Just seen this in bbc news http://www.bbc.co.uk/news/business-19755037
Its amazing how they have only just figured it out.... back in 2007 i gave my dad my old compact 1994 316i to drive, someone hit him and the damage didnt look that bad it needed a new trim piece and bumper.. i could have sorted those parts for about 150 quid from Quarry motors. I thought well this is what insurance is for and let them handle it since it was completely the guys fault behind and to be honest he tried laying the blame saying my dad stopped at the lights to quick.... They then send a brand new 330i and made me sign a piece of paper saying it will cost 650 a week to rent if anything goes wrong with the insurance (was my insurance) ... E.g say they found points on your license undeclared or something it covers them I guess. I signed it thinking wow that is one hell of a fee the compact only worth 700 quid maximum! The repair took them 2 months to complete and they were in no rush to get it finished i was in communication with the repair centre as I was concerned they would not reattach a spoiler that was a 300 quid option id paid for in 2001... amazing. Car worth 700 quid and hire company costs = 5200 no wonder insurance is so high. They should bring down repair times with a penalty against margin if its not completed within say a month. They should also have a fleet of decent but not top end cars used as standard while a repair is being made across all insurance company only then will we see premiums reduced.
The guy who dings his ferrari and has to drive round in a 116i i am sure would welcome a huge reduction per year for those couple of weeks his car is away. The like for like replacement courtesy car system is silly IMO.
Its amazing how they have only just figured it out.... back in 2007 i gave my dad my old compact 1994 316i to drive, someone hit him and the damage didnt look that bad it needed a new trim piece and bumper.. i could have sorted those parts for about 150 quid from Quarry motors. I thought well this is what insurance is for and let them handle it since it was completely the guys fault behind and to be honest he tried laying the blame saying my dad stopped at the lights to quick.... They then send a brand new 330i and made me sign a piece of paper saying it will cost 650 a week to rent if anything goes wrong with the insurance (was my insurance) ... E.g say they found points on your license undeclared or something it covers them I guess. I signed it thinking wow that is one hell of a fee the compact only worth 700 quid maximum! The repair took them 2 months to complete and they were in no rush to get it finished i was in communication with the repair centre as I was concerned they would not reattach a spoiler that was a 300 quid option id paid for in 2001... amazing. Car worth 700 quid and hire company costs = 5200 no wonder insurance is so high. They should bring down repair times with a penalty against margin if its not completed within say a month. They should also have a fleet of decent but not top end cars used as standard while a repair is being made across all insurance company only then will we see premiums reduced.
The guy who dings his ferrari and has to drive round in a 116i i am sure would welcome a huge reduction per year for those couple of weeks his car is away. The like for like replacement courtesy car system is silly IMO.
amazing... I have been paying 1000 GBP per year on average for the last 7 years, only this year has my premium reduced to 450 GBP it has gone from being in a secure locked underground car park with a guard to a driveway! Work that one out! it would seem judging the security of the car on postcode does not always make sense!