, and insurance ...
lyricalt 09.03.2001
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Ciao members have rated this review on average: very helpful Review of Rising UK Insurance Premiums
Advantages: Might help you out if you have an accident Disadvantages: Costs a fortune, insurance companies try not to pay out, legal requirement to have insurance
...of personal injury claims and rising repair costs. In the seven years I've been driving, I have never had an accident and have never made a claim of any sort on any insurance. Why on earth should I have to pay eve more for something that I never use?
It is no wonder that there are so many people driving around without insurance. The chance of getting caught is so slim and the money you save is so great that every year I wonder whether it is worth ... ...am a law abiding citizen, I won't do that, but there are a lot of people who will. High costs are driving people to break the law and it is people like me who end up paying for it. Why is it that everyone is out to screw the motorist? ...
adamdavid 04.10.2000
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Ciao members have rated this review on average: very helpful Review of Rising UK Insurance Premiums
Advantages: Got to be insured to drive legally Disadvantages: Like flushing your hard earned cash away
I have recently been trying to get insured by myself instead of being on my dad’s policy, but apparently insurance companies consider me a threat because I fall into the 'young driver' category. I recently got given a quote on £12,840 (I have the e-mail to confirm it) from Cornhill Insurance for my R-reg. Rover 214, and that was based on a 3rd party insurance policy. I think it’s a disgrace that young drivers should be taken advantage ... ...are driving uninsured on Britains roads and the amazing thing is that if your caught by the police without insurance then the fine you will receive will most likely be less than your insurance premium would have been. You only run the risk of serious trouble if you are involved in an accident without insurance and in that case its people like me who have paid their insurance who will lose their no claims bonus because of it. The only way of telling ...
igloofun 06.02.2001 (08.06.2001)
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Ciao members have rated this review on average: very helpful Review of Rising UK Insurance Premiums
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