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Thread: Insurance Premium Hike.

  1. #33
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    Quote Originally Posted by Tractors are go View Post

    Quality service costs, and until you need to claim you don't know how good they'll be.
    Who is the 'they' in that sentence?

    The insurer?

    The broker?

    The search engine provider?

    The loss adjuster?

    The repair shop?

    As to the cost? Well, you decide just how much you want to pay.

  2. #34
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    Mainly the insurer, you are correct though. There's lots of layers to process through, and "the insurance company" gets the blame if it goes wrong, which is more a generic statement than anything else.

    However, ultimately they're the one with the mutually binding contract, with the client, so are accountable.

    Personally now a days, if there's anything more than a minor or trivial problem, I just get the lawyer's to deal with it for me.

    Quote Originally Posted by Wapping View Post
    Who is the 'they' in that sentence?

    The insurer?

    The broker?

    The search engine provider?

    The loss adjuster?

    The repair shop?

    As to the cost? Well, you decide just how much you want to pay.
    Sent from my SM-N910F using Tapatalk

  3. #35
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    Complicated innit? However getting bike insurance this year is proving more expensive and more difficult than ever.

  4. #36
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    Quote Originally Posted by Engineer View Post
    Complicated innit? However getting bike insurance this year is proving more expensive and more difficult than ever.
    Wait until you get old !

    And to think how the white heat of technology was going to improve all our lives.

    No personal nuclear powered jet packs yet either.

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  5. #37
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    Quote Originally Posted by Tractors are go View Post
    No, they have not, because if they were trading as insolvent then they're in breach of their licence.
    Making a loss is not the same as trading while insolvent (which is illegal in any business)
    There can only be 11 and I'm one.

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  6. #38
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    Quote Originally Posted by Engineer View Post
    Complicated innit? However getting bike insurance this year is proving more expensive and more difficult than ever.
    Yup, the cost is - for some bods at least - going up and for some parts of the country proving very difficult to obtain at all. The loss ratios are shite because bods write their now very expensive motorcycles off and / or get them nicked, sometimes because they cannot be arsed to arm themselves with even a modicum of basic theft prevention.

    The trouble comes that Mr Joe Public sees insurance, not as a contract of indemnity but as an investment which, unless he receives back the premium he spends each year (and more) he's been ripped off for. Mix in that it's compulsory to have it and that most people don't understand what it is they have bought, who sold it to them, who the various players in the game are and that the call centre chimps are, well, just chimps, it creates a mess. The good news is, the vast majority of claims are settled promptly and often for much more than the injured party ever expected or was really due..... all sometimes for peanuts.

  7. #39
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    Quote Originally Posted by stolzy View Post
    Making a loss is not the same as trading while insolvent (which is illegal in any business)
    When you portray publicly that your paying out more than you're getting in premiums and suggest or hint very heavily that if you don't increase the premiums, you'll go bust as it can't continue what should that be called ?

    It's opiate for politician's too stupid or personally involved to see past the lies and deceit.

    If, the insurance companies are operating at a loss then those massive pay increases/bonuses to senior management and the dividend increases to shareholders are wholly inappropriate.

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  8. #40
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    Insurers can release premium (cash) reserves from past years in order to close gaps in their loss ratios. Obviously, they can’t do that forever.

    They can also buy their own insurance (called, reinsurance, which is what I pretend to do all day) that can protect them from an as yet unknown future further deterioration in their loss results over say a several year spread.

    They can also raise fresh capital or adjust the premiums from other lines of business to subsidise their Motor portfolio.

    Or they can simply stop insuring certain lines of business or charge more for it. Or, as sometimes happens, they can go bust.

    Insurer solvency ratios / profit and loss accounts and balance sheets are to some degree or another complex; made more so now by onerous Solvency II requirements.

    https://en.m.wikipedia.org/wiki/Solv...Directive_2009

  9. #41
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    Quote Originally Posted by Wapping View Post
    They can also raise fresh capital or adjust the premiums from other lines of business to subsidise their Motor portfolio.

    Or they can simply stop insuring certain lines of business or charge more for it.
    It is obvious that Bike insurance isn't the flavour of the month at present and loss ratio's are increasing - so premium hike are reality

    Possibly down to high theft ratios, certainly of GS and other Adv bikes

    So it has been expected for a while, can't see why people are moaning really - it wasn't as if you couldn't forsee the train down the tracks
    JohnnyBoxer



    So many roads...........So little time......

  10. #42
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    My insurance is not due until the 1st August. After reading this thread I have just got a quote to start next week the price is within a couple of quid of last year. Not all insurance is going up
    it maybe just the risk on some bikes and areas that is effected.

  11. #43
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    No shit, Sherlock.

  12. #44
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    Quote Originally Posted by Wapping View Post
    No shit, Sherlock.
    Bears spotted in woods, shock horror headline news.

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  13. #45
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    Quote Originally Posted by Tractors are go View Post
    When you portray publicly that your paying out more than you're getting in premiums and suggest or hint very heavily that if you don't increase the premiums, you'll go bust as it can't continue what should that be called ?
    PR, loss leading, marketing. Its certainly not trading whilst insolvent.

    If, the insurance companies are operating at a loss then those massive pay increases/bonuses to senior management and the dividend increases to shareholders are wholly inappropriate.
    Which, in a free market, is entirely their business. You have the freedom to choose whichever supplier you wish.
    There can only be 11 and I'm one.

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  14. #46
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    Quote Originally Posted by Wapping View Post
    Insurers can release premium (cash) reserves from past years in order to close gaps in their loss ratios. Obviously, they can’t do that forever.

    They can also buy their own insurance (called, reinsurance, which is what I pretend to do all day) that can protect them from an as yet unknown future further deterioration in their loss results over say a several year spread.

    They can also raise fresh capital or adjust the premiums from other lines of business to subsidise their Motor portfolio.

    Or they can simply stop insuring certain lines of business or charge more for it. Or, as sometimes happens, they can go bust.

    Insurer solvency ratios / profit and loss accounts and balance sheets are to some degree or another complex; made more so now by onerous Solvency II requirements.

    https://en.m.wikipedia.org/wiki/Solv...Directive_2009
    Thank you for this interesting information, hopefully a better understanding now exists.

    It's a shame that some flounce off, as there are lots of people here with knowledge and experience which can possibly benefit and expand understanding.

    Couple of years ago, it was born agains on their plastic missiles head butting the scenery that was the problem, now that society has embraced our enlightenment, adv bikes are the go to for theft, wonder what the next trend will be, I'm sure you'll read about it in mcn about a year after its finished.

    You do realise that every faulty insurance fuck up will be laid at your door now !

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  15. #47
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    Quote Originally Posted by stolzy View Post
    PR, loss leading, marketing. Its certainly not trading whilst insolvent.

    Which, in a free market, is entirely their business. You have the freedom to choose whichever supplier you wish.
    Both true, but then don't bleat on about how hard done too you are, nor portray the circumstances as fact.

    There is a responsibility to be true and accurate, sins of omissions not commissions is not acceptable.

    To make the kind of claims that Carillon did, everything is fine, nothing to see move along when they were broke was reprehensible, it is just as bad in reverse.

    We're poor, loosing money, could go bust if we don't increase premiums etc, whilst at the same time throwing shitloads of cash to the shareholders.

    Can't have your cake and eat it, or is it more eat someone else's cake instead?

    Insurance is like women's knickers, rarely come down usually goes up.

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