Taking the mick? (1 Viewer)

[MichaelT]

I'm not sure there is an option to self insure is there ? I was under the impression It was a legal requirement to use a recognised insurer under the Road Traffic act 1988

As far as I know firms like BT, post office who have thousands of vans self insure. Not sure how it works and if you have pay some sort of bond I'm not sure 9r indeed if its a thing of the past since they were privatised.

 

[Stretto Boy]

Well the renewal has just come in from Comfort £768 last year
£1024 this year

I've just had the renewal through for my car and the figures are similar. It was, in round figures, £740 last year and £980 this.

Our motorhome was north of £1,200 last year and no doubt will be a lot more when it falls due for renewal in November.

 

[chaser]

There is one thing about the nfu they are not the cheapest by any means at the start but you can guarantee they won't be upping the price next year to the extent of some others, in fact mine has been known to go down.

 

[Richard n Ann]

If you don't use comparison sites you will be ripped off. Hastings tried it with my car insurance this year, went up £150... "problems in the industry"... "excessive claims"... "not our fault" blah, blah, blah
They even primed me with an email a week before explaining rising costs, and very sorry

I rang them up to cancel the auto renew and after ten minutes and trying me at several price reductions, they miraculously matched the price, even matched legal insurance.

The van insurance has been with Staveley Head for 9 years now because they know I don't accept price hikes (they tried it on year 2 )

 

[meanders]

I am fairly certain that companies can self insure under Road Traffic Acts provided half a million pounds has been lodged with the Chancery Division of the High Court. That may have changed in the restructuring of the courts system. A large company I worked for looked at it in detail back in the 1990's and decided that the loss to revenue of the deposit was greater than the insurance costs currently being paid.

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[starquake]

I am fairly certain that companies can self insure under Road Traffic Acts provided half a million pounds has been lodged with the Chancery Division of the High Court. That may have changed in the restructuring of the courts system. A large company I worked for looked at it in detail back in the 1990's and decided that the loss to revenue of the deposit was greater than the insurance costs currently being paid.

Correct.

I have worked for insurers (one locally to us meanders) who have their own deposit with teh high court for their staff policy.
That said, effectively you do have unlimited liability when you self-insure, the half a million is just a deposit to effectively prove you have moneies for any claim.

I doubt funsters would be able to stand the second part, the fact we'd all be on hook for unlimted liability rules me out.

That said ^ also applys to Llloyds of London underwriters too for their policies -> they also have substatial liability for claims.

 

[BikerGraham]

Correct.

I have worked for insurers (one locally to us meanders) who have their own deposit with teh high court for their staff policy.
That said, effectively you do have unlimited liability when you self-insure, the half a million is just a deposit to effectively prove you have moneies for any claim.

I doubt funsters would be able to stand the second part, the fact we'd all be on hook for unlimted liability rules me out.

That said ^ also applys to Llloyds of London underwriters too for their policies -> they also have substatial liability for claims.

Just got my car insurance renewal in. £602 last year. No changes. New price £892 WTF

 

[starquake]

Just got my car insurance renewal in. £602 last year. No changes. New price £892 WTF

Probably why my stock holdings in auto insurers have been doing so well on the stock market recently. Thankfully this has more than offset the rises in insurance.

 

[BikerGraham]

Probably why my stock holdings in auto insurers have been doing so well on the stock market recently. Thankfully this has more than offset the rises in insurance.

Your welcome

 

[starquake]

Your welcome

In positives, I do expect the current rises to follow with a fall. Insurance typically runs in a cycle, we're just at top of this cycle now.

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[WESTY66]

I do expect the current rises to follow with a fall.

I don’t

 

[BikerGraham]

In positives, I do expect the current rises to follow with a fall. Insurance typically runs in a cycle, we're just at top of this cycle now.

Motorhome insurance only went up about £50. My motorbike insurance went down.

There is no justification for the car insurance to go up by this percentage. Pure greed

Obviously will be shopping around.

 

[starquake]

Motorhome insurance only went up about £50. My motorbike insurance went down.

There is no justification for the car insurance to go up by this percentage. Pure greed

Obviously will be shopping around.

It's to be honestly likely becuase Direct line's underwriter recoverying the last 2 years losses (they lost around 200 million on 2022-3). many insurers are just rebrands of Direct line/uk insurance ltd's underwriters.

They "massively" underpriced their insurance lines so as such got caught out, the CEO left etc, dividend cancelled etc.
Buying the stock when down like that -> it was obvious they had to increase prices to make profit, and as such was an investment opportunity.

 

[Lenny HB]

Just had my car renewal £213 up from £140, I will be shopping around.

 

[BrianJane]

As far as I know firms like BT, post office who have thousands of vans self insure. Not sure how it works and if you have pay some sort of bond I'm not sure 9r indeed if its a thing of the past since they were privatised.

A few years back I worked at Argos/DHL doing home deliveries with heavier items, washing machines, wardrobes etc. I had a car being reversed out of a driveway which backed right into the truck I was driving. Got back to the yard and enquired abouut telling my insurance the next time I renew that I had an accident, Was told dont have to tell them as DHL are self governed. Whether that was rue or not, I dont know.

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[BusyBuilder]

Just been told by Hastings they won't insure my bike again next year
Benn with them 6 or 7 years.

 

[Boldly]

Just been told by Hastings they won't insure my bike again next year
Benn with them 6 or 7 years.

Thought they had to offer renewal even if ridiculously expensive

 

[BikerGraham]

Just got my car insurance renewal in. £602 last year. No changes. New price £892 WTF

a bit of tinternet work this morning and got renewal down to £448 with Tesco.... phew a bit of a relief

to note - Aviva wanted £1020, Direct line wanted £950 and LV still wanted £680. All ridiculously silly numbers.

 

[Coastal Cruiser.]

a bit of tinternet work this morning and got renewal down to £448 with Tesco.... phew a bit of a relief

to note - Aviva wanted £1020, Direct line wanted £950 and LV still wanted £680. All ridiculously silly numbers.

No doubt all quotes underwritten by the same company

 

[starquake]

No doubt all quotes underwritten by the same company

Interestingly Tesco moved from using UK Insurance Ltd (Ie Direct Line) for majority of own insurance to underwriting it's own in 2021, so Tesco are always worth a quote.

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[maison]

Motorhome insurance only went up about £50. My motorbike insurance went down.

There is no justification for the car insurance to go up by this percentage. Pure greed

Obviously will be shopping around.

My motorbike insurance went up, but only by £6 for the year.

 

[Mike800966]

The only answer is to do your homework every renewal for every policy, a pita to be sure.
I build a short crib list and use that to make sure that all my quotes are for the same details.
Boring and Sad but you have to play them at their own game. Oh and dont forget to go to the lowest and leave a silent pause, just to see what they CAN come up with.
Mike

 

[L' Hobo]

Maybe we could self insure. 3000 Funsters Paying 500 a year. Who wants to hold the cash?

This is allowed and is what some of the big bus companies such as TFL do.
Sadly, it has to be a bond held independently!
Cannot remember by who but probably, the Ministry of Transport, or whatever they call themselves these days?

 

[meanders]

It might be allowed but is fraught with difficulties. Who is going the do the admin and who will deal with any claims? How will the admin know if the claims are valid and reasonable? Start paying loss adjusters and that will soon be eaten into! What happens if one of us has a major incident and 3rd party claims in the million pound or more level come in (Loss of life, severe damage to buildings etc). Who would hold the liability if the fund did not cover claims? All participants jointly and severally meaning those with assets get chased at the expense of others with no assets? As said earlier, the company I worked for looked at it and decided against it. The primary reason was that the sums saved really didn't add up, but another concern was the liability issue possibly bringing down the company. .

 

[starquake]

But another concern was the liability issue possibly bringing down the company. .

When I worked for an insurer (who didn't really do auto but self insured their employee auto policies) they did get insurance against that possibility. It's possible to my understanding, but you need someone doing the admin very versed in insurance (which sin't me). I'd also say it'd need a lot more than 3000 policies to be viable. THe UK cover at my last employer had it viable at around 15k UK employees.

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[Lenny HB]

Phoned my car insurance company god got them down to £10 more than last year.

 

[chatteris]

my renewal had gone up by around £300, I phoned them and had a moan and they knocked off another 5%, so now paying about £1220 which is not too bad for 4 vehicles

 

[gus-lopez]

10 nicked or badly damaged carthagos or 5 or 6 Morelos and we'd need a whip round

Doesn't work like that. Self insurance is solely for 3rd party claims. Own damage you pay for yourself,as in most countries.

Self Insuring is a great idea Jim. No less than the MOD does(albeit on a grander scale) sadly 50 claims say @ £ 30,000 would wipe the fund out but there must be away to do it surely

As above.

Don't forget the FLT element on here that would crash and claim just to get their moneys-worth

(I think)

As above solely for 3rd party claim.

I'm not sure there is an option to self insure is there ? I was under the impression It was a legal requirement to use a recognised insurer under the Road Traffic act 1988

There is NO legal requirement to have insurance. The requirement is that you can pay all 3rd party costs.

You deposit 500k with the attorney General. Interest used to be paid on the amount. You need more money if the claim was against you , similar to bring a Lloyd's "name" in shipping.

 

[dazandandrea]

Just had renewal through for my motorbike with Bennets, gone up from 350 to 420. Extra year no claims so why?
Searched round and got same cover for 220 with Hastings premier.
Search search and search again.

 

[chatteris]

Doesn't work like that. Self insurance is solely for 3rd party claims. Own damage you pay for yourself,as in most countries.

As above.

As above solely for 3rd party claim.

There is NO legal requirement to have insurance. The requirement is that you can pay all 3rd party costs.

You deposit 500k with the attorney General. Interest used to be paid on the amount. You need more money if the claim was against you , similar to bring a Lloyd's "name" in shipping.

back around 1979 i worked for post office telecomms and i think the bond amount for them was a million must be substantially more now for any large corporation

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