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In the UK we have multiple insurers competing fiercely on price, to the point where many lose money year on year. People still say it's a scam though because th
by dazc 2y ago
In the UK we have multiple insurers competing fiercely on price, to the point where many lose money year on year. People still say it's a scam though because their experience when making a claim doesn't play out like they expected.
I think part of the problem is the unseen costs of long-term hire cars, injury compensation and outright fraud that has become an everyday expense that someone has to pick up the tab for?
- michaelt 2y ago> People still say it's a scam though because their experience when making a claim doesn't play out like they expected. A friend of mine had her insured bicycle stolen. It was locked up with an extremely heavy chain and lock, which were rated 'gold' by insurance companies for locking up motorbikes. Her insurance denied the claim, because the chain wasn't gold rated for locking up bicycles. By all means get insurance - but when their marketing talks about being on your side or providing peace of mind, you gotta realise that weaselling out of paying claims is a big part of their business model.
- infecto 2y agoWeasel? How do you expect it to work? There is a contract and the company is going to follow it.
- globular-toast 2y agoBicycle insurance is mostly useless unfortunately. We really need to do something about it if bicycles are going to be practical for more people. Cars get probably 100x the Police resource dedicated to them compared to bikes.
- bruce343434 2y agoBikes were not meant to be $1000+. Get a cheap one and set aside a monthly amount for replacing it. Don't get insurance on it. Get into an accident? You should already have health insurance to cover it.
- globular-toast 2y agoThey definitely don't need to be that expensive, but anything less than 500 credits isn't going to be very nice to ride. The sweet spot is something like 600-700 which is non-negligible.
- graemep 2y agoI think one of the problems in the UK is too much of the competition is just on price. People buy what is cheapest on a price comparison site. They do not consider reputation for trying not to pay, or customer service very much (because there are either no metrics or unclear ones). The same applies to things like internet connectivity. People look only at price and download speed. I also think it is not worth claiming for minor things and you keep your no claims bonus - therefore you might as well get a policy with a higher excess.