Car Insurance- Scum of the Earth

[CityStu]

How do they post such high profits then?
Operating profits for direct line in 2016 where £354m.
What am i missing?

Their revenue? Profits may be high but relative profits may not be.

 

[hawkhurst]

How do they post such high profits then?
Operating profits for direct line in 2016 where £354m.
What am i missing?

They receive a shit tonne in premiums (billions), released reserves for historic claims they thought they over estimated the value of and they might have done well with investments. This thing that insurers print money and are laughing at everyone is a nonsense. The company I work for posted a £100m loss in Q3 of this year alone.

 

[Ifwecouldjust.......]

They receive a shit tonne in premiums (billions), released reserves for historic claims they thought they over estimated the value of and they might have done well with investments. This thing that insurers print money and are laughing at everyone is a nonsense. The company I work for posted a £100m loss in Q3 of this year alone.

They also invest those premiums in the meantime whilst waiting to pay out claims and pay expenses

 

[hawkhurst]

They also invest those premiums in the meantime whilst waiting to pay out claims and pay expenses

Mate, they're not withholding claims payments for an extra day or 2 so they can eek out an extra 10p in investment returns. They've always got to have enough liquid assets to pay claims immediately. They're not selling bonds so that they can pay your claim - insurers are so heavily regulated on this it's not funny. People might have had delays because of poor customer service, not because management tell them to slow everything down to maximize investments!

 

[billfromthehill]

Sorry that this may turn into a rant, but nearly 30 years of paying for full insurance coverage on a car, never having any claims or problems whatsoever and the insurance washes their hands off of you is appalling!

According to this unjust practice, even if I am minding my own business, obeying all traffic regulations etc, and someone smashes into the back of my car while I'm stopped at a red light because they were on their phone and causes damage to a near classic Mercedes having preserved it perfectly. And they come and decide to write it off as it's uneconomical!! Where is the fucking justice!

What's the point of spending out on this when someone can just come and smash everything you've hoped for for the past 30 years? Where is the justice in this messed up world?

So it’s not a classic then?

 

[Bilboblue]

About 15 years ago, some prick rammed my Nissan Pulsar GTi-R when it was parked up at night, it was insured for £7500, with all mods declared.

I ended up with £6500 PLUS my car back, which I then stripped of all mods and replaced with standard parts, sold the parts for around £1500 and the damaged car for £3k, so I ended up quids in, still wish I had got the car repaired though, was a cracking motor.

 

[blueonblue]

Try telling them what your value is and why, its your value that matters not theirs, you are entitled to be put back in the same position as before the accident, either repair the car to your satisfaction or find one of a similar condition and spec (No matter the price, thats their problem)and demand the full replacement price.

 

[bluethrunthru]

Sorry that this may turn into a rant, but nearly 30 years of paying for full insurance coverage on a car, never having any claims or problems whatsoever and the insurance washes their hands off of you is appalling!

According to this unjust practice, even if I am minding my own business, obeying all traffic regulations etc, and someone smashes into the back of my car while I'm stopped at a red light because they were on their phone and causes damage to a near classic Mercedes having preserved it perfectly. And they come and decide to write it off as it's uneconomical!! Where is the fucking justice!

What's the point of spending out on this when someone can just come and smash everything you've hoped for for the past 30 years? Where is the justice in this messed up world?

I understand your point but its just business - one mans classic is another old banger I am afraid. Personally I like the classics - a 1992 FIAT Panda parked by the side of the road is much more interesting to my eye than a 2017 Fiesta but the Panda is a 25 year old car so 99% of the others passing by see a banger.

Best route for anything you value is speak to a classic car insurance specialist - you'll find details on line or in any classic car mag classifieds section and deal with someone who understands what the vehicle represents to you and can agree its value up front.

 

[KS55]

Never had a single problem with car insurance, I take the bus.

 

[bluemonkey71]

Hope you get it sorted. Don’t forget to brick the woman’s windows and shit on her garden