1.2 Million To Insure A Corsa !

[tonyav]

Not exactly a super car is it.
http://news.uk.msn.com/trending-blog/driver-quoted-more-than-%c2%a312-million-to-insure-his-corsa

[gingejbee]

A representative of the company said it was their way of saying that they didn't want to insure it.

[tonyav]

I know, but why don't they just say that they decline to quote.

[LazyGun]

I was thinking the same thing - why not just decline to offer cover? Maybe there is something in statutory regulations about not actually being able to say we cannot cover you?

[tonyav]

Yes could be, hadn't thought of that LG.

[SirOracle]

If the Insurer refused to quote (and they are entitled to do this),I would add,then the corsa owner is required to tell any other Insurer he approaches that he has had insurance declined.

The extremely high quote is actually doing him a favour !!

[BRIGHT SPARK]

Sir O...the refusal of a company to give an insurance quotation does not constitute a refusal of insurance.It simply means that the company policy will not extend cover for the proposed risk.

[SirOracle]

Bright Spark A refusal is a refusal is a refusal....

[BRIGHT SPARK]

Sir O. I agree in principle with what you say,however from experience of insuring a group 50 car I find that many insurers refuse to give a quotation because it is beyond their risk limits.........however it does not mean that I have been refused insurance....it means that I have been refused a quotation...a very different situation.When an insurer asks ...have you ever been refused insurance they generally mean because of fraud or medical reasons.If your reasoning were correct then every owner of a group 40 car and above would have been refused at some time.Ring your insurer and put it to them.

[joggerjayne]

Insurers are not really insuring "your car"

They are insuring you against the damage that you might cause while driving your car, like killing someone, or crashing into someone's new Bentley.

The value of your own car is only a small part of the calculation.

[LazyGun]

I still do not understand why an insurer would issue such an inflated quotation, rather than just decline to cover, unless it was a mistake of some sort of automated quotation system and the company were to embarassed to hold their hand up to an error..l

[BRIGHT SPARK]

LG...I guess the quotation would be generated on an automated ..black and white system as opposed to a broker system.It would be interesting to see the proposal.

[tonyav]

Well he didn't have to pay the 1.2 million up front, they did offer him the opportunity of paying £104,000 a month to make it a bit easier !.