Gen-F2 GTS "T"-Boned

[RevNev]

I hate insurance companies, but I wouldn't leave home without it.

Yes, and when I think of how much I've spent on insurance over the years unused, I could've probably bought a few brand new cars with that money.

 

[Skylarking]

’Agreed value’ policies seem to be the way to go.

The problem around these Covid times was that prices went up considerably. So if you had a bad smash almost a year after taking out a policy, the damage may have made it a write off and you may still be below market value due to that inordinate rise.

Yes it’s not a normal thing that the market as a whole goes up that way but imagine having the foresight to make a decent estimate of where the market would be only for insurance to say “you’re dreaming” and refuse you when trying to negotiate a decent agreed value…

Really, I find market value policies easier as you know your insurance will try to pork you whatever policy you have so I’d rather have an argument if a crash occurs rather than before a crash occurs.

 

[Skylarking]

Yes, and when I think of how much I've spent on insurance over the years unused, I could've probably bought a few brand new cars with that money.

Isn’t hindsight wonderful

 

[chrisp]

Yes, and when I think of how much I've spent on insurance over the years unused, I could've probably bought a few brand new cars with that money.

That comment feeds in to the idea that we should only insure the items we can’t afford to lose or replace. So, if you do have enough money to go out and buy another car, then statistically we are probably better off wearing that risk ourselves than outsourcing it to an insurance company (who’ll have operating overheads and profits to add on to the actual risk component).

Large companies and organisations often ‘self insure’ as on the balance the insurance premiums would exceed their actual annual losses.

 

[stooge]

is it better to have something and not use it or not have it and need it.

go through a total loss on your house and you will know the answer

 

[Immortality]

If you don't claim on your insurance once in a while then you are a mug and the insurance companies love a mug. Sadly I'm in that boat, not claimed anywhere enough.

The sad reality is that insurance companies are only there to make a profit and they literally gamble, play the odds on the number of cars damaged or stolen etc. Insurance companies had many good years and made great profits however it seems even when we have a bad year they seem to need to make a profit. Companies have good years and bad years, insurance companies much like banks seem to need to make big profits no matter what and we pay that price every year.

One thing you can do with insurance is adjust your excess. If you like to claim a lot then a low excess is preferable but that means a higher premium. The other option is to increase your excess and have a lower premium, I took this route.

 

[Batca]

If you don't claim on your insurance once in a while then you are a mug and the insurance companies love a mug. Sadly I'm in that boat, not claimed anywhere enough.

The sad reality is that insurance companies are only there to make a profit and they literally gamble, play the odds on the number of cars damaged or stolen etc. Insurance companies had many good years and made great profits however it seems even when we have a bad year they seem to need to make a profit. Companies have good years and bad years, insurance companies much like banks seem to need to make big profits no matter what and we pay that price every year.

One thing you can do with insurance is adjust your excess. If you like to claim a lot then a low excess is preferable but that means a higher premium. The other option is to increase your excess and have a lower premium, I took this route.

I’m a bit the same, haven’t claimed and usually run a higher excess to reduce the premium so makes minor claims uneconomical.
When my wagon was hit- run in a car park several years ago it was cheaper to have the bumper resprayed than go through insurance. Then you also have a recent claim history and can get whacked with premium increases the next year so can’t win.
I really only have insurance for me hitting someone else and if my vehicle needs major repairs so the high excess doesn’t matter. My risk appetite is quite high I’m happy to roll the dice a bit, especially with the Commodore that I probably only drive about 2k a year these days.

 

[Geoff6666]

is it better to have something and not use it or not have it and need it.

go through a total loss on your house and you will know the answer

Insurance is a form of gambling. You just have to remember what you're gambling with!
You win some, you lose more . . . . .

 

[Skylarking]

Insurance is a form of gambling. You just have to remember what you're gambling with!
You win some, you lose more . . . . .

Gambling like on a roulette wheel?

Red = insurance company screws you (house wins)
Black = insurance company screws you (house wins)
Green = insurance company couldn’t screw you (player win).

 

[chrisp]

Insurance is a form of gambling. You just have to remember what you're gambling with!
You win some, you lose more . . . . .

… and the house (casino / insurance company) wins every time (on average)!