Protected No Claims - Any use?
07-18-2002, 09:39 AM
#21
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Originally posted by PWE 896
I'm having a fight with our PI insurers on this very matter as we speak.
I'm having a fight with our PI insurers on this very matter as we speak.
I've dealt with cases where PI insurers have resisted claims and instructed lawyers to defend a claim, and the standard tactic which their lawyers adopt is to frustrate and delay at every turn - basically to make it so lengthy and costly for you to pursue the action that you lose heart and decide to give up......Cynical, even by lawyers' standards!
07-19-2002, 01:52 PM
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Originally posted by PWE 896
Well I did preface my comment with "it could be argued" ... And it's not an assumption BUT in fact there is something to back up my statement (and I can't remember what it is either!) that's based around the law of probability. It's like sitting at a roulette wheel and black coming up 20 times in a row. You would say that the chances of black coming up again next is 50/50 but, I believe, there is some pundit's research whcih says this is not the case.
Well I did preface my comment with "it could be argued"
... And it's not an assumption BUT in fact there is something to back up my statement (and I can't remember what it is either!) that's based around the law of probability. It's like sitting at a roulette wheel and black coming up 20 times in a row. You would say that the chances of black coming up again next is 50/50 but, I believe, there is some pundit's research whcih says this is not the case.I think the term that TNT has in mind is "mutually exclusive", which means that the last event has no influence on the next one.
btw. I pay just over 2 k in insurance, and all this talk abt insurance companies and their prices is really making me wonder why I even bother to get insurance.
TBC
07-19-2002, 02:20 PM
#24
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with the stock markets sliding the premiums will have to go up soon. The insurance industry is a cash generating machine - all the premiums don't just sit in a bank vault waiting to pay people out - they get invested all over the world to make even more money. So when the premiums go up, they will mention some stuff about larger than usual insurance claims - but it is probably more likely they are writing down some bad investments of your premiums.
crash theory versus time. I agree with Pete on this,. crash happens when a certain set of bad circumstances occur together. Each day the chances maybe the same as yesterday, however if you run it over a long enough period then the accident will occur at some point - I guess this is why insurance companies offer discount for low mileage as they assume that the dice get thrown less often in that year. The problem is though you don't know when to start the insurance.
If you think you can beat the insurance averages - then go 3rd party. Some companies do this and have self insurance since their own capital is large enough to cover any of their own loss. They then assume same profit and risk as the insurance company.
crash theory versus time. I agree with Pete on this,. crash happens when a certain set of bad circumstances occur together. Each day the chances maybe the same as yesterday, however if you run it over a long enough period then the accident will occur at some point - I guess this is why insurance companies offer discount for low mileage as they assume that the dice get thrown less often in that year. The problem is though you don't know when to start the insurance.
If you think you can beat the insurance averages - then go 3rd party. Some companies do this and have self insurance since their own capital is large enough to cover any of their own loss. They then assume same profit and risk as the insurance company.
07-20-2002, 01:27 AM
#25
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Originally posted by Kobe
If you think you can beat the insurance averages - then go 3rd party. Some companies do this and have self insurance since their own capital is large enough to cover any of their own loss. They then assume same profit and risk as the insurance company.
If you think you can beat the insurance averages - then go 3rd party. Some companies do this and have self insurance since their own capital is large enough to cover any of their own loss. They then assume same profit and risk as the insurance company.
It's like that old advertising cliche, "50% of the money I spend on advertising is a complete waste - the problem is I don't know which 50%"
Pete
07-20-2002, 02:36 AM
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I would question all of your assumptions,
I remember a Top Gear article last year stated that the car insurance industry has only made a profit once in the last 10 years!
They make loads out of people like us, however, they have to pay out on the 1million uninsured cars on the road in this country, which might be more likley to me the ones involved in crashes.
So, perhaps the government should implement a better system for identifing uninsured cars, I know the insurance industry is.
I remember a Top Gear article last year stated that the car insurance industry has only made a profit once in the last 10 years!
They make loads out of people like us, however, they have to pay out on the 1million uninsured cars on the road in this country, which might be more likley to me the ones involved in crashes.
So, perhaps the government should implement a better system for identifing uninsured cars, I know the insurance industry is.
07-20-2002, 02:49 AM
#27
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Originally posted by Bonesy
So, perhaps the government should implement a better system for identifing uninsured cars, I know the insurance industry is.
So, perhaps the government should implement a better system for identifing uninsured cars, I know the insurance industry is.
The insurance industry and the police have been developing a system for some time which is due to go live very shortly. Basically a copper with a radio will be able to query a database in respect of any vehicle he sees and know within seconds whether or not it is recorded as currently insured.Long overdue IMHO. I read somewhere recently, that just in the West Mids over 25% of all vehicles are estimated to be on the roads uninsured!
07-20-2002, 03:17 AM
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Originally posted by Cedric Tomkinson
Long overdue IMHO. I read somewhere recently, that just in the West Mids over 25% of all vehicles are estimated to be on the roads uninsured!
Long overdue IMHO. I read somewhere recently, that just in the West Mids over 25% of all vehicles are estimated to be on the roads uninsured!
Better hope that if I have an accident caused by someone else, it's not close to home!!
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