GBC wrote:
And as two jobs said, over 6 months later the case is still going on whilst they fart around keeping the lawyers pockets lined.
well said that chap from muckty
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| Is this why insurance premiums are soaring? https://taxi-driver.co.uk/phpBB2/viewtopic.php?f=7&t=19669 |
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| Author: | jimbo [ Tue Jul 03, 2012 5:24 pm ] |
| Post subject: | Is this why insurance premiums are soaring? |
An "accident" on the station taxi rank, where a S reg TX rammed an 02 reg TX whilst moving up. The 02 cab had his boot stove in, and other damage, fuel tank, etc. And was provided with a replacement TX4, 11reg. For TEN weeks! Just got his 02 cab back. Just how much would it cost for the replacement? (My guess... around £10,000) It must have been close to a write off for the repair alone. So, what would a so so condition TX2 (02) be worth? (one careful owner, plus the prat who owns it now) It would surely have been cheaper to write the TX off? |
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| Author: | Foxtrot26 [ Tue Jul 03, 2012 6:13 pm ] |
| Post subject: | Re: Is this why insurance premiums are soaring? |
I'd imagine more than 10k in hire charges tbh I had a van drive into me a couple of years ago asked other ins co to pay for a base car(private hire btw) at £150 a week They refused to pay that so I got an accident management co involved they put me into a Glasgow played vectra at a cost of £215 A DAY I'd imagine a plated hack would be nearer to £300 a day |
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| Author: | 2 Jobs [ Wed Jul 04, 2012 11:46 am ] |
| Post subject: | Re: Is this why insurance premiums are soaring? |
I have known Clamims Management Companies string out the period of hire in the event of non fault accidents. There is a standard "menu" of prices agreed and controlled by the Association of Bristish Insurers. The daily rate for a TX is high cos after transporting it to where it is needed, it generally has to be plated, is usually insured by the CMC themselves. The odd thing is that it is easier to recover the huge cost of a hire ar rather than the much lower loss of earnings. What may have happened in this case is that the CMC bypassed the driver's own insurance with a view to claiming repair costs directly from the TP insurers. If the TP were slow in admitting liability, inspecting etc it provides the opportunity to extend the hire period thus more profit. In the meantime the TX2 guy is probably reasonably content in driving around in a newer motor that is not costing him anything other than diesel. Going back to an earlier thread regarding lower own damage excess if claims reported promptly, this is why "intervention" by your own insurance company if you are at fault is an increaslingly common thing. |
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| Author: | GBC [ Mon Jul 09, 2012 8:47 pm ] |
| Post subject: | Re: Is this why insurance premiums are soaring? |
I had a loan Vito for 12 weeks at £220 a day. Credit hire is the new whiplash. |
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| Author: | GBC [ Mon Jul 09, 2012 8:49 pm ] |
| Post subject: | Re: Is this why insurance premiums are soaring? |
And as two jobs said, over 6 months later the case is still going on whilst they fart around keeping the lawyers pockets lined. |
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| Author: | captain cab [ Mon Jul 09, 2012 9:50 pm ] |
| Post subject: | Re: Is this why insurance premiums are soaring? |
GBC wrote: And as two jobs said, over 6 months later the case is still going on whilst they fart around keeping the lawyers pockets lined. well said that chap from muckty
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| Author: | 2 Jobs [ Wed Jul 11, 2012 9:06 am ] |
| Post subject: | Re: Is this why insurance premiums are soaring? |
I have posted this in news too. Ladies and Gentlemen, I am sorry to announce that Octane is withdrawing from further participation in the ‘Standard’ Taxi market, although we remain happy to help with the more Non-Standard end, such as Plated Self-Drive-Hire, Limousines and Chauffeur risks. We have stuck with it on the ‘Standard Taxi’ account for nearly three years, despite the huge hit of a £1.6 million passenger injury claim last year, but the loss ratio is still running poorly in this current year and the rating just never seems able to catch up with the speed of increase in both the numbers and the cost of injury claims. Clearly, the tendency for these claims is worse in some postcodes than others, but we have tried to protect the account with postcode limitations, only to find the problem spreading rapidly to so many other areas that we feel there is no choice for us but to exit the market and use our resources for other products. I’m genuinely sorry to have had to give up on this part of our account. We will stand by any quotes that we have already given to you, until the end of July, after which they will expire, but we will not be providing any new quotes after today. Similarly, we will accept instructions on any renewals that we’ve already invited. However, we will not be inviting any future polices as they expire, but will ask you to replace them at renewal. |
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