Why has my Car insurance premium increased 30%

The_Honeybadger

Hey all,

Car insurance is due for renewal next week and got my renewal quote today from my provider, it has gone from 489 euro to 650 despite me having no claims and a flawless driving record. I rang and asked why this was and was told they would get back to me Monday as they were snowed under today

I was expecting a small increase due to all the claims with the bad weather and everything, but surely 32% is taking the p**s. Anybody else experiencing a big jump like this

Cabaal

- Rise in insurance claims,
- Rise in uninsured drivers (accounts for approx 40e on your insurance)
- Insurance companys making back losses from investments that did badly

Shop around, don't just go with the same company because you've used them for years shop around get better quotes

bigdogbarking

Home, Pet and Car insurance all increased dramatically for me this year despite, as you mentioned, no claims, good record etc.

Best thing to do is just shop around and take your money elsewhere.

buzzymam

My health insurance went up by 28% on renewal. No claims etc.... So bloody unfair, had to cancel policy. 1st time in 15 years not having health insurance, whats the bet i get sick now!!!

The_Honeybadger

buzzymam wrote: »

My health insurance went up by 28% on renewal. No claims etc.... So bloody unfair, had to cancel policy. 1st time in 15 years not having health insurance, whats the bet i get sick now!!!

Thats terrible, I have tried a few other providers and they are all quoting similar prices and some alot more so guess its the going rate here and now.

I am in the same situation as you regarding health insurance, my company always paid it but when I got made reduntant this obviously stopped. My new employer doesn't have any such scheme and I decided against keeping it up myself. I'm under 30 and very fit physically so just taking my chances that I don't get sick

Dymo

We have to pay for all the floods in the county and also protect the insurance companies profits.

ScouseMouse

Insurance companies invest their money in shares and property. This is their reserve.

They have all taken a battering so now rates have gone up.

I dread to think what my renewal will be.

Shop around and see if you can get it down.

dudara

Moved to Banking & Insurance & Pensions

dudara

broker2008

buzzymam wrote: »

My health insurance went up by 28% on renewal. No claims etc.... So bloody unfair, had to cancel policy. 1st time in 15 years not having health insurance, whats the bet i get sick now!!!

Health Insurance premiums rose in the main thanks to government levy imposed. You have alternative options that might give you less cover but for less. You'll get a decent enough plan for around €500 per annum and then you can increase cover when you get older. If you let your health insurance lapse for more than 13 weeks you will need to reserve waiting periods before cover will be put in force again eg 6 months for new conditions and 5 years for any pre existing conditions - try and reinstate within the 13 weeks and that will make up for the 28% increase in premiums.Hope that helps.

Thoie

My car insurance, which I was renewing last August (before floods and snow) almost doubled from the previous year. I'd had no claims, nothing excitingly different about me - the premium just doubled. I just went with a different company who were charging less than half the price but had the same "extras" (windshield cover not affecting no claims, breakdown assistance I don't want, etc.).

Friend of mine was just renewing his last week, mentioned in passing that his quote had nearly doubled, so he, like me, went elsewhere. Both of us gave our original insurers a chance to match quotes, but they couldn't come anywhere near the new quotes.

Some insurers are obviously just jacking up the prices - devote an hour some evening to checking around, I'd be surprised if you don't do a lot better.

Mollywolly

I had the same problem last year. Husband's car insurance and our house insurance both went up considerably so shopped around and got a better deal for both. When I went back to the original insurer - who we've been with for 12 years and they have all our insurance - they just couldn't match it so I moved.

So my advice would be to shop around. Best of luck.

AARRRRGH

ALWAYS shop around for insurance. I bet you find much cheaper than your new increased quote.

And for health insurance, demand the same rates that the providers give their corporate clients. Community rating means you are entitled to it, even though they wont tell you.

billybigunz

What actually happend was that all the insurance companies gambled with your money to try and get the best return on in but they all got burned badly from late 2008 on and are trying to recoup their losses.

They would like you to believe that it is increased claims which makes little sense as traffic on the roads has decreased quite an amount in the last 2 years.

Toots

Actually there has been an increase in claims. Perhaps not to the extent the companies say there has been, but the level of claims has increased because what with the downturn etc, people are more strapped for cash, and have had to claim for things that a year ago they might have been able to pay for without going through the insurance.

ScouseMouse

billybigunz wrote: »

What actually happend was that all the insurance companies gambled with your money to try and get the best return on in but they all got burned badly from late 2008 on and are trying to recoup their losses.

They would like you to believe that it is increased claims which makes little sense as traffic on the roads has decreased quite an amount in the last 2 years.

What about all the cars and houses destroyed in the widespread flooding in Ireland. They will all be insurance claims that will cost millions if not billions. Dont forget about them.

All that cash has to be paid out and it will result in increased premiums all round.

The_Honeybadger

Tried every company I could think of and got one to do it for 550 guess it's not the end of the world, you'd think my old company would want to match it and keep me as I'm surely not considered high risk (low yearly mileage & 13 years incident free driving) but they won't, madness

lucy2010

mickeyk wrote: »

Tried every company I could think of and got one to do it for 550 guess it's not the end of the world, you'd think my old company would want to match it and keep me as I'm surely not considered high risk (low yearly mileage & 13 years incident free driving) but they won't, madness

2 yrs ago I had a write off - car was flooded in the airport. Renewel the following November went up from €300 odd to €900 ish. Fair enough I had a claim so I assumed it was natural & just paid it . Last november renewel came in again - Was over €1600. The cover letter said this even included a discount for being a loyal customer.... So I rang & they said tough. went to 123.ie & got far better cover ( Hire car/ full no claims step back thingy/ contents cover/ replacement car cover) Thats just a few - there was tons & tons more covered. €432 :eek::eek::eek::eek: To top it off the guy was so helpful like he actually wanted to sell me a policy, explained everything & had me changed over that day. Every time I rang the other crowd you would swear I was talking in Japanese... even when I had the claim - they just wanted to dry the car out & argued to the very end. My own garage said not a hope as the watermarks were up on the ceiling.....

But try everywhere - to save the guts of €1200 with better cover just shows how ripped off I was being. If just 1 person automaticly renews without questioning thats a tasty profit.

Poochie05

I just renewed my insurance today. They sent me a letter a few weeks ago quoting €400 which was €20 cheaper than last year (although last year there was an €80 increase on previous year). I did ring around and no one was offering anything cheaper. I rang to renew and check they had all correct info and they gave me a better price of €370 without me even asking or giving them a counter offer from another insurer!:)