Originally Posted by
Snoopy
"Comprehensive motor insurance' has traditionally meant 'fire, theft and accident' cover, both for your vehicle and whatever vehicle(s) you might contact in a collision. However, given the breadth of motor vehicle insurance available today, there are plenty of things that 'comprehensive insurance' does not cover. An extended warranty/repair contract when buying a second hand vehicle is perhaps the most significant. It is into this policy gap that 'Autosure' was launched. The genesis was the Japanese car import business that started in the early 1980s without manufacturer blessing!
There was some discussion at the presentation about the cost of vehicle repairs. Since acquiring 'Autosure', Turners has found that the 'mechanical breakdown' policies on Japanese sourced vehicles were subsidizing the 'mechanical breakdown' policies on European sourced vehicles. Upon realizing this, Turners has directed Autosure to raise the premiums on European vehicles and reduce those on Japanese vehicles to better reflect the risk. A particular example given was of a Mercedes Benz wing mirror. One audience member guessed what he thought a fair price would be and doubled that figure for his 'price guess'. The true answer was three times his price guess IIRC! Anyway, it came out that Turners fully underwrites the Autosure costs themselves,