I didn't claim the whole premium is derived soley from maths. Just an explanation of how a no-fault accident increases the risk based on statistical analysis. Your risk does not go up every year if all other factors are equal. 2012 TDV8 Vogue (L322)

The increased cost after a non fault claim was explained to me by a loss adjuster as being because even a non fault claim will cost your insurance company as they are employing people to deal with the claim and statistically you are more likely to make another claim once you've made the first one.
He reckoned that once people have tasted the "free money" of someone else picking up the bill, many can't wait to have another go.
In his (30+ years) experience he's found that those who are making a claim against someone else tend to be more difficult to deal with as some feel entitled to make all kinds of demands that they wouldn't be making if they were paying the bill.

Which is all wonderful but still doesn’t really explain the two scenarios I suggested are, in my opinion, all too common to be anything but firms profiteering.

If they took a firmer line with people who are serial claimants we would all benefit no doubt.

J

Insurance companies exist to make profit - they are not social services. 2012 TDV8 Vogue (L322)

Profit and profiteering are not the same though JayGee.

I’ve no issue with any business making a profit, I’ve done so and it’s necessary to create employment and contribute to society in a wider sense.

If you haven’t watched the video referenced earlier by YouTuber “Number 27” who offers a certain perspective, I think it’s difficult to not see the behaviour as excessive “protection” of their position.

We all have to use insurance, of that we have little choice, but the lack of regulatory for the consumer is in my opinion disappointing.

J

I think this (as one example) shows that there’s plenty of money floating around;

https://www.statista.com/statistics/136153...urance-uk/

Don’t misunderstand my point as god only knows that most of us probably have pension investments and so on which rely on these huge businesses making year on year profits but everything you can read about the insurance industry in the UK would suggest its financial performance out strips its physical size when compared globally.

J

I agree insurance is overpriced and lots of unjustifiable reasons mainly because insureres don't assess an individuals actual risk but it's all done on assumptions based mainly on insurance payout total costs in your postcode. 2012 TDV8 Vogue (L322)

i havent bothered claiming.

just keeping an eye out on the parts required atm. Its actually a sport

Not anymore, 4.4 TDV8 now