Insurance variables

sogood

I know this topic has been done to death, but I thought I'd just share my experience. I won't name specific companies as this usually prompts an avalanche of posts from those who have had either good or bad experiences with the various insurers. This is purely monetary, saving money in these hard times.
Anyway, went on line and got a quote from my present (and long time insurer) for a 3.2 litre Jag that I bought earlier in the year. They quoted me €675 fully comp, with a named female driver and a €300 excess.
Next company quoted me €508 for the exact same policy with a €250 excess and the third company I tried quoted me €490 for the same policy, with a €300 excess. That's €185 difference over just three companies. Incidentally, my present insurer quoted me €837, for the same policy without the named female driver! I'm an old timer, with a full licence (inc.HGV)for the last 30 years, no claims, etc. Heaven help young first timers! Anyway, I know who's getting my business when the time comes.

Just my tuppence worth.

djimi

Did you mention the previously received quotes when talking to insurers, like were they trying to undercut each other, or was that just their offers based on your details?

Insurance is an annoying game. This is precisely why it pays to shop around every time your insurance is up; just because one company is cheapest one year in no way means they will always be cheapest.

Max Power1

Insurance is a bit of a battle at the best of times. I saved 300 euro this year between my initial renewal quote and the one I accepted. You just need to never accept the first offer and do your homework (and that means get out the phonebook and ring every insurer you know).

You may find that your current insurer will reduce their offer to retain your business.

oldyouth

Yes it has been done to death. Why are there not numerous threads as to why cabbages are cheaper in one supermarket than another.

Insurance is a retail product, you shop around for it for the best value like everything else

sogood

djimi wrote: »

Did you mention the previously received quotes when talking to insurers, like were they trying to undercut each other, or was that just their offers based on your details?

Insurance is an annoying game. This is precisely why it pays to shop around every time your insurance is up; just because one company is cheapest one year in no way means they will always be cheapest.

No, I got all of the quotes online and to other posters, having had insurance for over 30 years now, I know about the swings and merry go rounds, starting way back in "the good old days" of PMPA. At least today we have a choice. It is just a wide variation for the same product. Isn't there some sort of regulation, or are insurers allowed to charge whatever they think you'll pay?

oldyouth

sogood wrote: »

It is just a wide variation for the same product. Isn't there some sort of regulation, or are insurers allowed to charge whatever they think you'll pay?

Of course they are allowed charge what the want. Who ever thought otherwise? Naturally they won't get too much business if they are way over the mark but Insurers pay big money to underwriters to judge the maximum they can charge a customer and still get the volume of business they want