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[shanjon]

for some reason people think that insurance companies are evil...

I work for one.

do you know what percentage of premiums are paid out on claims? 91%

that means on your £200 premium, 5% goes to the government on tax.

that leaves £190.48

10% goes to the broker in commission

that leaves £173.16

91% goes on paying for someone else's claim

that leaves £15.58 for the insurer

out of that £2 is spend posting you your policy booklet and documentation

this leaves £13.58 for the insurer.

out of that they have to pay their staff, run their offices etc

this will generally leave about a fiver as profit.

a 2.5% profit margin on a sale is absolutely crap for any business.

and the company I work for has one of the higest profitability ratings in the industry.

so sometimes I DO feel sorry for insurance companies who have to pay out for crimes like this one.

Oh and I forget. for each policy sold the insurer will likely have to pay £1 to the broker's software house and will also have to pay an amount to the ABI to cover uninsured drivers killing people.

sorry but you are not going to get me to feel sorry for any insurance company
first off we under no circumstances should be paying for someone elses claim, i thought that was the idea of building up no claims bonus to show you are a safe driver ,
basically insurance companies are ripping us off left right and centre , for example last month my renewal came in at £688 f/c 5 years no claims and thats £150 more than last year
(so whats the point in a no claims bonus?  ) because the price sure is not going down

im sorry but thats just a stupid suggestion.
how else do you expect a claim to be paid?

your renewal was £688. would like £688 to be the limit of your claim? if you have a 10 grand car that gets written off and needs replacing, wheres the 10 grand going to come from? you can't magic up money from no-where (as much as the government may try)

first off you are the one that said that 91% is to cover someone elses claim, i know how insurance works but my point is we not should not be paying that amount of percentage,,, the people who claim should be paying the extra amounts
as for a 10 grand car !!!!! come on i drive an omega thats barely worth the renewal qoute i had  
i know money cannot appear like magic , however i believe it should be the people who repeatedly claim who get hit with the higher premium to recover costs etc and not the general joe who has worked hard to build up no claims but yet the price goes up even though they are a safe driver ,,
now be honest its not really fair is it

[waspy]

for some reason people think that insurance companies are evil...

I work for one.

do you know what percentage of premiums are paid out on claims? 91%

that means on your £200 premium, 5% goes to the government on tax.

that leaves £190.48

10% goes to the broker in commission

that leaves £173.16

91% goes on paying for someone else's claim

that leaves £15.58 for the insurer

out of that £2 is spend posting you your policy booklet and documentation

this leaves £13.58 for the insurer.

out of that they have to pay their staff, run their offices etc

this will generally leave about a fiver as profit.

a 2.5% profit margin on a sale is absolutely crap for any business.

and the company I work for has one of the higest profitability ratings in the industry.

so sometimes I DO feel sorry for insurance companies who have to pay out for crimes like this one.

Oh and I forget. for each policy sold the insurer will likely have to pay £1 to the broker's software house and will also have to pay an amount to the ABI to cover uninsured drivers killing people.

sorry but you are not going to get me to feel sorry for any insurance company
first off we under no circumstances should be paying for someone elses claim, i thought that was the idea of building up no claims bonus to show you are a safe driver ,
basically insurance companies are ripping us off left right and centre , for example last month my renewal came in at £688 f/c 5 years no claims and thats £150 more than last year
(so whats the point in a no claims bonus?  ) because the price sure is not going down

im sorry but thats just a stupid suggestion.
how else do you expect a claim to be paid?

your renewal was £688. would like £688 to be the limit of your claim? if you have a 10 grand car that gets written off and needs replacing, wheres the 10 grand going to come from? you can't magic up money from no-where (as much as the government may try)

first off you are the one that said that 91% is to cover someone elses claim, i know how insurance works but my point is we not should not be paying that amount of percentage,,, the people who claim should be paying the extra amounts
as for a 10 grand car !!!!! come on i drive an omega thats barely worth the renewal qoute i had  
i know money cannot appear like magic , however i believe it should be the people who repeatedly claim who get hit with the higher premium to recover costs etc and not the general joe who has worked hard to build up no claims but yet the price goes up even though they are a safe driver ,,
now be honest its not really fair is it

Agreed

I'm dreading my renewal in Jan

[Field Marshal Dr. Opti]

I know exactly what its like to be 17, it was only 3 years ago. It's all about going to college and learning something useful so that you can get a job and pay your bills.

being 17 is about learning how to behave like an adult.

would you be so quick to call his mistake a good one if you were the owner of the shop? or if it was your miggy and not an imprezza? or if you worked for one of the insurance companies who had to pay out on what was likely £100,000 worth of damage caused by a stupid out of control child?

Bappy.....you may be right in what you say....but for a 20 year old kid you need to lighten up a bit.....go out have a good time enjoy being 20......for someone so young you are very judgemental.

Sure CD Pete kid made a mistake and is now paying for it......and probably rightly so, but he was only 17, and as Cem has said earlier on.....we have all done stupid things (believe it or not I was no angel at 17) It seems like he is trying to put things right, so good on the kid for that.

Also as regards insurance companies, they are little more than crooks. Any loop hole they can find to not pay out they will. I have no sympathy for them at all.
 

[Martin_1962]

I know exactly what its like to be 17, it was only 3 years ago. It's all about going to college and learning something useful so that you can get a job and pay your bills.

being 17 is about learning how to behave like an adult.

would you be so quick to call his mistake a good one if you were the owner of the shop? or if it was your miggy and not an imprezza? or if you worked for one of the insurance companies who had to pay out on what was likely £100,000 worth of damage caused by a stupid out of control child?

Bappy.....you may be right in what you say....but for a 20 year old kid you need to lighten up a bit.....go out have a good time enjoy being 20......for someone so young you are very judgemental.

Sure CD Pete kid made a mistake and is now paying for it......and probably rightly so, but he was only 17, and as Cem has said earlier on.....we have all done stupid things (believe it or not I was no angel at 17) It seems like he is trying to put things right, so good on the kid for that.

Also as regards insurance companies, they are little more than crooks. Any loop hole they can find to not pay out they will. I have no sympathy for them at all.
 

Never stole a car though, few people are THAT stupid, and if they are stupid enough to do it why should the rest of society make it easy for them

[cem_devecioglu]

Cant say I made a mistake that wrote off somebodies pride and joy, almost destroyed another persons buisness and endangered the life of countless motorists. pedestrians and Police!

Blew a few trees up with home made explosive though.

one man, who knows many, need to make experiment..so thats very

normal and named as "scientific research"

I tell you what, it was one shite load more effective than we thought it would be ....and we only used an elastic band as a fuse!

you could blow up yourself

Its ok, it was a long one!

you'll have to post that in th ehow to section

agreed ..will help me blow some arse **** here in my job

[Jay w]

i am going to play devils advocate here.....

I feel for the chap, yes he has done wrong, and i have no doubt has paid a price for that wrong doing, for all you know he could still be paying the price.

but once that sentence is served he is a free man, free of that conviction (in a manner of speaking) it should not be held over him for ever, after all he did not get a life sentence....

And before someone jumps down my throat and asks about the victims, of which there were 2 from what i can see, insurance and compensation claims would have ensured that the car was replaced/paid out for and the building repaired.

As for the £3900 insurance bill, this is part of his sentence, he has brought this upon him and he is now having to deal with it like a man......

If the guy is trying to make his way in life now and improve his ways then good on him, it would have been so easy for him to say f*** it and carry on down this path and possibly next time kill someone.

Flameproof jacket has been put on BTW

[The Barge Captain]

Well put Jay W

[Field Marshal Dr. Opti]

i am going to play devils advocate here.....

I feel for the chap, yes he has done wrong, and i have no doubt has paid a price for that wrong doing, for all you know he could still be paying the price.

but once that sentence is served he is a free man, free of that conviction (in a manner of speaking) it should not be held over him for ever, after all he did not get a life sentence....

And before someone jumps down my throat and asks about the victims, of which there were 2 from what i can see, insurance and compensation claims would have ensured that the car was replaced/paid out for and the building repaired.

As for the £3900 insurance bill, this is part of his sentence, he has brought this upon him and he is now having to deal with it like a man......

If the guy is trying to make his way in life now and improve his ways then good on him, it would have been so easy for him to say f*** it and carry on down this path and possibly next time kill someone.

Flameproof jacket has been put on BTW

Agreed....the kid fuc#ed up big time and is ....and will continue to pay for a long time.......I hope he learns from this.......and then moves on.

[Varche]

Well I will say where I stand.

I am sorry that the lad in question has such a large premium to pay. Perhaps he will reflect on that as he "grows up". Perhaps his peers will also reflect on it when they are contemplating doing a crime. I wonder what punishment the lad (young man?) got for stealing a car, risking lives and wrecking property? Probably a suspended sentence and no reporting for "legal reasons". If he had stolen my car I would have wanted him round my house breaking big rocks into small ones for a few months.

As a victim of car theft myself on three occasions, I can say that the anguish you go through is bad enough but dealing with the insurance company opens up a whole new world I never new existed. I shopped around for absolutely ages for the right VX Carlton (colour, model etc) and then a few weeks later it was taken from a locked car park at work in broad daylight despite being alarmed, steering lock on and having the laughable yellow Krooklock steering wheel lock on. The lovely insurance company offered just a fraction of the purchase price. I persevered and got a reasonable settlement (taking a 1/4 hit) after months. The replacement car we bought after searching was a dog compared to the one stolen.  So I have no sympathy whatsoever with the insurance companies. I kept looking at EVERY dark blue carlton I saw for years after that as I knew I would recognise it. Never saw it.

I did go to Cyprus on holiday and that was an eye opener - loads of "former" British cars! Shame the British police and Cypriot police can't get together and VIN check some cars there.

Around the same time a felon who happened to win the National Lottery was convicted for stealing cars to order in my home town..................

Grr all makes me so mad just remembering it all.

varche





    

[cem_devecioglu]

for some reason people think that insurance companies are evil...

I work for one.

do you know what percentage of premiums are paid out on claims? 91%

that means on your £200 premium, 5% goes to the government on tax.

that leaves £190.48

10% goes to the broker in commission

that leaves £173.16

91% goes on paying for someone else's claim

that leaves £15.58 for the insurer

out of that £2 is spend posting you your policy booklet and documentation

this leaves £13.58 for the insurer.

out of that they have to pay their staff, run their offices etc

this will generally leave about a fiver as profit.

a 2.5% profit margin on a sale is absolutely crap for any business.

and the company I work for has one of the higest profitability ratings in the industry.

so sometimes I DO feel sorry for insurance companies who have to pay out for crimes like this one.

Oh and I forget. for each policy sold the insurer will likely have to pay £1 to the broker's software house and will also have to pay an amount to the ABI to cover uninsured drivers killing people.

in my country picture is really different.. :-/

as I work in govt treasury, I know payments of insurance

companies;  in most cases they find many ways to diminish the

payment    or pay very late or pay nothing  ..so payment ratios

are very far from that.. And one department in my building tries to

control them..

and sad to say additionally they really do bad jobs on the

backrgound ..

and you cant imagine how they rip the people here..many examples

can be given but not necessary here..


by the way  in that event Turkish insurance companies will pay absolute "0.0"  as the boy is under 18 and cant have license..

forgot to add I pay a mint condition miggy money with UK standards

just for insurance

[Lizzie_Zoom]

for some reason people think that insurance companies are evil...

I work for one.

do you know what percentage of premiums are paid out on claims? 91%

that means on your £200 premium, 5% goes to the government on tax.

that leaves £190.48

10% goes to the broker in commission

that leaves £173.16

91% goes on paying for someone else's claim

that leaves £15.58 for the insurer

out of that £2 is spend posting you your policy booklet and documentation

this leaves £13.58 for the insurer.

out of that they have to pay their staff, run their offices etc

this will generally leave about a fiver as profit.

a 2.5% profit margin on a sale is absolutely crap for any business.

and the company I work for has one of the higest profitability ratings in the industry.

so sometimes I DO feel sorry for insurance companies who have to pay out for crimes like this one.

Oh and I forget. for each policy sold the insurer will likely have to pay £1 to the broker's software house and will also have to pay an amount to the ABI to cover uninsured drivers killing people.

sorry but you are not going to get me to feel sorry for any insurance company
first off we under no circumstances should be paying for someone elses claim, i thought that was the idea of building up no claims bonus to show you are a safe driver ,
basically insurance companies are ripping us off left right and centre , for example last month my renewal came in at £688 f/c 5 years no claims and thats £150 more than last year
(so whats the point in a no claims bonus?  ) because the price sure is not going down

im sorry but thats just a stupid suggestion.
how else do you expect a claim to be paid?

your renewal was £688. would like £688 to be the limit of your claim? if you have a 10 grand car that gets written off and needs replacing, wheres the 10 grand going to come from? you can't magic up money from no-where (as much as the government may try)

first off you are the one that said that 91% is to cover someone elses claim, i know how insurance works but my point is we not should not be paying that amount of percentage,,, the people who claim should be paying the extra amounts
as for a 10 grand car !!!!! come on i drive an omega thats barely worth the renewal qoute i had  
i know money cannot appear like magic , however i believe it should be the people who repeatedly claim who get hit with the higher premium to recover costs etc and not the general joe who has worked hard to build up no claims but yet the price goes up even though they are a safe driver ,,
now be honest its not really fair is it

First of all that is how insurance works; the risks of you of having an accident, given age, health, driving history / accidents, then the type of vehicle to be driven, its cc, its age, the type of vehicle, its financial worth are all taken into account for every driver insured.  

Overall the premiums are worked out for each driver, and the hope is you will not make a claim during the life of your annual premium.  But, your premium must cover those that do have to claim, with the insurance company hoping to make a profit  from their motoring policies.  But they take on the risk.

As for what your car is worth, it is almost immaterial.  One serious accident is reckoned to cost £1.8 million, but for the insurance company they may have to cover not only the cost of your vehicle and others, but the medical expenses of the drivers / passengers / other parties, loss of life claims, damage to property, and law suits that could follow, all amounting for hundred's of thousands of pounds, even approaching or exceeding £million's in the worst cases.  

Is not your few hundred pound premium per year worth it for this cover?  

Do not forget YOU could be the claimant against the other driver and their insurance company and then, believe me, you will think insurance is worth it.

[Dusty]

for some reason people think that insurance companies are evil...

I work for one.

do you know what percentage of premiums are paid out on claims? 91%

that means on your £200 premium, 5% goes to the government on tax.

that leaves £190.48

10% goes to the broker in commission

that leaves £173.16

91% goes on paying for someone else's claim

that leaves £15.58 for the insurer

out of that £2 is spend posting you your policy booklet and documentation

this leaves £13.58 for the insurer.

out of that they have to pay their staff, run their offices etc

this will generally leave about a fiver as profit.

a 2.5% profit margin on a sale is absolutely crap for any business.

and the company I work for has one of the higest profitability ratings in the industry.

so sometimes I DO feel sorry for insurance companies who have to pay out for crimes like this one.

Oh and I forget. for each policy sold the insurer will likely have to pay £1 to the broker's software house and will also have to pay an amount to the ABI to cover uninsured drivers killing people.

in my country picture is really different.. :-/

as I work in govt treasury, I know payments of insurance

companies;  in most cases they find many ways to diminish the

payment    or pay very late or pay nothing ..so payment ratios
are very far from that.. And one department in my building tries to

control them..

and sad to say additionally they really do bad jobs on the

backrgound ..

and you cant imagine how they rip the people here..many examples

can be given but not necessary here..


by the way  in that event Turkish insurance companies will pay absolute "0.0"  as the boy is under 18 and cant have license..

It's the same in England Cem.

Insurance companies are a dishonest bunch.

They like to pretend that they are all honest and above board.


In reality nothing could be further from the truth.

[cem_devecioglu]

for some reason people think that insurance companies are evil...

I work for one.

do you know what percentage of premiums are paid out on claims? 91%

that means on your £200 premium, 5% goes to the government on tax.

that leaves £190.48

10% goes to the broker in commission

that leaves £173.16

91% goes on paying for someone else's claim

that leaves £15.58 for the insurer

out of that £2 is spend posting you your policy booklet and documentation

this leaves £13.58 for the insurer.

out of that they have to pay their staff, run their offices etc

this will generally leave about a fiver as profit.

a 2.5% profit margin on a sale is absolutely crap for any business.

and the company I work for has one of the higest profitability ratings in the industry.

so sometimes I DO feel sorry for insurance companies who have to pay out for crimes like this one.

Oh and I forget. for each policy sold the insurer will likely have to pay £1 to the broker's software house and will also have to pay an amount to the ABI to cover uninsured drivers killing people.

in my country picture is really different.. :-/

as I work in govt treasury, I know payments of insurance

companies;  in most cases they find many ways to diminish the

payment    or pay very late or pay nothing ..so payment ratios
are very far from that.. And one department in my building tries to

control them..

and sad to say additionally they really do bad jobs on the

backrgound ..

and you cant imagine how they rip the people here..many examples

can be given but not necessary here..


by the way  in that event Turkish insurance companies will pay absolute "0.0"  as the boy is under 18 and cant have license..

It's the same in England Cem.

Insurance companies are a dishonest bunch.

They like to pretend that they are all honest and above board.


In reality nothing could be further from the truth.

yep..we must ask the car owners