Insurance

[pym]

Just found this on one of the UK daily papers.

  Quote

Camera fines can add £800 to insurance

By David Williams, Evening Standard Motoring Editor

25 June 2004

Speed camera fines can bump up motorists' insurance premiums by up to £800, new research shows today.

Just one offence - resulting in three penalty points on a licence - now routinely sees a driver's premium leap by up to 20 per cent.

And the number of motorists caught in the insurance trap is rising sharply, in line with the proliferation of "spy devices".

The clampdown is hitting thousands of drivers in the pocket when they renew their policies in what motoring organisations are calling a "double whammy". The figures graphically illustrate the cost of being caught on camera:

- Even a mature motorist - for instance, a 32-year-old office-worker driving a Ford Focus and paying only £374 a year - faces a rise of £74, taking the annual bill to ?448.

- A 38-year-old male accountant living in north London could see his annual ?500 premium leap by 30 per cent to ?650 after being caught speeding twice.

- But a 30-year-old man driving a BMW 328 and paying £1,000 is likely to be hit with an 80 per cent increase if caught three times - leaving him with a premium of £1,800.

The extra costs were analysed for the Evening Standard by Confused.com, a free service to consumers, which compared 1,800 quotes from 32 insurers. Its managing-director Kate Armstrong said: "A good many insurers see a direct link between even one speeding offence and an increased likelihood of accidents and claims."

More than a quarter of internetbased insurers refuse cover for drivers with two convictions, and 42 per cent refuse to take on drivers with two convictions or more.

For couples who have more than five convictions between them, the percentage of insurers refusing cover is nearly eight in 10 firms.

AA spokeswoman Rebecca Rees said: "It is a double whammy, with motorists facing more costs on top of the fine. But obviously insurers have to base their quotes on risk. One way to make sure you keep your costs down is to ensure you stay within the law."

The question is, how long will it be for the Insurance companies in Oz to follow suit ?

Edited 25/06/04 10:21 AM by pym

[Blown BA]

Another money making sham from the GOVs

[aniken]

  Blown BA said:

Another money making sham from the GOVs

This is insurance companies. The assumption being that getting a ticket indicates you are more likely to get in an accident, and so are a bigger insurance risk to the company.

[Blown BA]

  aniken said:

  Blown BA said:

Another money making sham from the GOVs

This is insurance companies. The assumption being that getting a ticket indicates you are more likely to get in an accident, and so are a bigger insurance risk to the company.

Ani l think you misread my statement by GOVs l meant the POMs.....get it GOVERNER

[aniken]

  Blown BA said:

by GOVs l meant the POMs.....get it GOVERNER

Ah, got it now

[cooltint]

Hi All

Part of my insurance excess is not removable due to me having two speeding fines in one year, it can be removed after two years without a fine apparently

Big AL

[Redhawk]

Most insurance companies have this in place now, one on-line insurance company upped my insurance premium from $580 to $800 with a couple of speeding fines, needless to say I'm not with them anymore, my current insurer was not so bad, but the premium went up a bit.

[ubyte]

mmm maybe we should start "fixing" the speed camera's. Someone got a angle grinder?