How I'd FIX CAR INSURANCE PRICING with just a few steps

[@DefinitelyNotAGuru]

𝐀𝐋𝐀 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 : tinyurl.com/j4kv696w (𝙐𝙨𝙚 𝙘𝙤𝙙𝙚 JIM10) ✅𝗕𝗲𝗰𝗼𝗺𝗲 𝗮 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗠𝗲𝗺𝗯𝗲𝗿 : tinyurl.com/dnagjim

[@davidlang3625]

Well said Jim! If people had to pay for the repair directly out of their pocket, it would be amazing how much cheaper that repair would suddenly become using some of the your suggestions. Its been too long with insurers being ripped off by third parties.

[@DefinitelyNotAGuru]

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[@chrisbayliss8862]

Just took insurance with LV. Quote was £550. Changed to a newer car a week later and they wanted to charge me £170 more so effectively over £700. I told them I could go online with them and get it for £500. They told me to do that they can't help. Ended up going elsewhere and getting it for £450. Pure madness still.

[@DefinitelyNotAGuru]

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[@PeteMulv]

I don't know how much sorting out who is to blame for an accident these days but when I was in Germany, way back, the police had to attend every accident and they decided who was to blame and the insurance companies had to accept that ruling. So that saved money with them arguing about it. Also one of the things that help there is that it is highway law not highway code, so simple things like an accident caused by one of the drivers failure to stop at a "Stop" line. He was to blame, decission made. Keeping them coming Jim, very interesting.

[@DefinitelyNotAGuru]

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[@user-xu5vl5th9n]

First way to reduce the cost of insurance for everyone is to stop taxing it like it is smoking or drinking. Second way is to stop making cover for replacement hire cars effectively compulsory even if it is not wanted.

[@DefinitelyNotAGuru]

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[@shus5787]

Get uninsured drivers off the road, instead of policing free speech

[@DefinitelyNotAGuru]

Yes!

[@jasonshaw1628]

Agree with your points Jim. After 27 years of working within the industry, I can confirm there is a huge skill shortage within the insurance industry at present because it is not considered an attractive industry to work within coupled with a poor public perception. Apart from the 2021 due to covid lockdown, car insurance has generally been a loss leader.

[@DefinitelyNotAGuru]

Cheers Jase; it’s something that very few outside the industry believe eh.

[@jasonshaw1628]

@DefinitelyNotAGuru Totally agree Jim

[@hazels27]

Hi Jim, thanks for this video. You talk a lot of sense, as always.

[@DefinitelyNotAGuru]

So nice of you

[@Jaw0lf]

My Tesla Model 3 RWD had it's front bumper damaged by a stupid Range Rover driver who decided to park next to me in a non space and when leaving pulled across to tight and tried to remove my front bumper, putting a hole in it and damaging my headlight. I was well looked after and was given a replacement Tesla to use. I calculated that through the cost of the car, they could buy a new Model 3 LR every 9 months, just from the so called rental!

[@DefinitelyNotAGuru]

Daft in the extreme eh?

[@glengosling5636]

£3500.00 for a front plastic bumper replacement , no lights , the whole car wasn’t with £7000.00 . Madness

[@DefinitelyNotAGuru]

Agreed

[@DavidBoreham-kk9dx]

I agree with nearly all you see only problem being that a lot of your ideas are "common sense" and a lot of corporate workers seem to lack common sense and there's a lot of these companies on the sidelines earning a lot of money if the situation doesn't change so will resist any idea they may potentially 1) cost the money and 2) make them work

[@DefinitelyNotAGuru]

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[@triradio]

I claimed for a new windscreen on my insurance. Excess was £150. They told me it would have cost £660 privately. Calling a different company I was quoted £250. I fully expect my premium to go up to cover the cost to them.

[@DefinitelyNotAGuru]

Madness

[@PeterCoates-lf8do]

I had the rear bumper replaced the insurance bill was £6.2K should have been £1.6k that's why insurance costs are high. Repair shop charged for part not fitted.

[@DefinitelyNotAGuru]

Biggest rear bumper claim I’ve heard about recently was a friend of mine at £19k (over £15k in hire car costs)

[@PeterCoates-lf8do]

@DefinitelyNotAGuru A 3 day max. Job turned into 10 days.

[@neilbarber2513]

I been working in commercial motor insurance for 22 years the costs has increased over the last few years. The main cost increase are the credit hire and accident management companies. Uk need to adopt a model where everyone has fully comp cover so when they need to claim they utilise their own insurer to stop these third party companies raking millions from the insurance pot. These policies could come with the option to select what size of hire vehicle you would require. Then the insurance companies can decide the liability of an accident between themselves. This would cut costs instead of insurances companies having dedicated teams just dealing with the inflated hire charges

[@DefinitelyNotAGuru]

Yes!

[@FancyaBevMate]

Personally and I know I know it's going to be polarising but face facts people we are living in a lawless society (ask yourself when you last saw police patrols) as a result the insurance industry have a perfect opportunity for exploitation of what's happening. Sad but true 😢😢😢 Cheers

[@DefinitelyNotAGuru]

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[@madmcadder4536]

A bit of a double edged sword this subject Jim. On the one hand as a customer, no one likes having to shop around for insurance every year, and in the past if you didn't change insurance companies you got charged more. Money Supermarket made this easier because they retained customer info. For the first time this year my current home insurance provider AXA are cheaper than the opposition so I will remain with them and this for me is a positive step. As far as car repairs are concerned I would rather have a second hand OE door fitted than a none genuine part. In the past you could tell when a none gen wing was fitted to a car because it rusted with in five years. This was particularly noticeable on Audi and Volkswagens. Also often the panel fit on a none genuine panel was terrible. You also talk about insurance companies providing loan cars. In my experience it was the accident repair centres that were forced to run a fleet of loan cars to get the contract from the insurance company. They also got screwed on labour rates as well. However I left the motor industry in 2007, before it totally destroyed my sanity, and may be thing's have changed.

[@DefinitelyNotAGuru]

But consider if the price was 30% cheaper in year one in the first place… I know for an absolute fact that this alone has pushed premiums up a lot.

[@andrewjones5570]

Someone crashed into my parked car outside my house last year, all went through their insurance, still bumped mine up come renewal time as I have a non fault accident on my insurance "record"

[@DefinitelyNotAGuru]

That’s just daft isn’t it.

[@keithbrown339]

Yes that happened to my wife. It cost me so much as affected 5 cars in total.

[@user-xu5vl5th9n]

Same thing after the fire caused by one car in the Liverpool multi-story car park. The other car owners saw their premiums rise.

[@FraserCameron-u3n]

Hi Jim Common sense as always.....well done on being restrained..no naughty words 😊...Great content

[@DefinitelyNotAGuru]

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[@madmcadder4536]

Interesting about EVs. I watched a video about Tesla's being written off by insurance companies with very little damage. These cars are then sold off to Ukraine where labour is cheaper, repaired, and sold off to other countries like Canada. It's only been noticed because the previous owners info is still in cars IT system.

[@DefinitelyNotAGuru]

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[@rigel1632]

Remove the Coles decision in the high court and you’d cut claim costs by at least 10% over night. That ultimately legalised robbery between insurers so every other insurer had to start inflating their costs so as not to be at a disadvantage. Not many people know about that one nor understand the impact.

[@DefinitelyNotAGuru]

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[@kevinferris9045]

Surely it’s the insurance industry itself that should be working to reduce the mismanagement of claims and costs. My experience of the FCA and regulation is it’s always behind the curve and never works to reduce costs for the man in the street. It’s an industry problem and only they will be able to resolve it, as they have the expertise and how to keep costs down.

[@DefinitelyNotAGuru]

No actually. The FCA keeps implementing things to make the cost of insurance fairer for the man on the street - these same measures have increased costs. They have oversight of the entire chain and the value it delivers to the consumer but this HUGE aspect which is probably the single biggest factor in final pricing seems to be completely ignored.

[@olitonottero7620]

Great share James

[@DefinitelyNotAGuru]

Thanks

[@isackville]

So very interesting items there just makes you think who is making the money

[@DefinitelyNotAGuru]

The outliers and the regulators

[@duncancampbell9490]

They want us ordinary folk driven off the roads.... I was given a free door last time I went to collect a DSG gearbox ! Sadly Ebay is cheaper for a set of wheels than a "scrapyard" !! My sister was hit by a muppet and her "Management Co." arranged a brand new X3 for six weeks. Six months later a claims investigator called and made an appointment to discuss the "paperwork" submitted.... basically her signature was forged on the bogus inflated claim and I hope they got prosecuted in the end. Insurance quote for a front quarter replacement for an old Peugeot 308 (?) was over £600 - more than the car was worth.

[@DefinitelyNotAGuru]

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[@paulmilnes5937]

Excellent bit of commentary. Just hope someone of influence takes note.

[@DefinitelyNotAGuru]

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[@TheWobblyFace]

I had to claim back in 2006 (non fault on my part as I was parked up and not in the car). The garage that repaired it added lease car rental for £1,500 (or there abouts), I never had the use of the lease car as I borrowed my father in law's. Another problem is the Police (not just car insurance), just claim on your insurance. Then the garages charge far more on insurance claim repairs than if you took it to them yourself and paid. I know of a person who did just that then claimed the money back from his insurance supplying them with the invoice which save the insurance company several hundred quid (this was quite some time back, probably be a thousand or so now).

[@DefinitelyNotAGuru]

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[@davidlenton8627]

Police are able to identify vehicles which are not taxed or MOT’d, surely The same would apply to identify the vehicle is uninsured. The driver of that vehicle should then be made to insure it and then be made to pay a fine (on top of fine) every year of that initial insurance amount, until they can show evidence that their vehicle is correctly insured. That fine should increase by at least 10% every year, for life, unless they produce the relevant proof of insurance. If the information is linked to the DVLA, then ownership of future vehicle purchases will be on the system via National Insurance numbers. Police state? You might think so, but if you believe officials could not obtain that information and more, in a couple of minutes, then you would be mistaken. If one pays one’s dues, then there is nothing to fear. Just a thought. 🤔

[@DefinitelyNotAGuru]

It already shows on ANPR cameras but is so common that police rarely give them a tug (from what I’m told)

[@YS-cs8yq]

1. There should be no hire cars for cheaper cars, say valued under £5K and you dont get a hire car. That way cheaper cars will have cheaper insurance and those not worth repairing will have decisions made quick so you can buy another car. 2. Ban Dodgy insurance claims firms. If they are deemed to have made a false claim they should be blacklisted. Investigate each claim made by these firms to see a pattern. If every claim comes with a suspected bad back, you know what is going on.

[@DefinitelyNotAGuru]

Just limit hire cars to £50/£75 per day would be a start.

[@Pete.Ty1]

👍👍👍. Thanks Jim

[@DefinitelyNotAGuru]

Thanks

[@kevanskelton9982]

When insuring a car for a year costs more than the purchase price of the car, it’s no wonder that some people risk driving uninsured.

[@DefinitelyNotAGuru]

Thus driving up the prices even more. The third party element is what is costing the money - hopefully this video explains why.

[@gazzaman28]

I have a 10 year old car, the write off value goes down every month, so why doesn't my fully comp premium go down to reflect this?

[@DefinitelyNotAGuru]

Because the third party element is going up by the minute

[@SDK2006b]

Insurance repairs are too expensive … feels like 40%+ is added just because it’s an ‘insurance claim’ Similar to arranging a weeding - want a normal large cake £50, the same cake but mention it’s for a wedding £500 😬

[@DefinitelyNotAGuru]

100%

[@BetsBestBits]

Watched a vid recently of a chap getting a cheaper quote on his son's car by putting a private plate on it, reckons he saved £160. Don't know how that works.

[@DefinitelyNotAGuru]

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[@dannya6825]

The rise in insurance has put me off getting a newer car

[@DefinitelyNotAGuru]

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[@anthonybrown4874]

Whenever a claim is made all sorts of organisations look to make money out of that incident lawyer driven 3rd party organisations whose dearest wish is to put you into a hire car for the kick back then there is the use of repairer who kick back to the claim handler. Then theres insurers hitting you with unfair admin fees and blatantly uncompetetive renewal fees in the hope you will just auto renew this tactic works.

[@DefinitelyNotAGuru]

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[@adriancarey7848]

A courtesy car should not be a standard policy benefit. It should be an add on and priced accordingly. New headlights pushing premiums. Maybe we need Moodys or Standard & Poor like US😂😂

[@DefinitelyNotAGuru]

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[@mustafaassad2916]

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[@DefinitelyNotAGuru]

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[@adriancunningham2938]

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[@DefinitelyNotAGuru]

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[@HiruS22]

Insurance costs? Stupid, just stupid

[@DefinitelyNotAGuru]

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