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Is this feasible?

  • 24-08-2012 10:33am
    #1
    Melion
    Banned (with Prison Access) Posts: 10,259 ✭✭✭✭


    Ive been thinking about this over the last few weeks and i dont see why it wouldnt work.

    A new insurance company opens, i go with them for my insurance. They charge me €600 EVERY year but if at the end of each year i havent made a claim i get a certain agreed percentage back. No NCB's or anything like that, just a straight up refund of whatever percentage the company has agreed on(15-20%).

    Obviously it would need a lot of customers for it to work out properly because they would have to pay out on accidents etc.


Comments

  • #2
    djimi
    Registered Users, Registered Users 2 Posts: 13,237 ✭✭✭✭djimi


    How is that favorable to the customer over the current system? Theres no way they will insure a 21 year old in his Civic for 600, and those who should be paying less would prefer to pay less up front.


  • #3
    Melion
    Banned (with Prison Access) Posts: 10,259 ✭✭✭✭Melion


    djimi wrote: »
    How is that favorable to the customer over the current system? Theres no way they will insure a 21 year old in his Civic for 600, and those who should be paying less would prefer to pay less up front.

    Those who "should" be paying less will not have an accident since they are such good drives. Therefore get a refund at the end of the year.


  • #4
    [Deleted User]
    Posts: 23,339 ✭✭✭✭ [Deleted User]


    I'm happier paying €300 odd with my full NCB tbh than paying €600 and getting some back at the end of the year.


  • #5
    Tallon
    Closed Accounts Posts: 22,565 ✭✭✭✭Tallon


    Melion wrote: »
    Ive been thinking about this over the last few weeks and i dont see why it wouldnt work.

    A new insurance company opens, i go with them for my insurance. They charge me €600 EVERY year but if at the end of each year i havent made a claim i get a certain agreed percentage back. No NCB's or anything like that, just a straight up refund of whatever percentage the company has agreed on(15-20%).

    Obviously it would need a lot of customers for it to work out properly because they would have to pay out on accidents etc.
    The way the current system works, you pay say 600 and the next year you get a discount, so you only have to pay 500+

    Therefore, technically, you are getting a 'refund'

    What's the difference?


  • #6
    Melion
    Banned (with Prison Access) Posts: 10,259 ✭✭✭✭Melion


    Tallon wrote: »
    The way the current system works, you pay say 600 and the next year you get a discount, so you only have to pay 500+

    Therefore, technically, you are getting a 'refund'

    What's the difference?

    More money back at the end of the year. Obviously it wouldnt suit everyone but thats why there are so many insurance companies out there.


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  • #7
    Tallon
    Closed Accounts Posts: 22,565 ✭✭✭✭Tallon


    Melion wrote: »
    More money back at the end of the year. Obviously it wouldnt suit everyone but thats why there are so many insurance companies out there.
    There is no way a company is going to start up and offer Substantially lower rates than all other companies out there, and then give you a large chunk of their profits every year


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