Foreign Insurance

mr_angry

Is anyone insured with a foreign company here in Ireland? People I know from France, Germany, and Sweeden keep coming over and telling me how cheap their insurance is.

I've just been left a 1.5L 2000 Hyundai Accent, I'm 22, and I live in Dundalk. While I've a clean full-license for 2 years, I have never been named on a policy. The only quote I can seem to get is €3200, which is about twice my possible budget. However, my foreign friends tell me their policies cost them around €400 to drive anywhere in the EU!

Is anyone here insured by a foreign company, or does anyone have a list of foreign insurers that offer cover here? I've seen the sticky, but its not confined to foreign companies.

The Brigadier

This was supposed to be allowed from 1991. However the Irish Government objected to this and vetoed it EU wide.

Apparantly it will be aloowed from later this year.

Mythago

I'm covered driving here on my UK policy for 3 months a yr, any more than that and its an increase in premium, of course you need a UK address to take advantage!

DundalkDuffman

Given the huge size of claims here I think that it will put off European insurance companies from coming in. That said it is about 10 years too late for my liking. So much so that I am giving serious consideration to moving over the border. I wonder what the insurance rates are like there ?

pedro ferio-vti

The main reason you were quoted so high is because you live in louth.........

DundalkDuffman

Originally posted by pedro ferio-vti
The main reason you were quoted so high is because you live in louth.........

Monaghan now but as I had on a different thread about €350 cheaper compared between Carrickmacross and Dundalk. It'll all be different in South Armagh / Down hopefully.

pedro ferio-vti

Don't bother, you'll see a big difference in the way the insurance market operates by the end of this year when more competition is introduced. Even now you can just about see a tangible difference......

Victor

Originally posted by mr_angry
Is anyone insured with a foreign company here in Ireland? People I know from France, Germany, and Sweeden keep coming over and telling me how cheap their insurance is.

In part, because in those countries the states pays the medical costs, whcih are typically the most expensive part of the claim.

Then you have the Irish peculiarities of claims consciousness, bad driving and expensive lawyers.

mr_angry

Originally posted by pedro ferio-vti
Don't bother, you'll see a big difference in the way the insurance market operates by the end of this year when more competition is introduced. Even now you can just about see a tangible difference......

Thats all well and good, but at the moment I have a car sitting in the garage, and I can't drive it. What's more - I do actually have need for a car on a regular basis, so this is quite frustrating. In some ways, I don't want to buy insurance off these people, because I feel I'm then rewarding them for the outrageous price. But on the other hand, I know that I'll probably just have to shell out for it.

egan007

Originally posted by James Melody

Apparantly it will be aloowed from later this year.

Any links on this - if it comes in it will suit me my insurance is up in october

Stuff

Originally posted by pedro ferio-vti
Don't bother, you'll see a big difference in the way the insurance market operates by the end of this year when more competition is introduced. Even now you can just about see a tangible difference......

how will more competition lower premiums? theres plenty of companies already, but they have a nice little cartel going so more companies will jut mean a bigger cartel because they can get away with it. There are already plenty of companies from other EU states operating here but they charge the same as the irish companies (alliance etc) These people are not coming over to be the savior of the irish motorist, they will charge what they can get away with, ie exactly what everyone else charges. Having 1 customer paying €3000 a year is far better than having 6 customers paying €500 each. 1 customer = 1/6 th the risk of 6 customers but with the same income from them

spockety

Word 'from the inside' is that RBS are going to send DirectLine in here to completely smash the market up...

unkel

Originally posted by Victor
In part, because in those countries the states pays the medical costs, whcih are typically the most expensive part of the claim.

The essence of your point is there Victor, but this is peanuts compared to loss of income and personal injuries claims and the hidden legal costs within these (roughly 40-50% of total claim)

In the Netherlands e.g. the social insurance (the state) would pay your loss of income (for life if necessary), your health insurance (compulsory) would pay your medical costs, personal injuries claims are capped at something like €1000 (should you loose a limb, get blind, etc. - next of kin get nothing should you die) and therefore legal costs are negligible

Completely differenct picture compared to Ireland :mad:

pedro ferio-vti

Originally posted by Stuff
how will more competition lower premiums? theres plenty of companies already, but they have a nice little cartel going so more companies will jut mean a bigger cartel because they can get away with it. There are already plenty of companies from other EU states operating here but they charge the same as the irish companies (alliance etc) These people are not coming over to be the savior of the irish motorist, they will charge what they can get away with, ie exactly what everyone else charges. Having 1 customer paying €3000 a year is far better than having 6 customers paying €500 each. 1 customer = 1/6 th the risk of 6 customers but with the same income from them

There is plenty of companies already, but there are only 4-5 main companies who underwrite their policies:

AXA - Used to be PMPA and Guardian Direct.

Allianz - Used to be Church and General and first call direct are underwritten by this company

Hibernian - They own norwich union and also underwrite one direct and premier directs policies.

Then you have Eagle star who bought out shearan insurances and cornmarket who bought woodchester. You also have Quinn and Royal and Sun which are both **** companies. As you can see although you think there is a lot of competition out there.......there isn't really.

Pete

Atomic Pineapple

Apparently in Australia the goverment cover you for 3rd party cover at a set price for a car, if you want extra cover then you go to an insurance company, cant see why this cant be used in more countries.

Would love to be able to get insured in an integra or skyline or impreza, but just cos i'm only 20 its assumed that i'll plow it into somebody else and kill a heap of people, when in fact i very rarely break the national speed limit and have seen far worse drivers in older age gaps. Damn boy racers, damn them to hell