It's a disgrace what insurance has done to old cars

Rows Grower

eringobragh wrote: »

Would a proportion of that not be down to the felters driving up the premium?

?

Twenty Grand

Business Cat wrote: »

So they can't make money from investment activity given the low returns being paid.

And you don't want them to make any money from premium income.

How precisely are they supposed to operate their business and make any money, you know, what any business needs to do to stay in business?

If you worked in insurance for 14 years but you seemingly cannot grasp how insurance companies actually work, you made the right decision to not work in the industry, it's clearly not for you.

A bit like estate agents. Made mountains of cash during the boom, then when the economy nosedived, they raised their rates to maintain their cash flow.

Eggs For Dinner

Twenty Grand wrote: »

A bit like estate agents. Made mountains of cash during the boom, then when the economy nosedived, they raised their rates to maintain their cash flow.

While they were making profit, they were offering unsustainable below cost premiums to motorists. Nobody complained then. Unfortunately, it was poor business practice and masked the causes of high claims which should have been addressed long before now, namely fraud, ridiculous injury awards and excessive legal & professional costs.

reubenreuben

My cousin has a 14 year old car with only 40 thousand km on it. Its drives as new but struggling to get insurance for it.

Its crazy, there is nothing wrong with it yet try to get insurance on it.

I think this is pressure coming from the motor dealers to get you to buy a newer car.