Stickers invalidate car insurance

[rovers90]

I'm always surprised at peoples attitude when told anything they put on a vehicle is a modification - did it come out the factory with that on - no = modification. It's not difficult peeps. At the end of the day you want a policy to pay out if you claim so tell the company everything.

[Ian C]

This has not been the case in any of the claims I've ever made must be lucky I guess.

 

Insurance company's insure themselfs against loss .

 

I hope your right, had 2 saws nicked of site today!

[Shane]

Insurance companies do not make money out of repudiating claims.

The are cautious about paying claims which seem dodgy, you may be surprised how many cars are stolen and burned out just afew days before the MOT is due.

 

They make money by investing the premiums. Most actually pay out in claims around 101-103 % of what they receive in premiums.

It goes like this... a bit simplified, but stick with me.

 

You pay your £1000 premium for a 365 day policy on day 1.

Insurance company invests full amount and makes 10% over the year (assuming they invest wisely).

But - you, the evil claimant, make a claim during the year.

The average amount of the claim is going to be £1030 (based on the actuarial info, which is why you were charged that premium).

 

The average time at which you claim is half way through the policy (some will be earlier, some later) around day 183.

 

So they get 6 months investment profit on the £1000 (£1050 given 10% for the full year) and pay you £1030.

 

They make £20 profit while shelling out 103% of the premium.

 

Paying claims is what their reputations are built on.

 

Most people I know have had reasonable treatment, it's usually the fat bloke down the pub who knows someone who was shafted.

[Ian C]

Insurance companies do not make money out of repudiating claims.

The are cautious about paying claims which seem dodgy, you may be surprised how many cars are stolen and burned out just afew days before the MOT is due.

 

They make money by investing the premiums. Most actually pay out in claims around 101-103 % of what they receive in premiums.

It goes like this... a bit simplified, but stick with me.

 

You pay your £1000 premium for a 365 day policy on day 1.

Insurance company invests full amount and makes 10% over the year (assuming they invest wisely).

But - you, the evil claimant, make a claim during the year.

The average amount of the claim is going to be £1030 (based on the actuarial info, which is why you were charged that premium).

 

The average time at which you claim is half way through the policy (some will be earlier, some later) around day 183.

 

So they get 6 months investment profit on the £1000 (£1050 given 10% for the full year) and pay you £1030.

 

They make £20 profit while shelling out 103% of the premium.

 

Paying claims is what their reputations are built on.

 

Most people I know have had reasonable treatment, it's usually the fat bloke down the pub who knows someone who was shafted.

 

Really! 6 yrs ago I got a load of tools nicked from my garage had all my docs and invoices in a pile for the assessor only to be told that if I had read the small print "tools were classed as pc and office equipment " unless otherwise stated! You can guess what I got yep bugger all, royal sun allicience that.

[Mountain man]

Derail I know.

I tell you what's a good film to watch about insurance. Double Indemnity. Old Black and white movie but absolutely brilliant.

Edward G Robinson, Barbara Stanwyk, Fred Mcmurray, watch it if you get a chance, especially on a rainy afternoon whilst skiving off work.

[dan494]

Really! 6 yrs ago I got a load of tools nicked from my garage had all my docs and invoices in a pile for the assessor only to be told that if I had read the small print "tools were classed as pc and office equipment " unless otherwise stated! You can guess what I got yep bugger all, royal sun allicience that.

 

 

Got the same when robbed before Xmas, apparently had 30k of contents cover but the stuff you use to make the money that pays the premium isn't covered. Had to buy some eBay tools to keep working

[Burgess]

I've always been asked on a commercial policy is the vehicle sign written, i assumed they were classing that as a modification or it makes it more appealing to thief's as you are advertising what kind of tools are possibly inside, either way they are looking for you paying more or not paying out.

 

They wanted to know for me whether it was written or not. However they said there would be no extra charge. Not really sure why they wanted to know if it made no difference to risk.

[Breezeblock]

did they put it down to an act of god :lol::lol:

[renewablejohn]

would be interested to know a bit more about this, as I would imagine like others on here I have always been happy to pay a bit extra for the piece of mind of no hassle, I have only had one claim with them over the years and they paid out within seven days.

I now pay quite a considerable lump every year to them and the little extra is getting bigger every year, we took some property policies away from them when the difference became nearly £1k but still do a considerable amount with them, I have heard a couple of people now say they have wormed out of a claim and am just wondering if it isn't such a good idea anymore.

 

Back on subject, the NFU have always been happy with anything we have done to the trucks, and have been happy to insure a modded defender that absolutely no one else would touch, but it will be interesting to see if they are happy about my latest performance mods when I tell them.

 

Household insurance policy which had a 25k max legal cover if you had an employment dispute. Was all authorised prior to court hearing legal fees upto 25k would be paid then advised by barristers to accept "drop hands proposal" at which point NFU refused to pay any legal fees leaving me 15k out off pocket.

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[scraggs]

Household insurance policy which had a 25k max legal cover if you had an employment dispute. Was all authorised prior to court hearing legal fees upto 25k would be paid then advised by barristers to accept "drop hands proposal" at which point NFU refused to pay any legal fees leaving me 15k out off pocket.

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Ouch

That's not good at all.

 

My step dad was in insurance all his life and always told me to declare every little thing otherwise it will be used as a get out if they find out.

 

When I had an accident involving a lorry the owners later said they were not involved and new nothing about it, my insurance company (co-op) legal team would not chase it, even though I had witnesses.