Insurance against speeding fines.

[P1E]

Just saw this on a Today Tonight ad.

http://seven.com.au/todaytonight/story/spe...eedinginsurance

[The_Paladin]

had a read...........sounds like a tool, it just wouldnt work.....

he'd be screwed when the Gumball 3000 comes to australia

[Guest Munky]

I think you'll find that this bloke will get shut down very quickly, especially if he decides to actually label his company an 'insurance company'. For starters he definitely wouldn't be able to obtain a license to run such a business, as an insurance company 'must not threaten the public interest. In particular, it should not encourage criminal activity.' (from my Introduction to Risk and Insurance uni textbook).

[OKBANANA]

http://www.skylinesaustralia.com/forums/sh...ead.php?t=42661

[pentae]

I think its a great idea.

[P1E]

http://www.skylinesaustralia.com/forums/sh...ead.php?t=42661

My bad.

[Guilty]

lol if i sent that guy my fine of $1559

i think paying 69 bux for that isnt a lot

just join for 69 bux den recieve 800 bux in return

pretty good isnt it?

[Zagan]

Yep and I wonder if the guy will pay half, in the end though it's a pointless scheme and it's a "get rich quick" idea, see heaps of drivers pay him $69 everyday, but he only pays so many people a year or fines a year, and keeps the rest.

His idea is probably hoping that heaps of people don't send him lots of fines or that more drivers that don't speed much still pay for it anyway.

[Guilty]

nahh it sorta works.......

its just like pooling everybody's money together and using that money to pay off his clients..but then again that's for insurance companies do. But the point is, will people actually be stupid enough to "insure" against a speeding or parkin fine. Most people including myself who do end up getting a speeding or parking fine, dont expect to get one. it jus happenz. Its a pretty stupid idea and i am pretty sure it wont succeed

[The_Paladin]

it could be a scam...................get heaps of young hoons to sign up then move to spain.

infact, that wouldnt surprise me at all...........

[P1E]

It would probably work if enough drivers paid the $69.00, but I can only see drivers that are likely to speed signing up. Unlike car insurance, there won't be enough low risk drivers to pay for the fines of those who do sign up.

[sigsputnik]

Is it really $69 flat rate? How does he work out who is likely to get fined and who isn't? How has he calculated risk?

Hmmm....perhaps he has insured himself with another insurer somehow? This is all very fishy.

[P1E]

Demerit points sort out the repeat offenders. But for $69.00, you make your money back on your first fine.

[The_Paladin]

if some stupid idea like this one gets off the ground what a great excuse for the law enforcement to raise the demerit point loss or price of the fines as to futher detur speeders. which makes sense considering with that type of insurance you'd have to break the law to get value out of it