[quote]
Originally posted by dietcokeplease
[b]
...(The best claim was a product liability claim where a man sued a sex shop after buying a penis enlarger and found he couldn't do the business with his wife after using it! But I digress
)
No way!!!! We've got a guy here who's hobby is funny claims and great customer names. He keeps copies of all the files (don't mention the Data Protection Act...) and it's the archive we plunder when afternoons get very very boring here! Names like Mr P Ness, Miss Fuk Yu and Mr R Sole while away the hours of tedium no end. Among our claim files is one from a customer who used some 'Taurus' stimulant cream, only for it to cause a considerably painful adverse reaction - think 'Deep Heat' on your family jewels and you get the idea. Not funny... anyhoo, we both digress!
"My point is that insurance for the sensible is not optional, it's a captive market because of legislation."
True, for the benefit of the public at large - not just for insurers profits!
"I'd go as far as saying that the claims department I worked with were a bunch of jobsworths with no discretion, leniency or compassion. It's taken companies such as Direct Line to change the market with a more customer focused approach."
Well, the only thing I'd say is that IMHO our claims depts are usually really fair, and in that example I quoted earlier with the Scooby, we actually ended up paying out over £20k, even thought there was clear and relevant "non-disclosure of a material fact".
Which kind of gets us back to the point of this original post... for your own peace of mind, its better to declare all and take what coming to you. We underwrite each case individually (and most of the time) our people know what they are doing and make reasonable decisions based on the circumstances. The unpalatable truth is that the whole motor insurance market general does not want ANY male drivers under 25 and will go out of its way to avoid insuring these (way higher than average) risks. Once you turn 25, rush out and buy the highest group car you can afford!
PS. "Let's just say that the results covered the £100 million loss many times over!"
Not at the moment though, what with the markets down the toilet post 9/11... and hence the increases on peoples premiums (to recoup past discounting and redress future lack of investment return?). We made £530m last year and from that £200m went directly to 9/11 claims and another £300m to asbestosis claims for people blighted by that disease during their employment, years ago. That left us £25m, worldwide (after playing the markets etc etc) on billions of pounds of turnover, billions. No wonder our shares have went through the floor!