What is the point in NCB?

[Lopéz]

Wait.. what? he says what i said, and you agree with him? You claim it's got nothing to do with proof, the Lopez says it does, then you agree like that's what you thought all along?

So this IS just a personal attack on me then.. right? So if Lopez just copies and pastes what i write, will you understand? Perhaps i'll send an email request.

this really is quite unbelievable. Enjoy getting raped by your insurer

Some people have just got it I guess

I don't do requests

 

[DampCat]

You know the worst thing?

He almost had me questioning wether i'd been doing my job wrong all this time! I actually took all his questions and sat for 20 minutes with my boss, the Class Underwriter, and went over them all to make sure. I wasted lunchtime on it!

 

[Barks]

DampCat this is not a personal attack on you. I know all 21 year old blokes are a risk. I know that in the eyes of the insurance company I am a much greater risk than my mate who has 4 years NCB. I'm not denying this. I was merely trying to establish that, statistically, NCB does not reflect risk with 100% accuracy.

How about imagining a bloke who bought a £500 car, insured himself on it, and kept it locked away in a garage for 4 years. According to what you've said so far, he is in every case irrefutably going to have a lower accident risk than myself.

I don't want to act aggressively, I just want you to accept that... although in the eyes of the insurance company most 21 years old fall in the same bracket, there will always be lower-risk drivers amongst these who do not have statistics in their favour (like myself with 0 NCB) think of them as statistical anomalies if you like.

There are oh so many factors what are not factored into insurance but we just have to accept it and move on. I will not enjoy getting raped by my insurer but thanks for your kind hearted gesture.

 

[DampCat]

Sorry, i got worked up. I've admitted all along that the system isn't fair for everyone. This is a post from the other thread on page 10

Ok posting this in edits due to forum problem!

It would be unreasonable in a business sense to rate people on an individual basis. It would require infinitely more man power, more expenses, more people employed to do it. it would also take a lot longer to set up a policy, it would require interviews, history checks, you'd still need to compensate for liars and that's before you even get to accidents. Then of course prices would need to be bumped up to compensate for uninsured loss recovery because let be honest, if insuring your car required interviews and history checks, how could you not expect the ratio of uninsured drivers to increase exponentially?

Once you've factored in all these things, you'd probably end up paying more anyway.

Unfortunately lumping people together is the most efficient way, not just for the insurer, but for you, to do business. It just wouldn't be possible to add in more factors to a premium than there already is.

It's unfortunate that you're caught at the bad end of the scale, but it's unavoidable. I'm 25 soon, and i still don't have max bonus.

In an interesting twist, i was due to get max bonus in August, and on my way hom from work tonight a delivery van pulled out in front of me and i slammed into his driver's door. He's saying it was my fault, even though i have witnesses (he had no lights on in the dark and wasnt indicating), but he will contest it until the world ends. It'll go 50/50. I'll probably lose bonus over it.

Sucks eh? The irony isn't lost on me.

 

[rypt]

That's all lovely, but i work for underwriter number 218. I know of at least 75 i've worked against in the last year and a half.

Thanks anyway.

By underwriter I mean the final company that does the insurance after all the layers of ********, companies like Zurich, RBS and so on)

 

[DampCat]

You mean syndicates, rather than Underwriters. Syndicates are the guys that front all the original money, effectively underwriting the underwriters. Zurich are not a syndicate though.

All direct insurers are underwriters (Direct Line, Equity, Groupama etc) and most insurance companies have their own underwriting divisions (NIG, Novitas, Zurich, R&SA, Advantage and so on).

And example of a Syndicate would be Lloyds.. in which case yes, they effectively control a large portion of the market. They don't make any money from it directly though, so competition would still be rife, even between companies controlled by the same syndicates (although, obviously not as much as those in other syndicates).

It's still on a slightly larger scale than you realise, though. The original money is really quite complicated, and when it was being explained to me today i kind of lost track of what he was saying. All th money is invested and reinvested so much its hard to track :/

 

[cheets64]

NCB is strange but if only young blokes think about the privilege they have, I have never crashed and never even thought about driving like a tit, come close to having a few scrapes, I only went onto my own insurance when I was 21 since being on my parents from 17 and got my 4 years NCB protected, it feels great, from 2-3 insurance hardly dropped but its not about money its about been a safe driver on the roads.

Manage to get my Insurance down to £32 a month, which is nice.

 

[Barks]

Sorry, i got worked up. I've admitted all along that the system isn't fair for everyone. This is a post from the other thread on page 10



It's unfortunate that you're caught at the bad end of the scale, but it's unavoidable. I'm 25 soon, and i still don't have max bonus.

In an interesting twist, i was due to get max bonus in August, and on my way hom from work tonight a delivery van pulled out in front of me and i slammed into his driver's door. He's saying it was my fault, even though i have witnesses (he had no lights on in the dark and wasnt indicating), but he will contest it until the world ends. It'll go 50/50. I'll probably lose bonus over it.

Sucks eh? The irony isn't lost on me.

I'm sorry to hear that mate, sounds extremely similar to my incident where a drunk passenger opened a car door as I was driving past. Needless to say it was ripped off. They tried to claim it was open the entire time and I drove into it. They also have done everything to contest it and at the moment it's looking 50/50. Hope it works out for you.

 

[Glaucus]

How can you possibly make such ridiculous assumptions about my use of the car. We bought that car when I started the lower Sixth, I passed my test shortly afterwards. That was almost two years of driving to school every day. In fact I would say, before university, I used the car far more than she did.

And how do the insurance companies know you drove it more, they don't. You are a named driver and as such drive it less than the policy holder..

end of..

Stuff statistics, I'll accept they are what car insurance is based on but they are only statistics. They cannot describe everyone and they certainly cannot differentiate between fact and fiction.

What do you want them to do, they can't take your word for it and there's no way to prove it, as well as individual interviews being far to expensive. Really think before you post.

 

[Barks]

And how do the insurance companies know you drove it more, they don't. You are a named driver and as such drive it less than the policy holder..

end of..



What do you want them to do, they can't take your word for it and there's no way to prove it, as well as individual interviews being far to expensive. Really think before you post.

DampCat this is not a personal attack on you. I know all 21 year old blokes are a risk. I know that in the eyes of the insurance company I am a much greater risk than my mate who has 4 years NCB. I'm not denying this. I was merely trying to establish that, statistically, NCB does not reflect risk with 100% accuracy.

How about imagining a bloke who bought a £500 car, insured himself on it, and kept it locked away in a garage for 4 years. According to what you've said so far, he is in every case irrefutably going to have a lower accident risk than myself.

I don't want to act aggressively, I just want you to accept that... although in the eyes of the insurance company most 21 years old fall in the same bracket, there will always be lower-risk drivers amongst these who do not have statistics in their favour (like myself with 0 NCB) think of them as statistical anomalies if you like.

There are oh so many factors what are not factored into insurance but we just have to accept it and move on. I will not enjoy getting raped by my insurer but thanks for your kind hearted gesture.