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A guide to motor insurance & FAQ's

12357…28

Comments

  • #202
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    stoneill wrote: »
    This is understood and not an issue - my beef is with legislation enacted by the oireachtas making motorists have a contract with a private company who's only aim is to make money, that they have no control of the price, nor do they have access to how the price was attained.
    It's not a single private company, there are dozens available. If they are not competitive, they won't make they money you rightly say they seek. What's the point of knowing how the price was attained?, If it is too dear, people go elsewhere, if it is competitive, then happy days


  • #203
    pudzey101
    Registered Users, Registered Users 2 Posts: 3,925 ✭✭✭pudzey101


    Anyone know off hand of any cheap companys / brokers ?

    Done online quotes and they ranged from 750-2500?

    23 Full clean lisence

    6 year NCB


  • #204
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    pudzey101 wrote: »
    Anyone know off hand of any cheap companys / brokers ?

    Done online quotes and they ranged from 750-2500?

    23 Full clean lisence

    6 year NCB

    Yesterday you had 5 years NCB and this morning you sorted your insurance for €600+ :confused:

    http://www.boards.ie/vbulletin/showthread.php?p=87378690


  • #205
    pudzey101
    Registered Users, Registered Users 2 Posts: 3,925 ✭✭✭pudzey101


    Yeah got my ncb off previous insurer turns out to be 6 not 5 ") and the quote i taught for 600 was only based on an estimate. Different story when they ring you about it.


  • #206
    stoneill
    Registered Users, Registered Users 2 Posts: 3,609 ✭✭✭stoneill


    oldyouth wrote: »
    It's not a single private company, there are dozens available. If they are not competitive, they won't make they money you rightly say they seek. What's the point of knowing how the price was attained?, If it is too dear, people go elsewhere, if it is competitive, then happy days

    I want to know, I want to see how my premium is calculated. I want to see how my money is spent. I have paid thousands over the years of driving, never made a claim. I want to see where that money is going.
    Insurance companies state that they provide a service. If you have never made a claim what service have they provided?


  • #207
    marcus2000
    Registered Users, Registered Users 2 Posts: 400 ✭✭marcus2000


    stoneill wrote: »
    I have paid thousands over the years of driving, never made a claim. I want to see where that money is going.

    Your thousands over the years are going to pay for the claims that others have made.


  • #208
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    stoneill wrote: »
    I want to know, I want to see how my premium is calculated. I want to see how my money is spent.

    When you buy a pint, do you insist the barman tell who what he paid for the barrel, what he spends on light and heat, his wageroll, his Sky subscription etc???????

    It is none of your business. It's not Public money


  • #209
    stoneill
    Registered Users, Registered Users 2 Posts: 3,609 ✭✭✭stoneill


    oldyouth wrote: »
    When you buy a pint, do you insist the barman tell who what he paid for the barrel, what he spends on light and heat, his wageroll, his Sky subscription etc???????

    It is none of your business. It's not Public money


    That info ifor a pint s easily accessible -

    Do none of you care where your money goes? No wonder it's easy to fleece the Irish.


  • #210
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    stoneill wrote: »
    That info ifor a pint s easily accessible -

    Do none of you care where your money goes? No wonder it's easy to fleece the Irish.

    And if you found out that your own insurer had claim costs of 10% and profit of 90% but was still able to provide your with the best premium out there, compared to an inefficient insurer operating on 5% profit margin, would purpose would that serve????


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  • #211
    stoneill
    Registered Users, Registered Users 2 Posts: 3,609 ✭✭✭stoneill


    oldyouth wrote: »
    And if you found out that your own insurer had claim costs of 10% and profit of 90% but was still able to provide your with the best premium out there, compared to an inefficient insurer operating on 5% profit margin, would purpose would that serve????

    Royal Sun Alliance are competitive - would you insure with them?


  • #212
    pudzey101
    Registered Users, Registered Users 2 Posts: 3,925 ✭✭✭pudzey101


    Hey guys who is currently the cheapest / most competitive insurance company ?


  • #213
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    stoneill wrote: »
    Royal Sun Alliance are competitive - would you insure with them?

    In a heartbeat.

    I don't mean to be personal but you don't seem to know much about business in general and insurance in particular


  • #214
    absolutegroove
    Registered Users, Registered Users 2 Posts: 743 ✭✭✭absolutegroove


    I have been out of the country three years (living in Middle East) and have moved back to Ireland and looking around for car insurance.

    I did have car insurance in the Middle East but it's not recognised here.


    I've been given a quote of €1900.00 :eek:


    I'm 37, male, no claims against me, no penalty points, full UK licence (6 years).

    Main reason the insurance companies has said it's so expensive is because of the non-continuation of my no-claims bonus (I did have five years no-claims in Ireland before I left for the Middle East) and that I am not named on any of my families car insurance policies.


    Anyone got any ideas?


  • #215
    marcus2000
    Registered Users, Registered Users 2 Posts: 400 ✭✭marcus2000


    absolutegroove wrote: »

    Main reason the insurance companies has said it's so expensive is because of the non-continuation of my no-claims bonus (I did have five years no-claims in Ireland before I left for the Middle East) and that I am not named on any of my families car insurance policies.


    Anyone got any ideas?

    You probably fall into the remit of XS Direct, where policyholders aren't rated on their NCB - but it comes with it's own risks where you have to share the cost of any claims with a starting excess of 3k.


  • #216
    MugMugs
    Registered Users, Registered Users 2 Posts: 17,875 ✭✭✭✭MugMugs


    absolutegroove wrote: »
    I have been out of the country three years (living in Middle East) and have moved back to Ireland and looking around for car insurance.

    I did have car insurance in the Middle East but it's not recognised here.


    I've been given a quote of €1900.00 :eek:


    I'm 37, male, no claims against me, no penalty points, full UK licence (6 years).

    Main reason the insurance companies has said it's so expensive is because of the non-continuation of my no-claims bonus (I did have five years no-claims in Ireland before I left for the Middle East) and that I am not named on any of my families car insurance policies.


    Anyone got any ideas?
    Employ a good broker or a few of them and explain your situation.

    They have more access to the Underwriter than you do by going to an Insurer directly and may be able to wiggle this all down a little bit for you.


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  • #217
    bazz26
    Registered Users, Registered Users 2 Posts: 51,289 ✭✭✭✭bazz26


    pudzey101 wrote: »
    Hey guys who is currently the cheapest / most competitive insurance company ?

    There is no cheapest/most competitive insurance company for everyone. It depends too much on the individual and their circumstances. One insurance company could be cheap for me but could very expensive for you. There is no shortcut when it comes to shopping around for insurance, you will need to contact all of them for their best price and play them off each other.


  • #218
    stoneill
    Registered Users, Registered Users 2 Posts: 3,609 ✭✭✭stoneill


    oldyouth wrote: »
    In a heartbeat.

    I don't mean to be personal but you don't seem to know much about business in general and insurance in particular

    I know enough to see when dodgy dealings and underhand actions are taking place.
    But lets get back to the point - transparency (or lack of) of where your premium goes. Most people here are happy to shell out on what they see as a good deal, Irish people are conditioned to pay higher prices for everything without question, and insurance companies are happy to provide us with the service we deserve.


  • #219
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    stoneill wrote: »
    But lets get back to the point - transparency (or lack of) of where your premium goes..
    Insurance companies release annual accounts that disclose their income, claims, wages, light, heat, profit etc. I don't see where you are going with this conspiracy theory.

    Are you suggesting that there should be a cap on the profit an insurer makes or that you would be happy to pay an additional premium during the year if the insurer makes a loss????


  • #220
    JJJJNR
    Closed Accounts Posts: 4,791 ✭✭✭JJJJNR


    ok so had a serious accident yesterday, no other cars involved, just came off the road which was wet it was 6am. looks like my car is bit worst for wear but is driving, its all frontal cosmetic damage and nothing to the chassis or engine, major issue is the price to repair, which is a scary 2.5k for parts only.. ehich could be a bit much for ins co, ive yet to hear from them its 123.ie. i'd like to repair it and chalk it down to exp.. my first accident in 15 yr driving. I just dont want to be f***ed over. had bonus protection. fully comp ins.


  • #221
    MugMugs
    Registered Users, Registered Users 2 Posts: 17,875 ✭✭✭✭MugMugs


    Who got the quote? Yourself or 123?


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  • #222
    JJJJNR
    Closed Accounts Posts: 4,791 ✭✭✭JJJJNR


    I got the quote, 123 haven't came back with anything yet. :(


  • #223
    MugMugs
    Registered Users, Registered Users 2 Posts: 17,875 ✭✭✭✭MugMugs


    Bad form.

    Presuming that you don't have the cash to lamp out on repairs it's generally a case of he who shouts the loudest gets heard.

    If it was me and if i needed my motor go get about with no alternatives available, I'd be quite literally stalking the claims handler in RSA until my claim gathered some traction. Failing that, I'd start sending in the written complaints.


  • #224
    JJJJNR
    Closed Accounts Posts: 4,791 ✭✭✭JJJJNR


    Ok have been thinking about this, I can afford the repairs myself, but not sure I want to be forking out much money on a high mileage car w/175k, the repair work is largly bolt on, no work on sus or engine, everything ok.

    my next big expense was going to be the clutch, and a few other bits needed doing also, which I had money put away for.

    I am fully comp and have 123.ie's bonus protection, so I think I can't move ins co's if I want to, at the moment I'm only paying 380 or something. Someone mentioned I should just take the write off amount and get a new car because I'm going to be screwed no matter what I do and at least if im in a newer car that does not need much work done I'm better off.

    So if I decided to take a write off amount, I could possibly throw the couple of quid in I had put away and be in a nice position for a bargain hunt.

    so confused but does this sound like the logical thing to do, everyone I talk to is split on this.


  • #225
    peteb2
    Registered Users, Registered Users 2 Posts: 1,813 ✭✭✭peteb2


    Whats the market value of your car? Yes you will be stuck with 123 even with the protected bonus. Already you were looking at a 12% increase with RSA and now they just shored up a €100m accounts whole you are probably looking a bigger rate increase regardless of your no claims status.


  • #226
    jiltloop
    Registered Users, Registered Users 2 Posts: 2,205 ✭✭✭jiltloop


    My insurance is up for renewal, I'm currently with 123.ie and my last policy cost 520.00 fully comp for the year, they have emailed me with a renewal price of over 880.00!! I understand they have increased their prices but surely this is a massive increase considering nothing has changed except I have a longer no claims bonus! It's an increase of almost 60%

    Has anyone had a similar experience?


  • #227
    magic123
    Registered Users Posts: 27 ✭magic123


    jiltloop wrote: »
    My insurance is up for renewal, I'm currently with 123.ie and my last policy cost 520.00 fully comp for the year, they have emailed me with a renewal price of over 880.00!! I understand they have increased their prices but surely this is a massive increase considering nothing has changed except I have a longer no claims bonus! It's an increase of almost 60%

    Has anyone had a similar experience?

    mine last year was fully comp 500 .this year got renewal for only 1250 :D.so moved to aig ,paying 400 :)


  • #228
    wayniebum
    Registered Users Posts: 4 ✭wayniebum


    Hi should i mention to the insurance company about a claim on a different policy?


  • #229
    MugMugs
    Registered Users, Registered Users 2 Posts: 17,875 ✭✭✭✭MugMugs


    wayniebum wrote: »
    Hi should i mention to the insurance company about a claim on a different policy?

    Was the claim against / relevant to you and is the other policy yours?

    If so, yes.


  • #230
    absolutegroove
    Registered Users, Registered Users 2 Posts: 743 ✭✭✭absolutegroove


    Shiny Christmas Mugs wrote: »
    Employ a good broker or a few of them and explain your situation.

    They have more access to the Underwriter than you do by going to an Insurer directly and may be able to wiggle this all down a little bit for you.



    Thanks for the advice.

    Got car insurance down from €1900.00 to €850.00 (fully comp, breakdown, home start etc and full windscreen cover included) :)


  • #231
    Lawnmo
    Registered Users Posts: 50 ✭✭Lawnmo


    Hey. Should claiming for a spare wheel stolen from your van affect your no claims bonus? Im with FBD.

    Cheers


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  • #232
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    Lawnmo wrote: »
    Hey. Should claiming for a spare wheel stolen from your van affect your no claims bonus? Im with FBD.

    Cheers

    Unless you have Bonus Protection, it probably will. It is likely to be under your claims excess too


  • #233
    Cleveland Hot Pocket
    Registered Users Posts: 5,193 ✭✭✭Cleveland Hot Pocket


    oldyouth wrote: »
    Unless you have Bonus Protection, it probably will. It is likely to be under your claims excess too

    Exactly, wouldn't be claiming for it if it were me tbh


  • #234
    Lawnmo
    Registered Users Posts: 50 ✭✭Lawnmo


    ugh........Cheers folks. Thought it would. Someone said anything stolen worth under a few hundred quid wouldn't count. Gutted


  • #235
    Liam McPoyle
    Closed Accounts Posts: 14,846 ✭✭✭✭Liam McPoyle


    Lawnmo, FBD do not apply any excess for third party, fire or theft claims.

    Fire or theft claims also have no effect on your NCB so you should be covered provided the general terms and conditions were adhered to - the van was locked etc.


  • #236
    Lawnmo
    Registered Users Posts: 50 ✭✭Lawnmo


    Cheers Coleman. I'll bear that in mind for the future. Ended up going out and picking a wheel up today. Traded an oul roof rack that was lying around for it. Cheers again


  • #237
    elleelle19
    Registered Users, Registered Users 2 Posts: 87 ✭✭elleelle19


    Got my renewal from 123.ie and it has increased by 42% from last year. quickly checked a couple of sites, chill etc and got higher quote than last year too. What is going on? :eek::confused:


  • #238
    Liam McPoyle
    Closed Accounts Posts: 14,846 ✭✭✭✭Liam McPoyle


    RSA Ireland, who 123 are owned by, had to get an injection of €100,000,000 a couple of weeks ago due to financial irregularities in their claims reserves.

    123's business model of high volume, low margin is finally catching up with them.

    They have taken on a huge amount of business over the last number of years in order to get market share. Taking on that amount of business means you will have to pay out alot of claims.

    When they are taking in lower premiums per policy than the average company, but paying out the same level of compensation per claim as the average company, eventually it catches up.

    Instead of consolidating their position and getting their rates right for the good, existing business, they were greedy and were offering fully comp for something ridiculous like €220 if the criteria were met.

    Also, this time of year rates traditionally tend to harden anyway which is why you are getting higher prices with other providers.

    Finally, the risk equalisation ruling (women cant get cheaper insurance based solely on gender) has been in effect since 01/01/2013.


  • #239
    Liam McPoyle
    Closed Accounts Posts: 14,846 ✭✭✭✭Liam McPoyle


    Just on 123.ie

    I see today that one of the top bananas resigned due to the problems in the Irish wing of RSA, their share price dropped a whopping 16% and a further £130,000,000 sterling has been injected into it.

    123 customers should prepare for whopper increases when they get their renewal notices.

    As someone that has come up against 123 when quoting customers countless times, and has tried to explain to the public just why they were so cheap, I can't help but snigger at the current revelations.


  • #240
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    One less competitive insurer is not good news for the consumer, though I agree RSA brought it on themselves


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  • #241
    Liam McPoyle
    Closed Accounts Posts: 14,846 ✭✭✭✭Liam McPoyle


    Under pricing as they were helps nobody in the long run tbh.


  • #242
    elleelle19
    Registered Users, Registered Users 2 Posts: 87 ✭✭elleelle19


    So Coleman Slawski you seem to know what you are talking about. who would you recommend?
    I'm not looking for anything fancy, my car is 13 y/o and I barely drive it.


  • #243
    Liam McPoyle
    Closed Accounts Posts: 14,846 ✭✭✭✭Liam McPoyle


    Try a couple of brokers, Chill.ie or First Ireland for example. They will do most of the work for you.


  • #244
    Mister Jingles
    Closed Accounts Posts: 2,190 ✭✭✭Mister Jingles


    Renewal is coming up soon and am wondering what companies provide 3rd party extension to under 22's ?


  • #245
    Liam McPoyle
    Closed Accounts Posts: 14,846 ✭✭✭✭Liam McPoyle


    I presume you mean driving other cars?

    None that Im aware of.


  • #246
    Cleveland Hot Pocket
    Registered Users Posts: 5,193 ✭✭✭Cleveland Hot Pocket


    Coleman Slawski wrote: »
    I presume you mean driving other cars?

    None that Im aware of.

    I had it through Britton's from the age of 22


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  • #247
    Cleveland Hot Pocket
    Registered Users Posts: 5,193 ✭✭✭Cleveland Hot Pocket


    oldyouth wrote: »
    One less competitive insurer is not good news for the consumer, though I agree RSA brought it on themselves

    It will be the same as when Quinn left the market (well, altered their position)
    They were another like RSA. It is a pity the cheap ones leave. (Cheaper, not cheap :P )


  • #248
    Liam McPoyle
    Closed Accounts Posts: 14,846 ✭✭✭✭Liam McPoyle


    Cleveland Hot Pocket wrote: »
    I had it through Britton's from the age of 22

    How long ago was that though and who was the insurer?

    Axa offered it up til around July 2012 for drivers under 25 but pulled the plug then.


  • #249
    BoardsMember
    Registered Users, Registered Users 2 Posts: 4,497 ✭✭✭BoardsMember


    I have been named driver for years, one car family and if was cheaper for the wife to be the primary insured. Previous to that I had a maximum no claims policy.

    We're about to become a two car family. Insurer is quoting quite high for the run-around car that I will be the primary insured person. What's the best way to organise from a financial perspective. Can my wife be the primary insured person on both, and me a named driver on both? I know insurance companies used to give no claims value for the named person and/or previous years as no claims when the primary.

    At the moment the quote for me on a 2002 1litre car is more expensive than for her on a 2010 car worth 18k.


  • #250
    MugMugs
    Registered Users, Registered Users 2 Posts: 17,875 ✭✭✭✭MugMugs


    Ring around. It's either AXA or Allianz who should consider your named driver experience and potentially convert to an NCB.

    Call them.

    Your wife can in theory be the primrary driver on both however her NCB will only extend to one of the policies which will probably make it financially unviable.


  • #251
    Cleveland Hot Pocket
    Registered Users Posts: 5,193 ✭✭✭Cleveland Hot Pocket


    Coleman Slawski wrote: »
    How long ago was that though and who was the insurer?

    Axa offered it up til around July 2012 for drivers under 25 but pulled the plug then.

    it was a few years ago alright, 2009 I think.
    The insurer was a UK one, think it was lloyds asgard or something like that.


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