Any Insurance Brokers Lexus Owners / Drivers ?

[Malc]

Hi everyone.

Reading and experiencing the state of Insurance Premiums at this challenging economic time ( see the Insurance Thread ) I just wondered if there are any thoughts that we LS owners or maybe all lexus Owners could develop our own Insurance specific bokerage or even our own Insurance Business ?

Any thoughts ?

Can't be beyond the wit of us guys and girls to sort out............ *****, if the banks and Insurance Companies can do it then it can't be rocket science ..... can it ?

Malc

[abs66]

I'm right with you on this one Malc, I mean us LS drivers have got to be a low risk and a lot of the cars are not a massive value.

I suspect we would need a chunk if money or access to money in order to satisfy the authorities we are bona fides insurance company.

Power to the people lol

[Steve]

From what I know it's not as easy as it looks

I am with you guys.. 20 odd years i have never claimed!

[Bluesman]

I'm with you all but the financial stake needed to set up your own insurance company will be prohibative.

I have always said that if you are required by Law then it should be government supplied like Road Tax and not given to private companies who all have a good smattering of MPs on their Board of Directors. That way we wouldnt have to pay so much in tax as all insurance companies make stonking amounts of profits.

Most insurance companies are ultimately owned by banks.

I entered the question into Google and this is what I came up with.

Mike

First, do you mean an insurance company or an insurance intermediary. The former creates insurance policies and underwrites the risk. They're the firm that pays the claim. The second sells the policies provided by other insurance companies.

For both you'll need approval from the Financial Services Authority - and you'll need to comply with their regulation.

If you're an insurance company you will need to demonstrate you have adequate financial resources. That means having money set aside to pay the claims you expect to have to pay (or reinsurance contracts). You will need to demonstrate to the FSA that you have a sound underwriting model.

You will also need to obtain approval from the Department for Business, Enterprise and Regulatory Reform (formerly the DTI).

In both cases they will consider whether you are a fit and proper person to own and run an insurance company.

Depending on what you're doing you'll also need to register with the Information Commissioner's Office for Data Protection purposes, you may have to register with the Department for Justice depending on what you do with your claims, and you may also be contributing data to various government and industry databases when you sell an individual policy or receive a claim.

There are also specific pieces of legislation that cover motor insurance that will affect the way you construct your policies.

If you plan on selling other people's policies life is easier than this, but still complex. The FSA and ICO registrations remain, however, you won't be supplying data to fraud registers etc. Your requirements for solvency will be lower, but you will have responsibilities relating to the sale of the products you provide.

[Malc]

Noted, thanks .......... never thought it would be a simple " breeze ".

Does anyone have the knowledge / experience / capacity / capability to get this going somehow I wonder ?

Malc

[Thunderchild]

I think you'll find that in the case of most older vehicles, and in particular heavy beasts like ours, it's not so much what your car is worth but more the amount of damage you can inflct on vehicles of a lesser quality than ours. If you want to see the truth of this, check out how much TPF&T costs compared to Fully Comprehensive.

Tc

[Bluesman]

I tried that one last year when I renewed and guess what???????????????????

they wanted more, only £10 but it shows the whole futility of the insurance scams they operate in this country that we have to negotiate by law.

Mike

[abs66]

I'm sure one of our members from some other country said on here somewhere that his government supplied at a price a basic insurance and that private companies would sell you extra cover if you want it.

Somewhat vague I know and bad punctuation as well, can't type so well when frustrated!

[bearpolar58]

Afternoon all. I am just in the process of setting up my own insurance brokerage. If we could we could find out roughly how many people would be I terested then once im authorised I could see about arranging a scheme with a national company! Let me know.

[Bluesman]

Afternoon all. I am just in the process of setting up my own insurance brokerage. If we could we could find out roughly how many people would be I terested then once im authorised I could see about arranging a scheme with a national company! Let me know.

Yes I would be interested if you can beat £320 pa, that's on a monthly basis, but the trouble you will have is getting everyone to start their insurance with you at the same time and I cant see that happening.

Good luck on you for trying.

Mike

[abs66]

I second that, well done for trying.

If you manage to get reasonable quotes for people you will do well.

Hopefully the company you deal with won't be as greedy as the other cartel members!

Good luck

[bearpolar58]

They wouldn't need to start at the same time. Just a vague idea of how many people would be interested in quotes!! I'll keep you all posted but if

you know people interested we could look at setting up a specific LS scheme!

[Ruud]

I think you'll find that in the case of most older vehicles, and in particular heavy beasts like ours, it's not so much what your car is worth but more the amount of damage you can inflct on vehicles of a lesser quality than ours. If you want to see the truth of this, check out how much TPF&T costs compared to Fully Comprehensive.

Tc

Oddly enough, my current insurance company demanded a few things when I changed over from my previous jaguar X-type 2.5 AWD. They demanded a tracking device with valid subscription, driver(s) had to be 27 or over and overnight it had to be kept in a locked garage. I was like: "seriously?, for a 14 year old car???"

This is my 4th Ls400...never had this crap before...