Car Insurance
Apart from buying your car, probably the most expensive aspect of being a motorist is that of buying car insurance. It is something that everyone who has a car grumbles about, and will suggest the fault lies with insurance companies, but when you look at the costs involved, the blame is not with those providing policies of car insurance.
The reasons for the high cost of car insurance are vehicle storage fees at accident repair centres and recovery agents and the legal companies that advertise their services on a no win no fee basis. Uninsured drivers represent a big cost to insurance companies, but with the rising costs of car insurance, as well as that of fuel, this makes it all the more tempting for some to drive without insurance. Another threat is that of the professional claimer. These are people who will trick innocent drivers into having a collision with them, just so as to be able to claim from the insurance companies. A professional claimer will pick on a soft target and this will perhaps be a woman travelling alone, or who has children in the car, an elderly driver or the company car driver. They will also choose a location to have the accident where there is no CCTV, where the presence of witnesses is unlikely and where it is difficult to prove it was a staged accident. Overtaking another car, then cutting in close ahead before braking heavily is one trick that is used, or even reversing into the car behind, claiming the car behind drove into the back of the claimant’s vehicle. Insurance companies and police are well aware of the tricks that take place to try and get money from companies providing car insurance. You will often hear people, especially young drivers, complaining how the cost of one year of car insurance cover is greater than the value of the car. People often think it is the value of replacing the car in the event of being written off that is a big consideration for insurer, but that is not the case. The main worry of an insurance provider, when selling you a policy to cover your car is the damage that you can potentially do with that car, not to property, but to other people. If you crash into someone and cause them life changing injuries, especially if the injury prevents them from earning, or requiring a life time of special needs, the claim will be huge. If that injured party is the sole earner in a family that will have an even greater impact upon the insurance company. It is actually cheaper for insurer to pay out for someone who has been killed in a car crash than it is to finance the care of a young person who has sustained life changing injuries. |
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This page was last updated
Thursday, 16-Jun-2011
Car Insurance
