Vnuk and motor insurance

[Tonge moor green jacket]

https://www.gov.uk/government/speeches/european-motor-insurance-directive-removal-of-vnuk-from-uk-law

Fascinating little bit of legislation just done.

Quite complex in its history, but the upshot is that we've all just been saved an increase on each of our motor insurance premiums of around £50.

 

[Cheese]

18 minutes ago, Tonge moor green jacket said:

https://www.gov.uk/government/speeches/european-motor-insurance-directive-removal-of-vnuk-from-uk-law

Fascinating little bit of legislation just done.

Quite complex in its history, but the upshot is that we've all just been saved an increase on each of our motor insurance premiums of around £50.

Not "done" at all. As per the last line of the speech:

"In order to remove the impact of the Vnuk decision from GB law, primary legislation is required and a slot to introduce this will be sought at the earliest possible opportunity."

And - as always - it's not as black and white as you're portraying it.

https://www.stewartslaw.com/news/vnuk-policy-compensation-serious-injury/

Edited January 28, 2022 by Cheese

[Cheese]

Cheering this on as a money-saving 'win' for the British Public is a bit like saying "Save hundreds/thousands of pounds by not buying Insurance!"

[Tonge moor green jacket]

You didn't see the third reading in parliament then Cheese.

Presumably, you're in support of the ECJ ruling, which has necessitated the EU to look to introduce mitigating legislation to counteract it.

Your article by stewarts was perfectly explained and covered in the debate, so their concerns are not an issue. Folk operating such vehicles on private land have public liability insurance, employer liability insurance and any other relevant cover as per their business.

Moreover, there wouldn't have been unopposed cross part support for the bill if there were issues.

Yout comments suggest don't know much about it.

Suffice to say, golf clubs with electric carts, or someone with a big lawn who wanted a little ride on mower- two example- won't need to buy motor insurance. 

And it has saved an estimated £485m for the British motor racing industry in additional costs.

[Ani]

40 minutes ago, Tonge moor green jacket said:

https://www.gov.uk/government/speeches/european-motor-insurance-directive-removal-of-vnuk-from-uk-law

Fascinating little bit of legislation just done.

Quite complex in its history, but the upshot is that we've all just been saved an increase on each of our motor insurance premiums of around £50.

 

How has it saved me £50 ? 

[Cheese]

6 minutes ago, Tonge moor green jacket said:

You didn't see the third reading in parliament then Cheese.

You're correct, I didn't.

[Youri McAnespie]

[Tonge moor green jacket]

9 minutes ago, Ani said:

How has it saved me £50 ? 

The case law created by the ECJ had the effect of meaning that our laws (retained from brexit) meant that such insurance was required. 

The full mechanism of insurance isn't something I understand, but apparently the law meant that it would have cost the motor insurance bureau around £2bn. This is then paid for by the insurance companies, and in turn by us, spread over everyone's policies. Estimated cost around £50 per policy.

The decision by the ECJ in 2014 apparently threw the whole EU system as no one expected the decision.

In the end the case law became part of EU law, hence their, and our need to legislate to allow for it.

For our part, we've just booted it out and reverted to the road traffic act; which was superseded by this ECJ case law.

Edited January 28, 2022 by Tonge moor green jacket

[Cheese]

1 minute ago, Tonge moor green jacket said:

The case law created by the ECJ had the effect of meaning that our laws (retained from brexit) meant that such insurance was required. 

The full mechanism of insurance isn't something I understand, but apparently the law meant that it would have cost the motor insurance bureau around £2bn. This is then paid for by the insurance companies, and in turn by us, spread over everyone's policies. Estimated cost around £50 per policy.

The decision by the ECJ in 2014 apparently threw the whole EU system as no one expected the decision.

In the end the case law became part of EU law, hence their, and our need to legislate to allow for it.

For our part, we've just booted it out and reverted to the road traffic act; which was superseded by this ECJ case law.

To summarise for @Ani - it won't save you anything.

[Ani]

Just now, Tonge moor green jacket said:

The case law created by the ECJ had the effect of meaning that our laws (remained from brexit) meant that such insurance was required. 

The full mechanism of insurance isn't something I understand, but apparently the law meant that it would have cost the motor insurance bureau around £2bn. This is then paid for by the insurance companies, and in turn by us, spread over everyone's policies. Estimated cost around £50 per policy.

The decision by the ECJ in 2014 apparently threw the whole EU system as no one expected the decision.

In the end the case law became part of EU law, hence their, and our need to legislate to allow for it.

For our part, we've just booted it out and reverted to the road traffic act; which was superseded by this ECJ case law.

The £50 is arrived at by dividing the total cost by number of policies giving £50. 
However the cost would impact the motor industry as you say by about £485m and then all the people using vehicles on private land would pay more so the cost would be largely met by them. 
The price of your insurance reflects the risk and for most of us our risk won't have changed. Those who were affected would have paid more than £50 but for most of us little impact.

You are right it is good it has not been passed, in reply to Cheeses comment the think you celebrate is that people are not being forced to dual insure as would be covered by other policies. The risk is that vehicles have a record so you track they are insured but who knows what cover someone has on private land but that risk is nowhere near worth the cost this would have bought. 

[Tonge moor green jacket]

1 minute ago, Cheese said:

To summarise for @Ani - it won't save you anything.

Are you being deliberately a bit numb?

The law meant that insurance companies had to spend this money and pass it on.

As it happens, they held back until this legislation repealed it.

Had this not have passed through the house, then all our policies would have been  subject to this rise.

It is a good example of parliament working well to the benefit of us all. 

[Ani]

There is also an EU ruling that you can not give women a better price than men, even there is clear cut evidence they are safer drivers.

It might have be repealed but when I was in Motor Insurance it was the biggest joke going. 

[Tonge moor green jacket]

4 minutes ago, Ani said:

The £50 is arrived at by dividing the total cost by number of policies giving £50. 
However the cost would impact the motor industry as you say by about £485m and then all the people using vehicles on private land would pay more so the cost would be largely met by them. 
The price of your insurance reflects the risk and for most of us our risk won't have changed. Those who were affected would have paid more than £50 but for most of us little impact.

You are right it is good it has not been passed, in reply to Cheeses comment the think you celebrate is that people are not being forced to dual insure as would be covered by other policies. The risk is that vehicles have a record so you track they are insured but who knows what cover someone has on private land but that risk is nowhere near worth the cost this would have bought. 

Read again. £485m to the motor RACING industry!

 Of course those needing to acquire a new policy for private land use would be paying a fee, but this doesn't change the fact the the insurers were ready to spread their costs to every person.

 

Edited January 28, 2022 by Tonge moor green jacket

[Cheese]

2 minutes ago, Tonge moor green jacket said:

Are you being deliberately a bit numb?

The law meant that insurance companies had to spend this money and pass it on.

As it happens, they held back until this legislation repealed it.

Had this not have passed through the house, then all our policies would have been  subject to this rise.

It is a good example of parliament working well to the benefit of us all. 

So we should all expect our Car Insurance quote to be £50 cheaper next time we renew?

[Cheese]

2 minutes ago, Tonge moor green jacket said:

Read again. £485m to the motor RACING industry!

You literally said "we've all just been saved an increase on each of our motor insurance premiums of around £50". Are you assuming we're all Motor Racing Drivers?

[Ani]

18 minutes ago, Tonge moor green jacket said:

Read again. £485m to the motor RACING industry!

What difference does that make ? You agree that one industry will bear the brunt of the cost. So the £50 is flawed as it assumes the cost is spread equally. So Williams F1 team would have been screwed, golf clubs, farmers, folks with big gardens etc but not everyone else. 

Edited January 28, 2022 by Ani

[Youri McAnespie]

The savings mean I can increase my price for slicks to Red Bull Racing, which will offset the fact a punnet of tomatoes will cost £38.

[Ani]

56 minutes ago, Tonge moor green jacket said:

Read again. £485m to the motor RACING industry!

 Of course those needing to acquire a new policy for private land use would be paying a fee, but this doesn't change the fact the the insurers were ready to spread their costs to every person.

 

That last bit you added makes no sense. Car Insurance is the most competive  market in the UK if one insurer tries to build extra cost into their prices to subsidise this but another prices it properly the first guy gets lots of the private land business but the price is too low so loses money, they get no car business as too expensive. It is not sustainable. 

[Spider]

They have divided £1.2 billion by 25 million drivers, and arrived at £50.

It's a massively flawed way of expressing a cost and utter bollocks as a claim that we 're all £50 better off.

We're not. And that's a BOOM fact.

 

All that being said, if voting Brexit has not cost me £50 (I'll ignore the 6 figure sums my company has lost as a result), then yes, it's a Brexit Bonus.

The milk and honey has landed.

[Youri McAnespie]

What the fuck, are you all fucking economists/insurance experts now, who gives a fuck about a fifty quid discount? I don't need a fifty quid reduction, I need my fucking cock...

[Spider]

14 minutes ago, Youri McAnespie said:

What the fuck, are you all fucking economists/insurance experts now, who gives a fuck about a fifty quid discount? I don't need a fifty quid reduction, I need my fucking cock...

I think it was an attempt to prove Brexit has been worth all the pain.

I was hoping for more, I have to be honest. But you go with what you've got.

[Youri McAnespie]

1 minute ago, Spider said:

I think it was an attempt to prove Brexit has been worth all the pain.

I was hoping for more, I have to be honest. But you go with what you've got.

Some just won't admit what a shitshow presided over by the biggest bunch of wanksocks in Christendom is.

Entrenched.

Fifty quid off insurance but three quid on a box of eight Bird's-eye Fish Fingers, not all is lost - Truss ensures Kangaroo bollocks aplenty for everyone, and she's piping £6.79 into the UK cheese industry.

What a shambolic state of affairs.

[Ani]

3 hours ago, Youri McAnespie said:

What the fuck, are you all fucking insurance experts now

I am yes. Can not help with your cock though. 

[Youri McAnespie]

It's already insured for £11m a million for every inch. What are you anyway, a fucking poultry farmer now? Everything's a fucking travesty with you, man, what was all that shit about insurance, man - what the fuck does anything have to do with insurance, you fuckin' asshole?

[Ani]

24 minutes ago, Youri McAnespie said:

It's already insured for £11m a million for every inch. What are you anyway, a fucking poultry farmer now? Everything's a fucking travesty with you, man, what was all that shit about insurance, man - what the fuck does anything have to do with insurance, you fuckin' asshole?

Oh dear.