Insurance Premiums - Poll

netwhizkid

I am just off the phone with my Insurance company and am pretty mad as my Insurance premium has increased by over 20% since last year despite I having no claims and a full Irish licence and my car devaluing over 60%.

Last year my Insurance premium was €671.46 and this year it is €758.45 and Quinn Direct are giving no explanation for this increase, none of the policy holders have penalty points and the car has devalued from €5k to around €2k given the near impossibility it would be to sell.

I am really p'd off with it as I had a minor tip recently with an uninsured traveller (his fault) and my insurance company refused to go after them due to they being travellers and I will now have to fork out over €200 to get my car repaired while the travellers get off scot free.

I am 22 full licence as a named driver on my fathers policy which I pay as he has a company vehicle but they will allow it count to a no claims bonus, so this way I save money and he gets to prevent his no-claims bonus from going dead since he got the company vehicle. If it was not for this situation I could not afford motor insurance and thus driving.

So how has things panned out for you this year.

I am moving insurance company from Quinn Direct to Hibernian even though they are dearer over this.

Random

Insurance rates change from year to year. Shop around (as you're doing) to make sure you get the best price.

A cheaper car != cheaper insurance, in all cases.

chrism2007

where the poll?

Random

And why would your insurance company chase a bunch of travellers for 200EUR? How do you expect them to get this money off these travellers? (keep in mind that spending more than 200EUR to get 200EUR is going to cost you and everyone else more on their insurance next year!).

+ edit
* You're leaving QDI to join HIB even though it will cost you more? Who are you trying to make suffer here?
* You know that once your NCD reaches 5 years generally you don't get any further discounts?

netwhizkid

Poll added

Johnny Utah

Insurance companies have lost a lot of money in the last year with the global economic meltdowm, and therefore they are now trying to recoup as much as possible in increased premiums. Expect insurance premiums to keep rising for the foreseeable future.

CoDy1

I got this from finfacts.ie

http://www.finfacts.ie/irishfinancenews/article_1015051.shtml

Nearly 90% of Irish motor insurance companies said that they expect to increase premiums in 2009. 41% expected an increase of up to 5%, with 42% expecting increases of between 5% and 10% according to Deloitte’s annual Motor Insurance Survey.

The main reasons seem to be the reduced profitability of the insurance market apparently.

townale

netwhizkid wrote: »

Last year my Insurance premium was €671.46 and this year it is €758.45 and Quinn Direct are giving no explanation for this increase, none of the policy holders have penalty points and the car has devalued from €5k to around €2k given the near impossibility it would be to sell.

So how has things panned out for you this year.

I am moving insurance company from Quinn Direct to Hibernian even though they are dearer over this.

Wow your insurance is €758.45 for a 2 grand car, is it a high powered motor?

I know your being penalised for being under 25 but definately shop around.
try 123.ie. switching to an even more expensive insurance provider to prove a point isn't going to do you any favors in the long run.

Seth Brundle

My insurance was renewed last September and costed me (with 'er indoors on it) IIRC €406 (2.5L 1997 BMW)

netwhizkid

kbannon wrote: »

My insurance was renewed last September and costed me (with 'er indoors on it) IIRC €406 (2.5L 1997 BMW)

Who is you insurer kbannon? Mine in a BMW 316 1.6 litre and it it is powerful alright... powerfully slow. I have it since I was 19 and at the time it was cheap to buy and even digestible for insurance as a 19 year on a provisional was never going to be cheap to begin with.

For the first half year from August 2006 to May 2007 was around a €450 topup to an older existing policy with Hibernian which was transferred across to the BMW.

Then from May 07 to May 08 it was €1450 with Quinn Direct and with me still on a provisional for fully comp, windscreen no claims protected etc and the car was worth around €7k.

Then 2008 to 2009 was €671.46 for 3rd party fire and theft with protected no claims and windcreen cover and the car had devalued to €5k. This was with Quinn Direct again and I had by then passed my test and gotten my full licence two months previous to renewing.

Now this year it has risen to €758.45 on my fathers policy with I as a named driver as this is how it has been since day 1, my father is in his late fifties with a clean license for like 35 or 40 years. This price has nothing to do with the scrape to my car as I actually received the renewal quote the same day as the accident.

They then temporarily jacked it up to €1050 until I withdrew from it as I was basically told not to bother because of who hit into me and was told in no uncertain terms that they were pretty much above the law. My old quote of €758 now stands as I have decided not to pursue the travellers for the damage to my vehicle. I feel sickened that people (regardless of ethnicity) can drive without Insurance and then get away with causing accidents without it. Regardless of who caused it the person without Insurance should automatically be held liable as another punishment.

I think there should be a mandatory Prison sentence of 6 months for driving without insurance and a €10,000 fine and 5 year disqualification from driving. I was told that claiming off the MIBI incurs a €250 excess and my damage repairs cost less than this. There is literally steam coming out my ears due to I having to bite the bullet on this one.

Seth Brundle

I've been with the AA for a number of years (can't recall who they are brokering for) but for me they have been consistently lower. Bear in mind that I have full NCB and am probably a bit older than you.

netwhizkid

kbannon wrote: »

I've been with the AA for a number of years (can't recall who they are brokering for) but for me they have been consistently lower. Bear in mind that I have full NCB and am probably a bit older than you.

Thanks kbannon, I actually tried the AA and they were not cheaper but got a letter "Guaranteeing to beat my renewal*" today so will try them tomorrow, My Mother who was with Quinn moved to them in March after they quoted her €90 lower than Quinn for fully comprehensive on 1.9tdi VW Bora so for the older driver they whip Quinn's a$$ all day. As I am moving from Quinn anyway I will go with whoever gives me the closest lower price.

Quinn really are like the Ryanair of Insurance, when they work, the work good and cheap, but when things go wrong they really treat you like sh1te and rip you off proper.

unkel

Don't bother trying AA if your engine is over 2.5l

Anyway, my insurance renewed early this year. Was €390 3rd party only. Now €325 fully comprehensive. Classic limited mileage insurance on my 4.7l Porsche 928 - which is my daily driver.

General advice to all people: shop around and try and negotiate. It's the quickest money you'll ever make bar winning the lotto

netwhizkid

unkel wrote: »

Don't bother trying AA if your engine is over 2.5l

Anyway, my insurance renewed early this year. Was €390 3rd party only. Now €325 fully comprehensive. Classic limited mileage insurance on my 4.7l Porsche 928 - which is my daily driver.

General advice to all people: shop around and try and negotiate. It's the quickest money you'll ever make bar winning the lotto

I'm 1.6l so no biggy, Wow that is cheap insurance on the Porsche! What did the 735i in your sig cost to insure when you ran it? You have taken some price hit on that wasn't it advertised at like €10k a few months back?

unkel

netwhizkid wrote: »

What did the 735i in your sig cost to insure when you ran it?

My last renewal quote was for €500, fully comp. But that included full no claims protection and limited business use. Without NCB protection and business use it would have been about €400. But I'm even older than kbannon

netwhizkid wrote: »

wasn't it advertised at like €10k a few months back?

Not quite

Anyway, asking prices are neither here nor there these days. A car will only sell for how much someone is willing to pay for it and how much someone is willing to let it go for

Sean^DCT4

I'm 25, full-license, 4.5 years no-claims and pay around ~€700.00 a year for an old standard 1.4 civic.

When I was 20, first year driving, provisional license, 3rd party fire and theft set me back €4,500.00 for the year. Beat that!

Last year I was in the UK and I paid around 850 pounds for the year, Back home this year and got my insurance for 640 euro fully comp with Axa. Male, 24, 4 years NCB full license 6 years, no points on a 318ci. Its a myth that insurance is cheaper in the UK. However Axa were way cheaper than anyone else here. Next best was 123.ie for around 800 fully comp then quinn who were over 900 for 3rd party. Hibernian wanted around 1500euro 3rd party :eek:.

Anan1

I just got a renewal quote for a classic car policy with AXA, €363 comp for a 1986 Porsche 911 3.2 cabriolet. They had the cheek to say that the quote was €194.80 cheaper than last year 'because they wanted to reward good drivers like me' - and there was me thinking it was because I sold (and got an ins refund for) a second car that had been on the policy... Anyway, I rang Hibernian and, after a good bit of discussion, got the same cover for €250.

pred racer

Anan1 wrote: »

I just got a renewal quote for a classic car policy with AXA, €363 comp for a 1986 Porsche 911 3.2 cabriolet. They had the cheek to say that the quote was €194.80 cheaper than last year 'because they wanted to reward good drivers like me' - and there was me thinking it was because I sold (and got an ins refund for) a second car that had been on the policy... Anyway, I rang Hibernian and, after a good bit of discussion, got the same cover for €250.

Interested to know how this discussion went, Ive never gotten anywhere with insurance companies, they never seem to want to deal (even when Ive gotten a cheaper quote somewhere else) I always end up changing.
Although, Ive been with a local broker for a couple of years now and I've never been able to better their quotes I still seem to change insurance companies every year though.

Btw my renewal was 470 2.0 hdi c5 3 yrs ncb

HugoIrl

Heys Guys,

Just saw this thread and working in the insurance industry can definitely say shop around and look for the best cover. Be sure to know what you want before ringing(cheapest or quality) same as any other product or service cheapest isn't always best.

As for the premiums, they always have this cycle where they are really high people don't claim due to the high premium, then it begins to get cheaper as claims reduce and then people start to claim because it won't push their premium up to much then premiums begin to climb to match.
Hope this helps