Massive spike on car insurance

Vicxas

Hey all,

Just wanna get some options here.

Car: Toyota Corolla 1.6
Year: 00
NCB: 3 years

Quote last year: €760
Quote this year: €2016

I rang Tesco and they say its down to their "Underwriter" and there's nothing they can do about it.

Does anyone have any better insurers to go to? I'm not paying that much for my car when i've had no accidents or Penalty Points.

Absolute joke.

lollsangel

123 done same thing to us last nov doubled the insurance on my jeep...maintained it was the underwriter (rsa)
Went to chill, got my insurance for 40 euro more than last year. Guess who the underwriter is.
if youre using chill bare in mind there is a 70 euro handling fee.

Noccy_Mondy

There's definitely something not right there. If you made no claims, then it shouldn't spike up like that. Try the likes of Aviva, Liberty, Axa, Allianz etc. There's plenty out there.

mathepac

Dig out the Golden Pages, tear through a few websites for quotes - the usual.

The likelihood is that all insurance premiums will rise this year to pay for the (UK & Irish) storm-damage payouts.

djimi

Noccy_Mondy wrote: »

There's definitely something not right there. If you made no claims, then it shouldn't spike up like that. Try the likes of Aviva, Liberty, Axa, Allianz etc. There's plenty out there.

Address plays a part in the premium, so if the area flooded recently or something like that then it could explain it.

Vicxas

djimi wrote: »

Address plays a part in the premium, so if the area flooded recently or something like that then it could explain it.

Nope, Live in Navan so there was sweet FA damage here.

ElNino

I think it may be to do with the RSA Insurance debacle whereby they had to pump £200m STG into their Irish subsidiary a couple of months ago to shore up underwriting losses. 123.ie is one of their companies which had been underpricing insurance for certain segments of the market in Ireland. At the time industry experts said that they expected insurance costs to rise.

Anan1

Noccy_Mondy wrote: »

There's definitely something not right there. If you made no claims, then it shouldn't spike up like that.

It actually happens all the time, as insurers change their minds about the kinds of business they want. As always, OP needs to shop around for the best quote.

bazz26

Silly renewal prices are given by insurance companies sometimes in the hope customers are lazy or not clued in about taking their business elsewhere. So shop around and contact them all. It might take a few hours but it can save you a good deal of money. There really is no short way about it.

Vicxas

Yup its gonna be one of those days I think

Found cheaper out there already so I'm hopeful i can get a half decent deal

Caliden

Try Arachas, they're a broker and I've always got the best rate from them.

Mc Love

Ever try a broker?

Mc Love

Caliden wrote: »

Try Arachas, they're a broker and I've always got the best rate from them.

Know a few that use them but I always get a great deal from Goggins

http://www.gib.ie/

Caliden

Mc Love wrote: »

Know a few that use them but I always get a great deal from Goggins

http://www.gib.ie/

Must give them a try next time (in 10 months )

Tzardine

I found FBD very competitive.

Not a name that people usually thin about for some reason. Not sure why. Came in with a good price for me. Online quote page is your friend.

JDD10

FBD are very reasonable to deal with and are willing to come down on price.

I got the highest quote ever from AXA this year, ended up getting the exact same policy and benefits with FBD, but 230euro cheaper than AXA!!

fiverfriday

My renewal with FBD this month and they put it up +€150, was told the underwriter decides and not them, nothing they could do. Politely asked them to forward my proof of NCB and I got my new insurance with Liberty for €300 cheaper than I paid last year, and I'm now covered TPFT on other cars.

My point is, if they don't want the business, don't give it to them. I'll post a list of insurance companies and their numbers later, sit down, ring all of them. When you have prices, haggle with the lowest two or three and see who's offering more benefits. Remember, they need you more than you need them.

shedweller

fiverfriday wrote: »

My renewal with FBD this month and they put it up +€150, was told the underwriter decides and not them, nothing they could do. Politely asked them to forward my proof of NCB and I got my new insurance with Liberty for €300 cheaper than I paid last year, and I'm now covered TPFT on other cars.

My point is, if they don't want the business, don't give it to them. I'll post a list of insurance companies and their numbers later, sit down, ring all of them. When you have prices, haggle with the lowest two or three and see who's offering more benefits. Remember, they need you more than you need them.

+1 on Liberty. 123 were looking for €498 and Liberty wanted €320. Like for like too.

Tzardine

shedweller wrote: »

+1 on Liberty. 123 were looking for €498 and Liberty wanted €320. Like for like too.

They must have changed recently then, I always found them more than twice the price of the closest quote. Will have another look at them on renewal.

shedweller

Tzardine wrote: »

They must have changed recently then, I always found them more than twice the price of the closest quote. Will have another look at them on renewal.

I recommended them to a workmate and he got back to me saying they were more expensive than others. So there are a few other variables then. Let us know how you get on.

zenno

What's up with this one... "Future Insurance.ie" ? are they new ? I only heard about them in the last week. No Nonsense broker got me a good deal on my previous insurance and were the cheapest with FBD.

Charlie19

Always keep an eye on how much the excess is on the policy renewal, I've noticed a couple of sneaky increases in that end.

Gru

Same happened to me, insurance was about 400 last year, jumped up to 800 this year. Applied as new customer online quoted 290 same cover as the existing policy. Ive never claimed and have no points. I thought it was very cheeky! Ill be taking the online quote.

billie1b

Am I the only one who didn't get shafted?

Mine was €464 last year
2006 Pathfinder
4yrs NCB

This year all the same policy and same insurer, also same motor €365

Charlie19

billie1b wrote: »

Am I the only one who didn't get shafted?

Mine was €464 last year
2006 Pathfinder
4yrs NCB

This year all the same policy and same insurer, also same motor €365

Nobody likes a show off..;)

billie1b

Charlie19 wrote: »

Nobody likes a show off..;)

wotswattage

123 quoted me a renewal of 205% of my then current premium. €380 -> €780!!
If I entered as a new customer I could get the same cover for €410 which they couldn't offer me on the renewals line. They said I had to go and get my own new quote from the website then ring the sales hotline then say I'm already a customer. I said that was ridiculous. Reply: 'I know I'm sorry that's just the system we have to work under...'

Now with Axa for €405 with added windscreen cover. Found them very helpful + polite to deal with its also nice to have a local branch to call into.

Having said all that 123.ie were about €300 cheaper when than anyone else when I first went with them 4 years ago and the renewals till this year were always a decrease on what I was paying. Moral of the story shop around every year!

zenno

I had to laugh myself a while ago when I got a quote from 123.ie for €1,250. Then I spent many hours getting quotes and got my years insurance for €475 in the end. It is imperative that you shop around.

mightybashful

Mc Love wrote: »

Know a few that use them but I always get a great deal from Goggins

http://www.gib.ie/

Fair play to you. These worked out well. And as for whoever said Campion well God bless your patience

Caliden

zenno wrote: »

I had to laugh myself a while ago when I got a quote from 123.ie for €1,250. Then I spent many hours getting quotes and got my years insurance for €475 in the end. It is imperative that you shop around.

Sadly it's how they make their money as most people are just too lazy to shop around.
Same with everything really.

Scottie99

I was lucky too. Paid €280 AXA for a 2012 car fully comp the works..

impr0v

As someone has already said, the bump in prices with Tesco and 123 is because they are both underwritten by RSA Insurance Ireland, which has suffered recent and well-publicised reserving difficulties.

When an insurer writes an insurance policy it has to keep a large proportion of the premium that it collected with which to meet future claims-related liabilities on foot of that and similar policies that it has written, and to refund the purchaser if he or she cancels the policy.

For reasons that haven't made it into the public domain, RSA Ireland was found to have of the order of €250m less than they needed to meet their expected future liabilities on foot of claims and, to a much lesser degree, cancelled policies.

The UK parent injected the €250m but, because that figure was produced by actuarial calculations that are inherently uncertain (they are, in effect, trying to predict the number and severity of accidents that hundreds of thousands of drivers will have, and the outcome of hundreds of thousands of claims already notified and part-notified to RSA), it is not necessarily enough to enable them to meet their future liabilities.

In order to be certain that they are adequately reserved, RSA will have decided, or the Financial Regulator will have instructed them, also to write less policies, at higher prices. This will generate more profits in two ways: because of the higher premium rates; and because of less claims - drivers with higher risk profiles will be quoted the greatest increases, and will go somewhere else for their cover. The higher profits will be used further to strengthen the reserves.

In short: go elsewhere if you want cheap motor insurance in the near future.

(Of course, other insurers will also raise their prices because of this. They and the Financial Regulator will scrutinise their own reserving position with renewed vigour in case they are also holding lighter reserves than they thought, and the effective retreat of a major competitor will also permit them to raise their prices while both keeping their policyholders and capturing some new business from RSA.)