The utter insanity of insuring a car in London

I'm still totally astonished by the number of people who thinks insurance premiums are down to opinions, subjective facts and heresay.
 
Well....i can more readily understand why more and more people are going uninsured now.
Not saying i agree with it, but i can sure as hell understand why they do it.
 
rypt said:
As a kid I used to live in London (NW1), and in all that time my dad only had 2 accidents. 1 was a dent in his drivers door, the other was a police car crashing into his car while giving chase to some baddies.
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Fiar enough. So he had two accidents in how many years in London? Have you found his track record outside of town has improved or about the same?
 
Rypt's opinion is obviously more valid and applicable than many highly qualified actuaries and the like who have found that in order to break even or make a slight profit (once again, insurance co's don't in general make a vast amount from the actual policies!) they have to charge the figures quoted. It's not daylight robbery, it's simple maths.
 
And I though I was paying a lot, £25 p/m for a 9 year old VW Polo fully comp with Direct Line. I sold my car now and downgraded to a motorbike so I can filter through traffic in London.

Anyway, a friend of mine, 25 years old, just passed his license, he lives in Wimbledon (SW London) and he was getting quotes of £1600 p/y for a 1.8 Astra (9-10years old though). Not bad compared to some of your quotes.
 
BigT said:
Fiar enough. So he had two accidents in how many years in London? Have you found his track record outside of town has improved or about the same?
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He lived in London since the late 70s until '97 (minus time spent outside the country on business during the mid 90s), and those were the only 2 accidents that I know off.

Since moving out here, the only accident he had was when someone put a nice sized dent in his rear quarter panel in a car park, and then drove away (but that can occur in any supermarket car park)

But the point is, he's not a "young male", and "young males" tend to have their accidents on country roads going too fast for their skills or the road, and not in city traffic.
 
rypt said:
Common sense really, where is a young male most at risk due to showing off?
Hint, it's not in London's traffic
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and london has traffic 24/7 ? when young lads show off is usually late at night, early in the morning when there is no traffic.
 
If insurance companies are paying out more than they're making because more and more people are driving without it, surely it's going to hit critical mass eventually where only those well off can afford to drive (and insurance companies stop paying out against the uninsured) and the rest of us are forced onto public transport like sardines?
 
iaind said:
No, common sense is realising that insurance companies spend millions assessing risk based on FACTS
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Insurance companies do not price based on risk alone, they price based on what they feel will give them the best returns across their entire portfolio nationwide.
 
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