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Increased Motor Premium with justification.

  • 19-08-2014 10:07pm
    #1
    The Gride
    Registered Users, Registered Users 2 Posts: 199 ✭✭


    Hi,

    Looking for info.

    A family member has a taxi business. 2 years ago there was an incident. The insurance company increased their motor premium by €5K yes €5k and also did the same the following year. The claim (involving a child was settled for only €600). Where does my relation stand in relation to this increased premium of €10K ? Should they be entitled to €9400 back.

    Thanks in advance.


Comments

  • #2
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    No is the short answer, no entitlement, no hope of a refund. (I HATE that word 'Entitlement') You bought something, you paid for it.
    Even if the claim was settled for €600, what were the legal costs and other fees? Would you have liked to pay another €50,000 if the claim was settled for €50,600?
    Premium is risk-rated, your rel had a claim, so is a higher risk. . Talk to your broker, see if s/he can do something for the next renewal..


  • #3
    The Gride
    Registered Users, Registered Users 2 Posts: 199 ✭✭The Gride


    pedroeibar1 wrote: »
    No is the short answer, no entitlement, no hope of a refund. (I HATE that word 'Entitlement') You bought something, you paid for it.
    Even if the claim was settled for €600, what were the legal costs and other fees? Would you have liked to pay another €50,000 if the claim was settled for €50,600?
    Premium is risk-rated, your rel had a claim, so is a higher risk. . Talk to your broker, see if s/he can do something for the next renewal..

    From what I know, it did not go to court. They changed brokers in the meantime and Insurance Company as this matter nearly put them out of business. A different insurance company took them on at normal type premium.

    Thanks for your reply anyways.


  • #4
    The Gride
    Registered Users, Registered Users 2 Posts: 199 ✭✭The Gride


    pedroeibar1 wrote: »
    No is the short answer, no entitlement, no hope of a refund. (I HATE that word 'Entitlement') You bought something, you paid for it.
    Even if the claim was settled for €600, what were the legal costs and other fees? Would you have liked to pay another €50,000 if the claim was settled for €50,600?
    Premium is risk-rated, your rel had a claim, so is a higher risk. . Talk to your broker, see if s/he can do something for the next renewal..

    Just found out that the previous insurer has in fact offered them a partial refund after a solicitor got involved. I don't know all the details but the refund is substantial.


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