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Why are insurance companies obsessed with ripping off young drivers in the UK?

  

Why are insurance companies obsessed with ripping off young drivers in the UK?

Postby druson » Sun Jun 03, 2012 5:59 am

I have four years no claim, the insurance people still want to rip me off at £1000-£3000 pound for car insurance. It's actually cheaper to buy a second hand car and have it crushed for having no insurance.

Then the road tax costs £250 on a car i barely drive.

Is it any wonder that young people drive uninsured?
druson
 
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Why are insurance companies obsessed with ripping off young drivers in the UK?

Postby artis56 » Sun Jun 03, 2012 6:05 am

If all the companies you checked have those rates, apparently you represent a risk to them, perhaps based on age, or location, or driving record.

Breaking the law won't solve the problem, just make it so you will have more risk even when you get older (if you are now under 25).
artis56
 
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Why are insurance companies obsessed with ripping off young drivers in the UK?

Postby beartlaidh » Sun Jun 03, 2012 6:10 am

Insurance companies don't "rip off" anyone. They use statistics to arrive at premium costs.
Statistics show that young people have more accidents and more claims than older people hence the higher premiums for younger people. Those same statistics show that young Males have even more accidents than young females and so the they charge young males even more. Insurance companies are in business to make money so they must consider risk vs. profit. If you think they are "ripping you off", you can be self insured. All you need do is to put a few million (the amounts vary according to the country/state/province/jurisdiction) in a bond and deposit it with the government to be used if/when you have an accident or a claim.
beartlaidh
 
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Why are insurance companies obsessed with ripping off young drivers in the UK?

Postby nik » Sun Jun 03, 2012 6:20 am

holy s h i t e , that's expensive ...up to three thousand for one year?
is that the cheapest insurance you can get ?
here in Australia I only pay 60 bucks a month the price has never gone down im a 3 year no claim , that's comprehensive insurance
Getting your car registered here is a rip off too , 800 dollars for one year ......they know how to get ya
nik
 
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Joined: Sat Apr 02, 2011 2:50 am

Why are insurance companies obsessed with ripping off young drivers in the UK?

Postby ricardo » Sun Jun 03, 2012 6:28 am

holy s h i t e , that's expensive ...up to three thousand for one year?
is that the cheapest insurance you can get ?
here in Australia I only pay 60 bucks a month the price has never gone down im a 3 year no claim , that's comprehensive insurance
Getting your car registered here is a rip off too , 800 dollars for one year ......they know how to get ya
Because England is a corrupt country. I've lived in England for a year and it's a living hell there.
ricardo
 
Posts: 363
Joined: Sat Apr 02, 2011 2:35 am


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