Insurance premium increase

BillJ

Anyone elses insurance gone up significantly this year?

Last year I was insured for 745 and now for the exact same policy it has increased to 895, seems like a large increase considering I am a year older and have another years no claim bonus!

Any suggestions for some competitive quotes? Tried Liberty and 123.ie and a few others but all are higher than the quote I have, quote I have is with Aviva/Hibernian or whatever they are now, 22 year old male by the way.

TwoShedsJackson

Start ringing around. Have you changed car to something they regard as 'high risk'? Full licence?

The insurance company will usually send out a 'chancing their arm' quote at first. If you ring around then come back to them with the lowest quote you got they'll probably match it, they're really just hoping that you will renew without causing hassle.

flanders2006

BillJ wrote: »

Anyone elses insurance gone up significantly this year?

Last year I was insured for 745 and now for the exact same policy it has increased to 895, seems like a large increase considering I am a year older and have another years no claim bonus!

Any suggestions for some competitive quotes? Tried Liberty and 123.ie and a few others but all are higher than the quote I have, quote I have is with Aviva/Hibernian or whatever they are now, 22 year old male by the way.

Was last year your first year with Aviva? They give a nice discount to get you in the door.

How Strange

I'm with aviva and I got my renewal this week and it's €20 less than last year.

wonski

The same thing happens to me every year. I change insurer at every renewal.
Ring around OP, but as you are only 22yo, with one year discount, Aviva may be your best bet unfortunately...

895 isn't that bad to be honest, however everyone expects their renewal to be cheaper after a year...

BillJ

TwoShedsJackson wrote: »

Start ringing around. Have you changed car to something they regard as 'high risk'? Full licence?

The insurance company will usually send out a 'chancing their arm' quote at first. If you ring around then come back to them with the lowest quote you got they'll probably match it, they're really just hoping that you will renew without causing hassle.

Same car, full licensce for 4 years. I have rang around a few places and it's still the cheapest I have found anywhere, it's the fact it has gone up so much is annoying me. It's through a brokers I have the quotes so maybe i'll ring them directly.

flanders2006 wrote: »

Was last year your first year with Aviva? They give a nice discount to get you in the door.

Nope been with them since I was 17, was a named driver up until last year, this year I have the named driver experience plus one year on my own and it's gone up, just doesnt make sense to me! :mad:

How Strange wrote: »

I'm with aviva and I got my renewal this week and it's €20 less than last year.

The reason they gave me is that everyones insurance is going up, clearly not, How Strange:P

Manzoor14

aviva done a similar thing with me a few years back. it jumped from 1050 to ~1500. Got straight on the phone to axa who gave to to me for 900 or so. Just renewed again there a few weeks back and it went down further.

BillJ

Yep just gotta start ringing them up I suppose, such a pain though, you'd nearly have to take a day off just to ring them all

Pedro K

My renewal with axa came back in mid July at 815, up from 770 despite me having another years ncb (my fourth), being another year older and also despite the fact that they were taking a benefit (driving other cars) off my policy due to an underwriting change whereby they won't allow anyone under 25 have it.

I rang them up, asked what the story was. They said their rates had increased. I simply said there was not a hope that they were taking a benefit away from me and charging me more and that if they didn't lower it I would be going elsewhere. Straight away they knocked 85 off the price.

Colonel Sanders

Gender rating abolished from December

Possibly a case of reducing female rates & increasing males to make a quick grab for less risky drivers before gender neutrality is Introduced

This is speculation on my behalf, I don't work for Aviva nor have any knowledge of their rating structure

MugMugs

Just so you all know...

Insurance doesn;t work on taking your money pooling it and paying out a portion of it and skimming the rest....

It's a little bit more complex....

A very rough and easy way of explaining it would be.

Premium taken, pooled, invested, returned, money to meet claims.

As world economics are in a pretty bad state, the returns on investments are down meaning the cash has to come from somewhere, namely the customer.

Elessar

Got my renewal today from Axa: €811, same as last year but for a newer car, smaller engine. Rang around a few different places, got 95% of the cover for €567 from AA...got back to Axa to cancel, they dropped it to €550 just like that, even met the lower excess from AA. Gonna stick with them because it's cheaper and has some benefits I couldn't get elsewhere (comp cover when driving other cars, depreciation cover etc.).

Moral of the story, shop around and play them off each other. Just make sure you get the right benefits for you.

Cuddlesworth

Antares wrote: »

Just so you all know...

Insurance doesn;t work on taking your money pooling it and paying out a portion of it and skimming the rest....

It's a little bit more complex....

A very rough and easy way of explaining it would be.

Premium taken, pooled, invested, returned, money to meet claims.

As world economics are in a pretty bad state, the returns on investments are down meaning the cash has to come from somewhere, namely the customer.

It works out more like

Premium taken, insurance on the insurance company taken out, insurance on that re-insurance company taken out taken out(this can happen a few times), ending up in large cash equity firms which have taken huge hits recently because everybody is cashing in on those policy's. So everybody's premiums are going up.

You should sit at a table with some reinsurance people. When they refer to a 1, it means a million. And its rare you hear any figure that's not in the 1000's. Really disturbing when you think about it.

pred racer

Antares wrote: »

Just so you all know...

Insurance doesn;t work on taking your money pooling it and paying out a portion of it and skimming the rest....

It's a little bit more complex....

A very rough and easy way of explaining it would be.

Premium taken, pooled, invested, returned, money to meet claims.

As world economics are in a pretty bad state, the returns on investments are down meaning the cash has to come from somewhere, namely the customer.

This was the way i understood it too.
And i'd be fine with that if they gave some back when they are doing well!

goz83

Elessar wrote: »

Got my renewal today from Axa: €811, same as last year but for a newer car, smaller engine. Rang around a few different places, got 95% of the cover for €567 from AA...got back to Axa to cancel, they dropped it to €550 just like that, even met the lower excess from AA. Gonna stick with them because it's cheaper and has some benefits I couldn't get elsewhere (comp cover when driving other cars, depreciation cover etc.).

Moral of the story, shop around and play them off each other. Just make sure you get the right benefits for you.

That's great advice; unless the person doing it drives an almost impossible to insure jap import. Take my fto for example. Got insured with Quinn last year on a new policy with a 95 gr for €631. Switched to a 97gpx and went fully comp a couple of months later with an increase of around €100. Renewal was almost €900 for next month. Rang them up and spent ages complaining about the online quotes and the differences between the british and jap models being zero. Supervisor got onto me...the best comp price was €808 and tpft with windscreen cover (what i wanted) was €575. I rang about 15 other places and found it impossible to get a quote. Axa wont quote til next year (i'm 29). I accepted the renewal at that price and I even have the open drive on it which is very handy.


Im 29 with full irish license 5 years (6 years 5 days after my renewal date). I have 7 years ncb at renewal and my wife as named driver with her own car.

BillJ

Quick update on this for anyone interested, rang around a few places and AA gave me the cheapest quote at 783, rang back Aviva with this and they came to 792, took up Aviva on the offer because with them I have open drive and breakdown cover which AA werent offering.

Can also get a 20% discount with Aviva if I do the ignition test, which I will do. Pretty sure I was given this discount last year without doing it but they say I must do it this year, which will bring it down to 633 which i'm happy with.:)

moceri

My motor insurance fell due this week and I shopped around for quotes. I found a cheaper quote from Chill.ie and rang NoNonsense (My Current Insurer) yesterday evening to see if they would price match the €4.00 difference.

Darren at the Belfast call centre said "No. Fixed Price take it or leave it."
I said as Price is important to me I would go with the lower quote. "OK he said, I will cancell your policy from the system".

Returning to Chill.ie, I checked my details, and found to my horror they had transposed the last 2 digits of my birthyear and when corrected would now make my renewal much more expensive than NoNonsense.

Swallowing humble pie, I recontacted NoNonsense this morning and asked if I could renew.
Scott at the Belfast call centre "Sorry, I cannot renew as your policy was wiped from the system last night. You can reapply as a new customer on-line."

Fearing the worst, I reapplied online, fearing I would not enjoy the same discount as a repeat loyal customer. I entered all details exactly as on my old policy and PING ...............I got a quote some 10% cheaper.

Somewhat perplexed,I rang and spoke to a Manager at the Dublin Head office who confirmed that the details were exactly the same, but underwriting department had changed the price to a lower amount since the renewal letter was sent out. I asked her why I wasn't offered this new lower price when I rang to renew on the phone yesterday evening. She couldn't explain why.

My conclusion is that new customers switching are offered better rates than existing LOYAL customers and they rely on customer inertia when you renew.

I gave NoNonsense 2 opportunities to renew, firstly to pricematch and secondly to reactivate a policy that had expired by 18 Hours.
I know that ESB hook switching customers with a discounted rate not available to Existing customers, I had not realised the practice was now becoming commonplace
NEW CUSTOMER = GOOD. EXISTING CUSTOMER = BAD

Needless to say I will be getting a quote as a new customer again next year and comparing it to my renewal quote.

SHAME ON YOU WHOEVER AT FBD THOUGHT UP OF THIS STUNT

Pa Dee

BillJ wrote: »

Anyone elses insurance gone up significantly this year?

Last year I was insured for 745 and now for the exact same policy it has increased to 895, seems like a large increase considering I am a year older and have another years no claim bonus!

Any suggestions for some competitive quotes? Tried Liberty and 123.ie and a few others but all are higher than the quote I have, quote I have is with Aviva/Hibernian or whatever they are now, 22 year old male by the way.

Ring them up an say you have a quote for 725. Works every time

P_1

moceri wrote: »

My motor insurance fell due this week and I shopped around for quotes. I found a cheaper quote from Chill.ie and rang NoNonsense (My Current Insurer) yesterday evening to see if they would price match the €4.00 difference.

Darren at the Belfast call centre said "No. Fixed Price take it or leave it."
I said as Price is important to me I would go with the lower quote. "OK he said, I will cancell your policy from the system".

Returning to Chill.ie, I checked my details, and found to my horror they had transposed the last 2 digits of my birthyear and when corrected would now make my renewal much more expensive than NoNonsense.

Swallowing humble pie, I recontacted NoNonsense this morning and asked if I could renew.
Scott at the Belfast call centre "Sorry, I cannot renew as your policy was wiped from the system last night. You can reapply as a new customer on-line."

Fearing the worst, I reapplied online, fearing I would not enjoy the same discount as a repeat loyal customer. I entered all details exactly as on my old policy and PING ...............I got a quote some 10% cheaper.

Somewhat perplexed,I rang and spoke to a Manager at the Dublin Head office who confirmed that the details were exactly the same, but underwriting department had changed the price to a lower amount since the renewal letter was sent out. I asked her why I wasn't offered this new lower price when I rang to renew on the phone yesterday evening. She couldn't explain why.

My conclusion is that new customers switching are offered better rates than existing LOYAL customers and they rely on customer inertia when you renew.

I gave NoNonsense 2 opportunities to renew, firstly to pricematch and secondly to reactivate a policy that had expired by 18 Hours.
I know that ESB hook switching customers with a discounted rate not available to Existing customers, I had not realised the practice was now becoming commonplace
NEW CUSTOMER = GOOD. EXISTING CUSTOMER = BAD

Needless to say I will be getting a quote as a new customer again next year and comparing it to my renewal quote.

SHAME ON YOU WHOEVER AT FBD THOUGHT UP OF THIS STUNT

Hello...........Christian Kortenhorst

Can't remember the exact figures but insurance intermediaries (Chill, AA, etc) generally take 10% commission on New Business and 20% for renewals.

90% of the time it works out better for you to go as a New Business customer each year for the insurance.

goz83

moceri wrote: »

My motor insurance fell due this week and I shopped around for quotes. I found a cheaper quote from Chill.ie and rang NoNonsense (My Current Insurer) yesterday evening to see if they would price match the €4.00 difference.

Darren at the Belfast call centre said "No. Fixed Price take it or leave it."
I said as Price is important to me I would go with the lower quote. "OK he said, I will cancell your policy from the system".

Returning to Chill.ie, I checked my details, and found to my horror they had transposed the last 2 digits of my birthyear and when corrected would now make my renewal much more expensive than NoNonsense.

Swallowing humble pie, I recontacted NoNonsense this morning and asked if I could renew.
Scott at the Belfast call centre "Sorry, I cannot renew as your policy was wiped from the system last night. You can reapply as a new customer on-line."

Fearing the worst, I reapplied online, fearing I would not enjoy the same discount as a repeat loyal customer. I entered all details exactly as on my old policy and PING ...............I got a quote some 10% cheaper.

Somewhat perplexed,I rang and spoke to a Manager at the Dublin Head office who confirmed that the details were exactly the same, but underwriting department had changed the price to a lower amount since the renewal letter was sent out. I asked her why I wasn't offered this new lower price when I rang to renew on the phone yesterday evening. She couldn't explain why.

My conclusion is that new customers switching are offered better rates than existing LOYAL customers and they rely on customer inertia when you renew.

I gave NoNonsense 2 opportunities to renew, firstly to pricematch and secondly to reactivate a policy that had expired by 18 Hours.
I know that ESB hook switching customers with a discounted rate not available to Existing customers, I had not realised the practice was now becoming commonplace
NEW CUSTOMER = GOOD. EXISTING CUSTOMER = BAD

Needless to say I will be getting a quote as a new customer again next year and comparing it to my renewal quote.

SHAME ON YOU WHOEVER AT FBD THOUGHT UP OF THIS STUNT

This time the thread is not quite 9 years old. Bravo

cruhoortwunk

Old thread I know, but couldn't find any recent one, and this one has a lot of good info.
We got insurance from Aviva via chill last year. My gf is the main insured driver and I'm a named driver. Worked out at about €590. This year it has increased to €815.
I know the gender regulations will mean increases for female drivers but this is excessive. I wonder how much of it is an increase by Aviva (says above they increase price after a low price to get you in the door), how much is Chill (I read above that they charge a higher % on renewals), and how much is caused by the gender regulations.