Insurance companies treating us like mugs

Claregirl

I saved €100 today and all it took was a 5min phone call.....! Got my home insurance quote today €480 :mad: checked online and was quoted €380 so I rang the company and would you believe they were able to match it!!!

This makes me so mad how much money have they conned out of us over the years????

Danno

insurance companies milk it.

old boy

they are similar to graveyards, they take everything in, but give nothing out.

Jip

Eh, they've being doing this since Noah took out Flood Insurance.


Anyone who always goes with the renewal quote they get from the company deserves to be fleeced.

Blue_Wolf

Is it just me or has insurance gone up this year?

4 years no claim bonus
3 years full licence
And they put my insurance up!

corigi

Blue_Wolf wrote: »

Is it just me or has insurance gone up this year?

4 years no claim bonus
3 years full licence
And they put my insurance up!

Yes i currently work for an insurance company and premiums are going up.

I believe that all insurance companies are doing the same.

Mimikyu

This post has been deleted.

Trampas

rates are going up because

1. Investments returns are down.

2. Claims are up due to the recession cause people make more claims in recession and some fraudulent claims to gain more money.

oldyouth

Claregirl wrote: »

I saved €100 today and all it took was a 5min phone call.....! Got my home insurance quote today €480 :mad: checked online and was quoted €380 so I rang the company and would you believe they were able to match it!!!

This makes me so mad how much money have they conned out of us over the years????

Basically, €480 is the premium their number crunchers tell them they really need to try and take in, yet they can't afford to lose your business so they will take what they can get.

Insurance is an annual contract, so you are free to move each year if you want. How can that be bad? If you don't like it you have options. I am not an apologist for insurance companies but show the bad ones what you think by marching with your feet and reward the good ones by giving them your business. Do you not do the same thing at petrol stations, restaurants, supermarkets, take-aways etc?

In these times, check EVERY bill that comes in the door to see if you can get better value.

Cabaal

Claregirl wrote: »

I saved €100 today and all it took was a 5min phone call.....! Got my home insurance quote today €480 :mad: checked online and was quoted €380 so I rang the company and would you believe they were able to match it!!!

This makes me so mad how much money have they conned out of us over the years????

Congratulations!
You as a consumer have performed a basic task by shopping around for the best deal, something that consumer agency has been telling consumers to do for years.

If your dumb enough to pay the first price your told by any company without shopping around you deserve to part with your money.

cem

Totally agree!


My insurance company sent me a renewal for my car insurance and even though I now have 5 years no claims bonus and my car is obviously worth less they want €100 more from me than what I paid last year.

legend73

It is true about renewals. But I actually let my insurance lapse by 3 days on my motorbike and called Carole Nash back up to renew and get a better price which was around 760 for a renewal. The agent said because I was now new business he could do it for 430, same company, same excess, same policy. 1 year no claims discount. I was fairly happy about that, as I was going to shop around, but thought thats a good deal.

marinbike

Never go with Hibernian if you have points on your Licences...!

My Friend has 6 points on his licence and Hibernian wanted a whopping €1,200 for third party Insurance.

Quinn Direct were offering him the same policy for €800.

Just about every Insurance company (with the exception of Quinn Direct) are using the penalty points gimmic to extort big Insurance fees.

parsi

cem wrote: »

Totally agree!


My insurance company sent me a renewal for my car insurance and even though I now have 5 years no claims bonus and my car is obviously worth less they want €100 more from me than what I paid last year.

Unless you've a fairly high-spec/high-value car then its value has little bearing on the premium - the greatest cost for a company would be the personal injuries aspect of a claim.

I do find it surprising that folk are only now waking up to the fact that the renewal quote isn't always the best. For as long as I've been driving the annual "ringaround" at renewal time is a fact of life and a regular topic of discussion at tea-break.

oldyouth

marinbike wrote: »

Never go with Hibernian if you have points on your Licences...!

My Friend has 6 points on his licence and Hibernian wanted a whopping €1,200 for third party Insurance.

Quinn Direct were offering him the same policy for €800.

Just about every Insurance company (with the exception of Quinn Direct) are using the penalty points gimmic to extort big Insurance fees.

You seem to think 6 points on your licence is no big deal, but sorry, I happen to think it is. Any of us can get caught for speeding once, even twice, but when do you think you start becoming a hazard on the road?

marinbike

oldyouth wrote: »

You seem to think 6 points on your licence is no big deal, but sorry, I happen to think it is. Any of us can get caught for speeding once, even twice, but when do you think you start becoming a hazard on the road?

Oh dear... Another wannabe Policeman

It does NOT bother me how many points someone has on their licence. Nobody (including yourself) is perfect. Nobody can drive like a robot either.


I'm talking about rip off insurance fees, don't really know why you are starting to go a little off topic.

Colonel Sanders

Trampas wrote: »

rates are going up because

1. Investments returns are down.

2. Claims are up due to the recession cause people make more claims in recession and some fraudulent claims to gain more money.

3. 2007/08 rates were loss making

4. Lower average premiums in 2007/08 mean expenses are a higher proportion of premiums

5. Increased capital requirements

etc etc

marinbike wrote: »

Just about every Insurance company (with the exception of Quinn Direct) are using the penalty points gimmic to extort big Insurance fees.

Sounds like insurance companies are using penalty points as an additional rating factor. Do you not agree that all things being equal someone with 6 points on their licence is a bigger risk than someone with zero?

Jip

marinbike wrote: »

Nobody can drive like a robot either.

I can. But I'm just fantastic, super cereal.

pullandbang

Trampas wrote: »

rates are going up because

1. Investments returns are down.

2. Claims are up due to the recession cause people make more claims in recession and some fraudulent claims to gain more money.

Point No.1 is the real reason rates are going up. The Insurance companies need to try recoup their stock market losses so it's screw Joe Public time again.

Classic example...my own home insurance. Lat year €300 - this year €500+ - no increase on the cover, everything the same as last year.
Problem is - I can probably rebuild my house for 10% less than last year. My contents have obviously decreased in value by another year. (Anyone fancy giving me 50 quid for my old bed?)

I haven't moved, where I live is still the same. The chance of me being robbed is the same as it was last year. My alarm still works....so what has changed?

Why am I now a €500 risk rather than a €300 risk?

oldyouth

marinbike wrote: »

Oh dear... Another wannabe Policeman

It does NOT bother me how many points someone has on their licence. Nobody (including yourself) is perfect. Nobody can drive like a robot either.


I'm talking about rip off insurance fees, don't really know why you are starting to go a little off topic.

It may not bother you how many points a person has but you still can't figure out the link between points on a licence and insurers charging 'rip off' prices. So an insurer should appreciate that the person with all the points is a better driver than his record confirms and charge him the same as someone with none???

Blue_Wolf

I had 6points on my licence and have been driving for 5 years and have never crashed or even been a hazard on the road.

Mate of a Mate with on points driving 2 years has crashed 2 times causing a hazard. I don't see how going 10-20km over the speed limit or going through a half amber half red light etc etc causing a hazard.

I agree with this poster that points don't determine whether you are hazourdness or not just if you were lucky or not.

Don't get me started on women premiums. That woman driver who crashed twice in 2 years was a learner driver. I have 4 years no claims bonus, 5 years driving experience and 4 years with Full Licence, my premium is more because I'm 23 and have a penis!!

Funny how we can not challenge insurance companies on the basis of sexism/sexual discrimination. Screw the statistics. Women faught for equal rights for how long?? Yet they now seem to have more than us....

marinbike wrote: »

Oh dear... Another wannabe Policeman

It does NOT bother me how many points someone has on their licence. Nobody (including yourself) is perfect. Nobody can drive like a robot either.


I'm talking about rip off insurance fees, don't really know why you are starting to go a little off topic.

Jip

Blue_Wolf wrote: »

I had 6points on my licence and have been driving for 5 years and have never crashed or even been a hazard on the road.

So you have 6 points but don't see an issue with your driving ? It's nothing to do with luck, luck doesn't make me speed 20kmh over the limit or go through red lights.
There's no such thing as a half amber light either, it's either red, amber or green.

rasper

All six points mean is you're shot in a barrel by the Gardai on more than likely on on of the best roads in the country, not speeding on a crappy road where most of the accidents occur

oldyouth

All I can add at this stage is, keep getting penalty points to your hearts content and keep posting on Rip off Ireland about lousy insurance companies. I'm sure they will take notice as they rake your money in. Right or wrong, they think it is important and reflects your risk as a driver

ch750536

Blue_Wolf wrote: »

Is it just me or has insurance gone up this year?

4 years no claim bonus
3 years full licence
And they put my insurance up!

My wife used to work for an insurance company. Standard practice when renewals came up:

1. Get all the files.
2. Take out those whose risks have changed and recalculate based on data.
3. Add 15% to everyone elses and send out as renewal notices.

davylee

ch750536 wrote: »

My wife used to work for an insurance company. Standard practice when renewals came up:

1. Get all the files.
2. Take out those whose risks have changed and recalculate based on data.
3. Add 15% to everyone elses and send out as renewal notices.

I'll be looking for 20% of next policy so, nice one

ch750536

davylee wrote: »

I'll be looking for 20% of next policy so, nice one

I never renew, I always change. They discount to get a new customer.

davylee

ch750536 wrote: »

I never renew, I always change. They discount to get a new customer.

Better learning late than never
Nice one

Paige Turner

Glad I came across this post - was starting to think I was the only one having this problem. Female driver, 22, Full licence, 1.1 car, never made a claim. Was insured last year with One Direct €800 (Provisional Licence) Fully Comp. Renewal Quote came in the door last week - €1550. Rang them up thinking it was some sort of mistake. Nope - all their policies have gone up - was her reply. Rang around all morning trying to get quotes. Cheapest €1100 - third party. Crazy. Decided to go under the OH insurance with Quinn instead, did not cost anything to go under - and am now going to use the €800 I had saved to clear the end of my student loan.

oldyouth

Hi Paige,

Can I ask what you mean by 'go under' your OH's insurance. Do you mean you are now a named driver on his policy and your car is to be off the road?

Paige Turner

oldyouth wrote: »

Hi Paige,

Can I ask what you mean by 'go under' your OH's insurance. Do you mean you are now a named driver on his policy and your car is to be off the road?

Yes, I am now a named driver under his policy on his car. Unfortunately I am now in the process of trying to sell my car, which is a pitty since I only got it last year and have enjoyed having my own independence, but unfortunately I could not afford to pay nearly double the price I paid last year for the same policy. I was full certain having past my test it would have gone down.

JohnCleary

For once my motor renewal is the cheapest quote i've been able to get (Quinn) - Tried to do a new policy online and it's more expensive than my renewal (This is the first time this has ever happened, it was always the other way around)

Our man in Havana

I went to Quinn Direct this year after being fecked over sideways by RSA. For the first time I now have open driving and a protected NCB and still less than the RSA renewal quote, over €100 less.

I did notice one thing from searching online for quotes, not many companies are keen on giving open driving. All they are interested in are named drivers. Why is this?

elexes

i was with fbd for 5 years without any probloms . but this year they sent me a quote of 1800 tpft 2200 fully comp ( car insurance )with 2 points

i rang around a bit and found that i could get fully comp for 1300 with axa. went into the local fbd office and said to the girl your more expensive then anywhere else. to which she responded " well thats normal "

once i heard that i knew she was going to be no help.

a month later i pulled my insurance for my various places from fbd.

everything is now with axa and ive saved a good bit in doing so. im glad i left as i felt i wasnt getting a good service from fbd when i left.

pullandbang

pullandbang wrote: »

Classic example...my own home insurance. Lat year €300 - this year €500+ - no increase on the cover, everything the same as last year.
Problem is - I can probably rebuild my house for 10% less than last year. My contents have obviously decreased in value by another year. (Anyone fancy giving me 50 quid for my old bed?)

I haven't moved, where I live is still the same. The chance of me being robbed is the same as it was last year. My alarm still works....so what has changed?

Why am I now a €500 risk rather than a €300 risk?

Just an update on my own situation.
Went online this morning and got a few different quotes (even my current insurer's quote was cheaper online than the renewal :mad:)

Got one quote for less than half my renewal costs.:)
Rang the current insurer to see if the could give me a credible explanation for the increase and needless to say they couldn't. They even told me to go online and buy it there - it's cheaper. They did offer a 10% discount but obviously I wasn't biting.

Moral of the story.....shop around!