Insurance mid term adjustment

Garvan

Hi

As per another recent post I changed cars a few weeks back.

I went from a 2001 2.4 200bhp 4wd to a 2005 1.8 143bhp rwd.

I changed over my insurance and accept that I had to pay a mid term adjustment fee.

However, they also charged me €71 of an extra premium for the remainder (11 months) of the year.

When I checked online the difference in annual premium for each vehicle was about €5.

Does anyone else think this is a bit rich?? I have contacted them and I got the spiel about underwriting/cost of repairs/quote available on the day etc etc.

As a long standing customer of this company I am a little annoyed

Thanks

G

bazz26

Did that €71 include an admin fee? Alot of insurance companies these days take the Ryan Air approach of charging admin fees for any changes make to the policy mid term. To be honest €71 increase doesn't sound too bad for the remaining 11 months of your premium but ultimately it boils down to how your insurance company rates different cars. BTW I changed my car about 2 months into my current policy too and it cost me €150 extra and just had to suck it up until renewal time when I can shop around for a more competitive price.

Also insurance companies give no discounts for staying loyal so don't fall into the trap of staying with them. I rarely stay with the same insurance company 2 years in a row, too much competition out there.

Garvan

bazz26 wrote: »

Did that €71 include an admin fee? Alot of insurance companies these days take the Ryan Air approach of charging admin fees for any changes make to the policy mid term. To be honest €71 increase doesn't sound too bad for the remaining 11 months of your premium but ultimately it boils down to how your insurance company rates different cars. BTW I changed my car about 2 months into my current policy too and it cost me €150 extra and just had to suck it up until renewal time when I can shop around for a more competitive price.

Also insurance companies give no discounts for staying loyal so don't fall into the trap of staying with them. I rarely stay with the same insurance company 2 years in a row, too much competition out there.

The €40 was the admin fee in addition to the €71 :eek:

My whole issue is that the car while younger by 4 years has 25% less power. Parts and repairs from my own limited experience are about the same.

G

bazz26

It depends on how the insurance company rate the two different cars, while one can be more powerful than the other, the other might be easier to steal making it a higher risk.

Del2005

Garvan wrote: »

The €40 was the admin fee in addition to the €71 :eek:

My whole issue is that the car while younger by 4 years has 25% less power. Parts and repairs from my own limited experience are about the same.

G

It doesn't matter how much it costs to repair your vehicle it's how many claims are made by owners of the same vehicle with similar details to you.

As for it being only €5 difference when getting quotes. Was that getting a quote for both at the same time or just a quote for the new car vs your last renewal quote? You need to do both quotes at the same time for a comparison as the risk calculations are always changing. And being a loyal customer to an insurance company makes you a sucker to them, they only care about maximising their profits not keeping customers happy, plenty of people have posted about getting their renewal letter with a quote way more than an online quote from their company.

BuffyBot

Age of the car. One is "newer" and they most likely see it as being more valuable and expensive to replace. This would also impact the premium.

Garvan

I've been back in touch with them.

When I did the online quote I didn't enter the registration number. I manually entered the details = €395

When I enter the registration number and click "look up my car" (the car comes up with the exact same details) = €483

So buy the model based on a quote you think is ok and when u actually have it and ring us with the registration number...bingo...lorry it on!

Tragic :mad:

Dr_Colossus

I changed car two weeks ago and went for a 2001 1.8 petrol to a 2007 2.0 petrol. I'd just over 3 months left on my insurance policy so rang expecting either an admin fee or a slighted loaded insurance premium given the increase in value and engine size. I was all gung ho for a long debate and negotiation but to my surprise I was informed that I was due a €13 refund and how did I want it received.
I've TPFT insurance with FBD with breakdown assist and windscreen cover. I suspected the reduced premium was due to a loaded premium on the age of the 2001 vehicle as everything else remained the same, even the car make although the model is an upgrade in the newer 2007.

Alanstrainor

Garvan wrote: »

As a long standing customer of this company I am a little annoyed

Bad form by the insurance company tbh. Never be loyal to insurance companies, because they sure as hell wont be loyal to you. I'd say your best bet is to find someone else if you can get a cheaper quote come renewal time.

ninty9er

I had to switch insurance companies when I changed my car as Zurich don't insure TTs apparently. They were extremely apologetic and gave me a pro rata refund.

Cars are loaded based on repair cost despite what you may think, which is why a Jap import version of a standard European car is more expensive to insure, or different specifications can create different quote results.

Garvan

Alanstrainor wrote: »

Bad form by the insurance company tbh. Never be loyal to insurance companies, because they sure as hell wont be loyal to you. I'd say your best bet is to find someone else if you can get a cheaper quote come renewal time.

The funny thing is that I was loyal to them as they were always there or thereabouts with the best quote!

Garvan

Dr_Colossus wrote: »

I changed car two weeks ago and went for a 2001 1.8 petrol to a 2007 2.0 petrol. I'd just over 3 months left on my insurance policy so rang expecting either an admin fee or a slighted loaded insurance premium given the increase in value and engine size. I was all gung ho for a long debate and negotiation but to my surprise I was informed that I was due a €13 refund and how did I want it received.
I've TPFT insurance with FBD with breakdown assist and windscreen cover. I suspected the reduced premium was due to a loaded premium on the age of the 2001 vehicle as everything else remained the same, even the car make although the model is an upgrade in the newer 2007.

Are ya trying to upset me