Interesting insurance concept

rawsco · Post by **rawsco** » Fri Nov 06, 2015 1:13 pm

Not sure if I'd insure the lotus through this as doubt guaranteed value and track days are covered but could be a novel alternative to the attempted robbery that usually occurs every renewal of the daily driver.

https://heyguevara.com/?utm_source=face ... n=baseline

Corranga · Post by **Corranga** » Fri Nov 06, 2015 3:31 pm

It is interesting, but I really can't see it working out that well. The example of 5 claims costing a total of 12,500..
Can't see that happening very often.

Then what happens when one of you're group accidentally drives into an Aston / Porsche / Ferrari etc or even something like an E class or 7 series and it's written off. The pot then needs MORE money in it, not less. Finally, 700 a year average?! I'm only 33, I have 3 cars to insure.. 350 for the Elise with mods declared, 275 for my Alfa 159 and 175 for my 944 on a classic policy with 0 no claims...

j2 lot · Post by **j2 lot** » Fri Nov 06, 2015 5:56 pm

or one of your group has an accident resulting in a 6 figure personal injury claim .......

jj · Post by jj » Fri Nov 06, 2015 6:34 pm

It says that the 25% fee covers the admin and also a "what if" the pool runs out of money. I guess that the massive amount of data whoever came up with the idea has looked at takes all of these types of things into account, and maybe small groups can be worked out this way. How many of SE have had insurance claims that exceeded the £28k in the example? I would imagine not many.

BigD · Post by **BigD** » Fri Nov 06, 2015 7:06 pm

That's how all friendly societies started. It used to be lots of people pay in and the claims are paid from the pool. Not sure how it would work in small groups. They were not for profit societies for the vendor of the members. Wouldn't do any harm to get back to that.

I think originally started to pay for injuries etc when there were steel workers and miners etc with no sick pay in those days.

Scottish Elises