What is the average car insurance claim.?

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What is the average car insurance claim.?
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What is the average car insurance claim.?

Im trying to work out how insurance companies make money... want to know what you think is the average cost to the insurance company for the average claim. then what is the average cost for a policy. if you take these two, lets say its Â£5000 average claim and Â£400 for an average policy that means ur average guy will have to go 12 and a half years with out making a claim for the insurance company to make money!!!! how does it work

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wpanther30	Okay they base what your insurance will be by age of car/truck/ tickets/ accidents/ age of driver and what the driver will take as a deductible pay out of pocket. The more money a driver is willing to pay the less the insurance will be. Now they of course do this with a lot of people. If car is totaled lets say after driver was insured for 3 months. Rates go up cause now they are considered higher risk. And course they never get full value of the car/truck. So say he buys another car and tries get insurance well he;'s paying more now and hopefully they make enough money before he might say total it. Too many times they wont be able to get insurance with that company cause they losing money. But say you have a good driver by law in our state have to be insured. So this guy never gets in a accident so he gets lower insurance cost and they make enough money to cover guy that totaled car. And it goes on. That is the simplest way to put it. Theres more but that is the basic idea. Everyone pays for the bad driver. Lol dave

Timbo is here	All insurance is a pooled investment. Insurer takes all the money and puts it in a pot from which it pays out claims and its own costs and if there is some left over that is profit. To work out how much to charge their Actuaries work out the risk from values, history and statistics and they come up with figures that should keep the pot of money high enough to make profit but not too high that people do not buy insurance from them. They know the averages for things you mention but they are not going to tell me or you or we could be as clever as them and get paid so much, as they do, that we don't care about insurance costs.

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