Insurers see revenue increases whilst rest of us suffer

Van insurance news roundup: 7 days ending 5 March 2014:

I don’t know who they think they’re fooling, but car insurance companies are posting record profits whilst the rest of us shoulder the economic burden.

In fact, this week Admiral – one of the largest car insurance groups in the UK by a long shot – announced its 2013 profits. It will come as no surprise to anyone that they rose by 7 per cent year on year to a new pre-tax figure of £370 million. Can you believe it? That’s shedloads of money that the company collected straight from the pockets of its policyholders!

It’s not just Admiral that has seen higher profits, either. There are many other insurers or related companies that are doing quite well, all due to the massively high car insurance rates customers have to pay. And don’t be fooled by the fact that it seems every day an insurer comes out with a new report that says prices have been lower than ever before, either – most of those reports are bollocks if you ask me, considering how they only report on the ‘average’ price paid by policyholders. The stark truth is that many classes of motorists – such as younger Brits and women – still pay through the bloody nose for the privilege of keeping their cars on the road!

And it’s not just regular birds and blokes either. In fact even celebrities have been feeling the bite. This week, an interview with film star James Purefoy revealed how his insurer slapped him with a £500 increase on his premium simply because he was spotted motoring about with Gwyneth Paltrow in the passenger seat.

It sounds ludicrous but it’s true. The two actors – who at one time were involved romantically but have since parted ways amicably – were indeed together, as a paparazzi snapped a photo of them together in Purefoy’s car. This prompted a particularly astute – and perhaps a bit deranged – insurance company employee to ring Purefoy up and inform him in no uncertain terms that his rates were being hiked. This is of course complete madness and makes no sense at all, or at least I can’t make heads nor tails of it. The only thing I can think of is that the employee was a frustrated film critic and wasn’t a fan of the man’s latest movie roles. Either way it’s bloody unbelievable if you ask me.

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