Monday, 13 December 2010

Insurance is daylight robbery

I think it is about time the insurance industry has a complete overhaul. For too long they have been robbing us all blind. People don’t make claims because they don’t want to lose their NCD. And the insurance company knows that. It is tantamount to legalised thievery.

The whole point of insuring your car or boat is cover any damage that may occur. So the company puts an excess on the policy and that means the things you would most likely want to claim for, computers,TV’s, glasses etc are not covered.

You pay them for bugger all. Then when you do claim  they pay out reluctantly then recover what they paid by putting up the premium. It’s  win-win situation for them! Robin Hood had nothing on these people. He was an rank amateur compared to insurance companies.

One boater recently:

claimed for some £300 glasses that went overboard. With a single item limit of £250 and an excess of £150 she was able to claim only £100. Her renewal came before the claim was paid out. She found it to be excessively high £160 (£250 over three years). The company told her that if she dropped the claim the premium would not increase.

Surely that is demanding money with menaces, a criminal offence.

Another boater says:

Craftinsure were v fair and helpful when I had to make a claim because of theft. The rate did go up, but they say it will go down again once I am 3 years no claim. I have asked others and I think Craftinsure premiums are very competitive.

What they meant was that the premium would go down when they had recovered the payout cost. Craftinsure are competitive they rob you as much as all the others.

Insurance companies are nothing more than legalised thieving agencies. The government don’t care cos they get a cut either way- on the tax paid on the premium or the stuff you purchase to DIY.

What gets me is we put up with it. We allow them to shaft us every year and say thank you for f***ing me up da ass.  We are all dumb asses we deserve to get Fuqt. I would rather have the squits for a week than breathe the same air as an insurance company man.

30,000 boaters writing in to the ombudsman complaining they were being robbed would press a few buttons. 30 million car drivers doing the same might have an effect on car insurance.

I wonder what BW would do if every boater refused to insure their boat this year. Would they refuse to take the money for the licence? That would be 13% of their budget. They couldn’t section 8 all boats on the system. Having lost 13% of their income they couldn’t afford to.

We need to take a leaf out of Popeye’s book ‘That’s all I can stands cuz I can’t stands no more.

Nah sod it let’s assume the position and think of England. Brace yaself!


grey wolf said...

Not the same i know but the chalets we own were insured with one company for years without claim {all the owners as a collective insured with this company}There was then a break in to 2 chalets which was claimed .The company payed up but refused to re insure us.Since then a fund has been set up by the holiday association to act as insurance.A boating body could probably do the same.BTW travel insurance companies can claim back any money the have to pay out to the home owner from the owners own house insurance.strange,very strange world.

Captain Ahab said...

I know what you man but compared to house and car insurance, boat insurance is really cheap. I take a big excess £250 on the basis that I am really insuring againg a total disaster - fire, flood or a third party injury / damage. I carry the small risks myself.
I was with Newton Crum but they went all silly on me and expected me to get a pilot for the Tidal Trent. At that point I switched to an alternative supplier who are both more flexible and cheaper.

life afloat on nb tickety boo said...

Wow Maffi you make me proud, I love it when people say what they mean, and mean what they say. I am not very proud of myself though because I, like thousands of others sit back and let the buggers rip me off. I think the Banks are just glorified loan sharks too. I got so so sick of being charged for going over drawn, when the bank blatantly allowed me to do so in the first place, by giving me money from the cash machine, when I didn't have any?? My fault yes, but they love people like me don't they? Martin Lewis is my hero, I managed to claim a substantial amount back from my bank. I wish people would revolt against this thieving but we won't will we? We will just sit back and let it happen....

Maffi said...

Yes it is the same GW all insurance is a con.

It a gamble you bet it might happen they bet it wont. You put their hand in your pocket every year they dont spend a nickle. Yet when they loose they cry to mumma and hike up the premium.

My parents never claimed on their house contents insurance for 30 years. After a burglary (not an expensive one) the premium doubled.

Naughty-Cal said...

Boat insurance is relatively cheap. Claiming for small items is often a false economy but in the worst case scenario and your boat is a total loss a swift end to the saga is the best one can hope for. In our case if our boat (insured for £40k) was a right off and they paid out the specified amount, our next premium, whilst it would be more expensive wouldnt be anywhere near that sum.

Insurance is a business like any other, they need to make money to stay in business.

Maffi said...

You see thats what I am talking about. Mindless acceptance of corruption.

What does your post actually mean?

Would you walk out of Sainsbury's with only 80% of the shopping you had paid for on the promise that they wouldnt put the prices up next time you came.

No you wouldn't, dont be so bloody daft!

There is making a profit and robbing people. If it wasnt compulsory to have insurance who would buy it?

Burra Sahib said...

Regretably,this is the first time I disagree with you, having spent 40 years as an Insurance Broker for major corporate clients including a prestigious boat builder.
The cost of processing a small claim is huge, and an excess is a way of keeping premiums down.
Look at an excess as part of the premium, but one part that you do not have to pay if you do not have a claim.Over the years you will be quids in.
I am sure that the Darlingtons of Narrow Dog fame, and many other boaters, including those who have had claims paid by third party insurers when they have been rammed -I was a victim this year- are glad they had cover or do not have to screw the money out of the gulity hirer or boat owner.
How many average boater premiums are used to indemnify the boater whose boat is destroyed by fire--for my boat it is over 300 times of what I guess your average premium is.
I can not take the risk of not having a fire in 300+years!
That is the concept, spreading the losses of the few over the shoulders of many, and whilst on a limited pension I do not like any premium increase, I still sleep better at nights knowing my asset is insured, as is my potential stupidity that may cause injury or damage to another is covered
I have also,unfortunately seen a vast number of spurious and fraudulent claims made. Get those people out of the system and we would all have cheaper insurance albeit this is mainly a problem for motor and household insurances
Happy Christmas!

Naughty-Cal said...

Maffi, even if insurance wasnt compulsary im sure the vast majority of boat owners would insure their vessels.

A boat is an expensive commodity and repairs are expensive, couple that with the fact that accidents do happen however careful one may be and the modest price of marine insurance policies are a small price to pay for peace of mind.

jamescrisanti said...

Watercraft Insurance Ft. Lauderdale saves a lot of person who needs their service. As long as you are insured in their company they will not let you handle problems alone. Helping is their way on how they provide services you rendered. That is their duty and responsibility as insurance company.

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