Insurance companies are bonkers

Nasher · 5 Jan 2017 at 13:38

They can't know all the fudges, theres to many combinations

But if you lie about your job how will they even know? Especially retrospectively. They don't have access to that data, only what you tell them. So what's the point in having it to begin with.

Basher · 5 Jan 2017 at 13:52

Nasher said:
They can't know all the fudges, theres to many combinations

But if you lie about your job how will they even know? Especially retrospectively. They don't have access to that data, only what you tell them. So what's the point in having it to begin with.

Well presumably they'd check with your employer? I can't imagine it ever happening but it would be pretty easy if they wanted to.

Marvin · 5 Jan 2017 at 14:58

Ultimately, it's fraud? If you end up in court because of a collision, you really don't want to be resting on a made up risk profile because it could well come out whether your insurer is the one asking or not.

Asim, you seem to be under the impression that insurers aren't regulated and can do what they like. More power to you if you really believe that, but as Basher has now asked you at least twice, what improvement do you suggest that won't increase premiums on average (i.e. don't increase the costs of determining risk)?

Werewolf · 6 Jan 2017 at 14:59

Basher said:
Well presumably they'd check with your employer? I can't imagine it ever happening but it would be pretty easy if they wanted to.

IIRC it does actually happen if the claim is big enough or enough red flags are raised.

I don't think they're really that worried about cases where the two job descriptions are very similar or there is a lot of overlap, but if you deliberately put down the wrong information and it's clearly wrong when they check they can from memory amend how much your premium should have been or if it's blatant fraud and would have stopped them offering you insurance, they have the option of paying out the claim to the third parties and then going after you for the money.

Insurance companies don't have the time/resources to check every new customer fully but the law does make it clear that the customer has to be honest with them.

Basher · 6 Jan 2017 at 15:14

Werewolf said:
IIRC it does actually happen if the claim is big enough or enough red flags are raised.

I don't think they're really that worried about cases where the two job descriptions are very similar or there is a lot of overlap, but if you deliberately put down the wrong information and it's clearly wrong when they check they can from memory amend how much your premium should have been or if it's blatant fraud and would have stopped them offering you insurance, they have the option of paying out the claim to the third parties and then going after you for the money.

Insurance companies don't have the time/resources to check every new customer fully but the law does make it clear that the customer has to be honest with them.

Seems fair. Which is why I suspect the vast majority are (rightly) honest when they take out the insurance.

adolf hamster · 6 Jan 2017 at 16:37

Basher said:
Seems fair. Which is why I suspect the vast majority are (rightly) honest when they take out the insurance.

makes sense, no need to give them any excuse whatsoever to weedle out of a claim if you can avoid it.

Nasher · 6 Jan 2017 at 16:43

Basher said:
Well presumably they'd check with your employer? I can't imagine it ever happening but it would be pretty easy if they wanted to.

I've had a write off before and they never checked it, only my licence. But as I said, you could easily just register a Ltd company for £15 and then you are geniunly a company director which they can look up at companies house

Basher · 6 Jan 2017 at 17:01

Nasher said:
I've had a write off before and they never checked it, only my licence. But as I said, you could easily just register a Ltd company for £15 and then you are geniunly a company director which they can look up at companies house

What about the 'too many combinations' of fudges? Surely some of those involve being dishonest?

Joe T · 6 Jan 2017 at 20:19

Nasher said:
I've had a write off before and they never checked it, only my licence. But as I said, you could easily just register a Ltd company for £15 and then you are geniunly a company director which they can look up at companies house

If that's your primary occupation how do you afford a car and car insurance?

Amps · 6 Jan 2017 at 23:46

From my uni days the following sticks in my mind when it comes to insurance http://www.brodies.com/node/1635
In simple terms lying on an insurance policy is bad. Failing to disclose something that one could reasonably be expected to disclose is also bad weather they ask you or not.

Nasher · 6 Jan 2017 at 23:50

Joe T said:
If that's your primary occupation how do you afford a car and car insurance?

Same as any other director does, fudge the books and move money off shore lol

wedrum · 12 Jan 2017 at 12:21

well just been onto tesco about my renewal was £510, been on gocompare coming it at £391.
the guy at tesco took the reference number and price matched it.
i also added protected no claims and keyfob cover came in at £412 for the year.
oh and reduced the voluntary excess to zero was £100 last year.

guy was very helpful and wanted to keep me as a customer and he did.

magic.