Car insurance compulsory?

**Ewan Oozarmy** · 25th September 2007, 12:45

Originally Posted by imdying

It'll limit the choice of smart people, and not of idiots...

If they're smart then they will only buy/finance what they can afford.

**Bass** · 25th September 2007, 12:51

Originally Posted by imdying

It'll limit the choice of smart people, and not of idiots...

1. Ha, you're living in a dream world.

2. Of course they'll reach that level, and they'll drive anyway, just like they do now... having no license doesn't stop people from driving and crashing into you, why would compulsory insurance?

You are fighting a very valiant rearguard action mate, but I think this one might just be a lost cause

**imdying** · 25th September 2007, 12:55

I don't think so... this will do nothing for regular honest people, the people who have insurance anyway. The government has already proven itself to be unable to enforce the current legislation they have, they are surely not going to have any further success with this. All this will do is give the insurance companies a license to print money, when they need to start 'putting the real cost on to the customer'. There isn't a country with compulsory insurance where the consumer isn't raped over it, there is no reason to believe that NZ will be any different.

When they figure out how to make people pay their fines, half the battle will already have been one.

**Ewan Oozarmy** · 25th September 2007, 12:59

Originally Posted by imdying

I don't think so... this will do nothing for regular honest people, the people who have insurance anyway. The government has already proven itself to be unable to enforce the current legislation they have, they are surely not going to have any further success with this. All this will do is give the insurance companies a license to print money, when they need to start 'putting the real cost on to the customer'. There isn't a country with compulsory insurance where the consumer isn't raped over it, there is no reason to believe that NZ will be any different.

When they figure out how to make people pay their fines, half the battle will already have been one.

I agree that the government have to get on board with this too. But still can't see why only "regular honest people" should have to purchase insurance.

**imdying** · 25th September 2007, 13:06

Originally Posted by Ewan Oozarmy

I agree that the government have to get on board with this too. But still can't see why only "regular honest people" should have to purchase insurance.

You can't fight human nature, no matter what legislation you have in place... dumb people are always going to do dumb shite... all making insurance compulsory will do is drive the cost up.

We don't need compulsory insurance, we need the courts to enforce their verdicts.

**Swoop** · 25th September 2007, 13:18

An interesting poll, on the harold website, is running at 90% favouring compulsory.

**imdying** · 25th September 2007, 13:24

One other thing. I'm driving along in my car, wasted as, and I crash into you. Since I was driving drunk (or speeding, or no license, or whatever), does my compulsory third party insurance still pay for the damage to your car? Or are we back to the courts that can't enforce shite?

/edit: And apparently it'll stop boy racers getting high performance cars... plenty of boy racers doing stupid shite and killing people in 'low performance' cars...

**Coldrider** · 25th September 2007, 13:30

Insurance companies are just another financial investor. They invest the continual cashflows for greater returns and take out secondary risk insurance, and pay out liability when required.
Compulsory insurance will be subsidised by any of their cash inflow streams, whether they stick to vehicle policies or not, anyone who has a policy will have to pay, insurance companies won't run at a loss.
Note fire service levies are compulsory in household insurance, but not everyone insures their houses. Those that pay, pay for all.

**arsnik** · 25th September 2007, 13:36

Originally Posted by imdying

We don\'t need compulsory insurance, we need the courts to enforce their verdicts.

HAHAHHAHAHHAHA, thats gold.

**Griff** · 25th September 2007, 13:44

Based on the general concensus, I think I have the answer!

It is every Kiwi's right to do exactly as they please and at the same time, not to be held accountable for their actions, or to be liable for the actions of other Kiwis.

Simple! Job Done! Next Topic please!

**Coldrider** · 25th September 2007, 14:34

Originally Posted by Griff

Based on the general concensus, I think I have the answer!

It is every Kiwi's right to do exactly as they please and at the same time, not to be held accountable for their actions, or to be liable for the actions of other Kiwis.

Simple! Job Done! Next Topic please!

How much would insurance premiums escalate in a state of anarchy, till the point that we are uninsurable.
A question for Lloyd's ?

An interesting point here, Lloyds Insurance pay dividends to 'names', wealthy old money people. In return for being a 'name' and collecting dividends, 'names' have to provide cash for Llyods liabilities when called upon to do so.

**WRT** · 25th September 2007, 14:38

I'm someone who works in the insurance industry, and I can't believe some of the crap that's been written in this thread. I started making notes on the first page of points that needed correcting, but then I saw how many pages there are already and quite frankly I just can't be arsed. As this is a topic of which I do know a reasonable amount, it makes me cringe to think just how far off the mark the rest of the threads on KB are.

Griff mate, you've hit the nail on the head.