Insurance Rising??

Kimbot

Ok i got my renewal in the post and decided to go through it:

I'm 29 with 8 Years No Claims Bonus
1.9 2007 VW Golf TDI

Last year on Fully Comp i paid €512 for my insurance.

My renewal came in at €740 (792 if i wanted claims protection) :O

I done a quick check on 123.ie and for Fully Comp with No claims protection and all the bells and whistles it was €596

Now the insurance company rang me 20 minutes later and told me that the cost of insurance is going up and I laughed at him.... i said this is the 3rd year running they tried this with me and i would leave them if they didnt cop on.....


How on earth can they justify such a jump?

Cuddlesworth

jonny24ie wrote: »

How on earth can they justify such a jump?

Simple economics. If they are turning a 5-10% profit on all their customers, if they bump renewals up till they are turning a 30-40% profit but lose half their customers they are still making more money and have less overhead and risk.

The cash cows are the people who can't be arsed shopping around. As long as they are in force(which they seem to be) then company's will keep doing this because it makes them more money. If there is a customer trend towards value and shopping around, with the pitfalls such as "admin" charges and removed perks being acknowledged then we might see a return towards good driving, customer service and loyalty. In the meantime, good brokers are finding these old values invaluable for retaining customers but are being beaten badly by online services that are profiting from admin charges.

Anan1

jonny24ie wrote: »

Ok i got my renewal in the post and decided to go through it:

I'm 29 with 8 Years No Claims Bonus
1.9 2007 VW Golf TDI

Last year on Fully Comp i paid €512 for my insurance.

My renewal came in at €740 (792 if i wanted claims protection) :O

I done a quick check on 123.ie and for Fully Comp with No claims protection and all the bells and whistles it was €596

Now the insurance company rang me 20 minutes later and told me that the cost of insurance is going up and I laughed at him.... i said this is the 3rd year running they tried this with me and i would leave them if they didnt cop on.....


How on earth can they justify such a jump?

What's the best price you can get for the same cover?

mathepac

Cuddlesworth wrote: »

Simple economics. If they are turning a 5-10% profit on all their customers, if they bump renewals up till they are turning a 30-40% profit but lose half their customers they are still making more money and have less overhead and risk. ...

I'm afraid our versions of accountancy are different. Unless the insurance company lay-off staff, move to smaller premises, etc their overhead remains the same, but spread over fewer clients and policies it makes each client / policy less profitable. Risk may be reduced if they cherry-pick low risk clients but otherwise if the client mix is the same, the risk is substantially the same. Simples

Cuddlesworth

mathepac wrote: »

I'm afraid our versions of accountancy are different.

I'm not sure why. Even with a smaller client base they can turn a larger profit. Limerickman's example of a 50% increase is a good example. I don't know what their gross margin to profit is, but it can't be loss selling in the insurance game and 50% increase is pure profit. They of course pull in new customers on low premiums on a low profit margin. But the aim currently is towards keeping high renewals and losing those who shop around.

mathepac wrote: »

Unless the insurance company lay-off staff, move to smaller premises, etc their overhead remains the same, but spread over fewer clients and policies it makes each client / policy less profitable.

Short term contract workers are the usual for call centre staff now days. They clearly have to meet their costs which they do through new customers. I've talked with workers of the newer set ups in Ireland and its clear that their cost base is mainly marketing and sales. Also the required amount of cash held in reserve plus actuary fees are less per customer/risk associated. Which means better cash flow.

mathepac wrote: »

Risk may be reduced if they cherry-pick low risk clients but otherwise if the client mix is the same, the risk is substantially the same. Simples

Less customers mean less risk costing. Of course the risk itself remains the same, but the required money for it doesn't. Something Quinn ignored.

anheneti

I am 29 with 11 years no claims and male. I changed my car last week, I had a 00 reg Mazda 626 1840cc third party fire and theft it was E730 to insure with axa, I bought an 08 reg 1.4 opel astra and they wanted another E150 for the remaining 9 months on the policy (for comprehensive) . I went on to their own website and got a qoute for E700 I went into the office to see if they would come down to match it. They didn't give a **** to be perfectly honest, I was fuming was an understatement I am insured with them since I was 17 first on my parents car and then my own.
I went on to quotedevils website and contacted them I insured my car for E430 and my van for E375. I will have my car and van insured and car taxed for 6 months with a little bit of change for what axa were charging me

Anan1

anheneti wrote: »

I am 29 with 11 years no claims and male. I changed my car last week, I had a 00 reg Mazda 626 1840cc third party fire and theft it was E730 to insure with axa, I bought an 08 reg 1.4 opel astra and they wanted another E150 for the remaining 9 months on the policy (for comprehensive) . I went on to their own website and got a qoute for E700 I went into the office to see if they would come down to match it. They didn't give a **** to be perfectly honest, I was fuming was an understatement I am insured with them since I was 17 first on my parents car and then my own.
I went on to quotedevils website and contacted them I insured my car for E430 and my van for E375. I will have my car and van insured and car taxed for 6 months with a little bit of change for what axa were charging me

Please tell me you got more quotes than just those two? The reason you were paying too much in the first place is that you didn't shop around, and you may just have paid too much again. And shopping around means ringing, not just entering details on a website.:)

Kimbot

Anan1 wrote: »

What's the best price you can get for the same cover?

Well quick glance with 123 the same cover as what I have came in at 480 approx.

I will be shopping around but thought that it was crazy considering i have been with the company 7 years.

anheneti

Anan1 wrote: »

Please tell me you got more quotes than just those two? The reason you were paying too much in the first place is that you didn't shop around, and you may just have paid too much again. And shopping around means ringing, not just entering details on a website.:)

I did shop around no one came within a hundred euro of each quote, and i said i contacted quotedevil

Chris_Heilong

There have been a lot of threads based around insurance rising lately but what happened to the promises made by the insurance companies that if the IIF was given access to the National Drivers Record and could load people with penalty points then the rest of us will get cheaper premiums, this came into effect this year(afaik) but we are yet to see any benefits.

http://www.piba.ie/news-details.php?newsID=187

and

http://www.independent.ie/national-news/higher-premiums-on-the-way-as-insurers-probe-penalty-points-2858737.html

123.ie want €80 more off me this year than last
Still €250/€300 less than all other quotes though

Marty McFly

RoverJames wrote: »

123.ie want €80 more off me this year than last
Still €250/€300 less than all other quotes though

Mine came down by 130 euro, 123.ie initially dropped it by 90 euro i shopped around nononsense quoted me 600 they matched it. Sorted .

Vicxas

Tesco were quoting me 1150 for the year. 400-500 less than anyone else.

luvbulmers01

luvbulmers01 wrote: »

Mine came down by 130 euro, 123.ie initially dropped it by 90 euro i shopped around nononsense quoted me 600 they matched it. Sorted .

Once I protect my NCB and add breakdown cover nononsense are €600 for me too, 123.ie are asking €380

Marty McFly

Vicxas wrote: »

Tesco were quoting me 1150 for the year. 400-500 less than anyone else.

Well yeh tesco were cheapest for me they quoted me 560 fully comp but they have three differing standards of fully comp, the lowest one was 560 there highest standard was 760.

djimi

jonny24ie wrote: »

Well quick glance with 123 the same cover as what I have came in at 480 approx.

I will be shopping around but thought that it was crazy considering i have been with the company 7 years.

Loyalty means nothing in insurance. If you dont do some serious shopping around every year then you are likely to end up getting screwed on the renewal price.

Mc Love

OP try setanta insurance - got them through my broker

dr.fuzzenstein

djimi wrote: »

Loyalty means nothing in insurance. If you dont do some serious shopping around every year then you are likely to end up getting screwed on the renewal price.

Amen.
Anyone who stays with their insurance company 7 years will probably notice muffled giggles everytime they walk into their office along the lines of "here comes that sucker again, I can't BELIEVE he's still with us, after what we've been charging him for the last few years, what a sap!"
Find the cheapest, sign up with them, if another crowd is cheaper next time ask them to match it, otherwise dump their ass.
I think I'm paying a little over E300 for a 1.8 TDCI CMax. I'm with No Nonsense and found them the cheapest for me.
Will see if I can get cheaper, maybe I can get it below E300.
Insurance has only down for me over the last 3 years. Before that the company paid and it wasn't my problem.:D

pjmn

Two weeks ago got renewal notice (aged 49 - '07 520d - no claims or penalty points)... through group scheme at work... price E749.82 (RSA the underwriters)...

123.ie - for exactly the same cover E503.05 (and guess what - it's underwritten by RSA!!!)...

vetstu

Quinn/liberty wanted 850 off me, up from 700 last year. Got a quote off their own site for 720, and it took them 30 mins on the phone to match it. Rang a few companies who all came in around 700. FBD did it for 650 with business use included and none of the others would match it, even Axa who rang me back to check if I was going ahead with their quote.
I wasn't even going to try FBD because they quoted me 1300 last year
25, 2 years no claims on an 08 1.4 diesel auris van
I am changing to a landcruiser in a month or so though so it'll probably go up then.

cplwhisper

those quoting 123.ie as great MUST read the "terms of business" link otherwise you will not see the €40 charges for certificate of insurance, ie perm sub to car during the year, even to same car that was on cover = €40 fee... €20 for duplicate cert if you lose origonal....all of a sudden €320 quotes are €360/€380 etc.. dont believe me read the terms

INTERNET sitest erms can be as different as Fire&Theft can effect NCB on commercial vehicles where most direct companies don't effect ncb - ie some little sh*t breaks into van looking for tools only to get none but buckles doors on badness, owner with internet teams ends up footing the excess (€200-€500) then loses upto 3yrs ncb - but direct companies have no excess and no loss of ncb

cplwhisper

cplwhisper wrote: »

those quoting 123.ie as great MUST read the "terms of business" link otherwise you will not see the €40 charges for certificate of insurance, ie perm sub to car during the year, even to same car that was on cover = €40 fee... €20 for duplicate cert if you lose origonal....all of a sudden €320 quotes are €360/€380 etc.. dont believe me read the terms...............

They'd need to charge me €40 5 times/annum before it works out close to the competition

Most folk don't change their car that often and most folk don't require duplicate certs too often either

Fizman

RoverJames wrote: »

123.ie want €80 more off me this year than last
Still €250/€300 less than all other quotes though

I am with 123 for the 3rd year now. They recently renewed me for almost 25% cheaper than last year! 29 yr old, 5 years no claims. €880 last year, €670 this year.

They initially sent out a renewal of €725. I shopped around, and a local broker could give me full comp for €660, so 123 came down another €55 when I got back to them.

Does anyone ever actually pay attention to the renewal quote?

get notice, shop around, find cheapest, ask them to match or you switch over

bluewolf

bluewolf wrote: »

Does anyone ever actually pay attention to the renewal quote? ............

Well if you didn't you wouldn't know was it competitive.

Scráib

My insurance dropped this year, and not a little bit either: I'm paying €250 less this year than last year. I don't know where the difference is: I'm 28, Male, driving a 1.4 Civic with 5 years no claims and no penalty points. The only change from last year is my age went +1

It's Zurich by the way. I went through a broker: Aaron Insurances.

cplwhisper

as long as you're happy to lose ncb for fire and theft claim & paying excess , pay extra to insurance companyies for simple cert&disc and happy to pay extra for 2 little penalty points then internet is for you...... also if you dont buy protected ncb then you could lose all 5yrs+ of your driving record in any type of claim..

cplwhisper

cplwhisper wrote: »

as long as you're happy to lose ncb for fire and theft claim & paying excess , pay extra to insurance companyies for simple cert&disc and happy to pay extra for 2 little penalty points then internet is for you...... also if you dont buy protected ncb then you could lose all 5yrs+ of your driving record in any type of claim..

What exactly is your point?

We can all read terms and conditions, there is nothing startling about losing your NCB if it's not protected

msg11

cplwhisper wrote: »

those quoting 123.ie as great MUST read the "terms of business" link otherwise you will not see the €40 charges for certificate of insurance, ie perm sub to car during the year, even to same car that was on cover = €40 fee... €20 for duplicate cert if you lose origonal....all of a sudden €320 quotes are €360/€380 etc.. dont believe me read the terms

INTERNET sitest erms can be as different as Fire&Theft can effect NCB on commercial vehicles where most direct companies don't effect ncb - ie some little sh*t breaks into van looking for tools only to get none but buckles doors on badness, owner with internet teams ends up footing the excess (€200-€500) then loses upto 3yrs ncb - but direct companies have no excess and no loss of ncb

Is that even legal to charge you for something that's required under law? Sure whats too stop you saying you don't want a cert and dickying up your own one? It's noting major just a piece of paper with the car reg your name and some quote of the law?

msg11

msg11 wrote: »

........... Sure whats too stop you saying you don't want a cert and dickying up your own one? It's noting major just a piece of paper with the car reg your name and some quote of the law?

Are you being serious there?

Ardennes1944

@OP im 20 driving a 1.8 astra h. 2 years license and ncb and my renewal is up the end of next month. i paid 1200 last year full comp. and this year its looking to be around the 850 mark with liberty.

Wisesmurf

First Ireland have been the best for me 2 years running (28 male, 5 years NCB, fully comp with all the bells and whistles and no PP's on a seat leon cupra r). Some insurers won't even touch the car.

I was €650 last year which was by far the best quote and most comprehensive cover. The renewal came in just shy of €600 and I did'nt think that I would get much cheaper anywhere. I rang everyone anyway and got some quotes that were close but none cheaper. Gave First Ireland a bell and bluffed saying someone had gone to €575 and they requoted me at €550. Took that.

I will hopefully get another reduction next year which will make them cheapest again but that won't stop me ringing everyone all over again. No such thing as loyalty in this game for me.

My mother gets her renewal from the AA every year and pays it without question. Granted she's a €250 123.ie poster-boy candidate but for an hours work I'd say she could save €40..