New laws might be passed in Britain about car insurance companies who sell accident sufferer’s information to accident lawyers.
British car insurance companies make money off of the well to do, off of the poor and off of the unlucky. Those who get into some sort of a car accident where there might or might not be personal injury.
British car insurers sell clients information to accident lawyers for up to £800 (about $1,300 dollars) pounds each. Why would they do such a thing when the lawyers in turn will sue them for damages to their client?
The reason behind it is tens of millions of pounds in profit to the scamming car insurance companies. How do they make profit off of these cases? It’s simple. Increased premiums. These premium increases are not just for the ones that has suffered an accident, but for all of the car owners. Insurance companies claim they pay out too much for claims thus need to increase the rates over the entire board. The payout might be for, say about £50,000 pounds per case, but increasing the rate for millions of Britts makes that peanuts, compare to the profit on the premium increase, for years to come, at which time they’ll increase it again.
With the new law, which of course the car insurers are also supporting. (pushing) they are trying to make the public believe they are doing the best they can to lower insurance rates. Saying, “less claims, less car insurance increase”. This is bull of course.
These same car insurance companies on the other hand, offer bottom scraping rates for car owners in the former communist countries. in Britain a ford escort with a 20 some year old driver might draw upword to £25,000 thousand pounds in annual (ANNUAL) car insurance cost. That same driver with that exact same car, in Hungary will pay approximately £120 pounds annually (ANNUALLY).
If the scammers can stay in business with those much lower rates, how come they have to raise their rates in Britain making it impossible for many people to own a car.
During the past 7 years, car insurance rates doubled in Britain, yet the rates of accidents and claims dropped.
Back to the title.
Car Insurance scam cover-up in Britain.
Meaning, the new law wants the public believe they are doing something to lower the car insurance cost. In fact this is nothing else than covering up an industry that makes huge profits for the government. They know it is getting out of hand. Negatively effecting the economy, because people have to spend their money on car insurance (which is only one industry), rather than supporting their local economy and that of the whole country’s.
Yet the government can’t stop the insurers rampage, because they can’t afford to loose the tax they pay after their billions of income.
So, the scam stay a scam and keep ripping tens of millions of honest people off!!