Car Insurance hikes....no media coverage?

AnimalRights

Car insurance hikes not getting a mention at all in the media...
I am with 123 who are generally regarded as the cheapest and here are my last 5 years quotes and payments (cept this year)
Remember 6 years + no claims and I'm 50 now with full license etc
2011 - 335E
2012 - 301E
2013 - 302E
2014 - 355E
and now this year they want a whopping 475E!! (I make that around 25% increase?)

Shopping around now and 1st one First Ireland was 370E....
Will keep hunting...

godtabh

Unless you shop around how do you know what the best price is?

People simple dont shop around and companies no this and will increase accordingly. Also lots of claims about. Look at FBD's annual report this year

Alanstrainor

They are going up across the board, but you are never better off staying with the same company. It is well known that they will increase prices, even slightly just because they assume people will not put the effort in to change company.

I'm not looking forward to my renewal now...:o

Chiorino

There was massive coverage this time last year surrounding the firing of two top RSA (owners of 123.ie) in relation to financial irregularities and large losses. Just before christmas there was also mention of the amount of money they lost in the last year.

http://www.independent.ie/business/irish/rsa-insurance-posts-pretax-loss-of-257m-30843025.html

If you don't think things like this will result in a hike in premiums, what will. Insurance companies are for-profit businesses and if they ain't making a profit the first thing they do is increase prices.

Atlantic Dawn

Try ringing around, depending on your car sometimes an insurer may get hit with more claims than normal for that model and will load the premium on that model.

TheDoc

It got pretty good coverage. There is an annual levy on all insurance policies, that will probably be there for about a decade or two, due to Quinn going under. You had morons from Cavan all out on the march supporting the family, who ****ed up so bad and tried to swindle the state so hard, that everyone in the country needs to pay a levy to soak up the damage they did.

Never being involved with Quinn in my life, yet for some reason I have to pay for THEIR ****up.

Obviously it's not a BIG levy, in that it was spread around to EVERYONE in the country getting insurance, but still, it's about 7 euro or something every policy, and that will add up over the 10-15 years it will be active for.

There is also a number of insurers and underwriters who posted significant annual losses, and also quarterly losses which means they will probably hike some premiums in order to increase revenue.

I think TWO insurers went under last year, which meant all their customers went into the market for new policies. In some circumstances this could mean lower premiums to entice new custom, but in the current climate it was probably viewed as a chance to raise premiums slightly as competition has shrunk.

Increase in road users back on the roads in the last year, coupled with an increase in collisions and crashes, ruling on discrimination with premiums, all leads to premiums going up across the board for everyone.

Not to mention any little thing a government might do, will be blown out of proportion by the companies involved who will see it as a chance to raise premiums and point the finger at the government (see private health insurance for recent examples)

But as said above ensure you shop around. There is no loyalty discounts or bonuses for staying with the same crowd year after year, so I see no reason to stay. Unless you ring back after your shopping around and advise your existing insurer you've got a better offer, and if they would like to match it on the basis of your previous custom.

this was the first renewal I didn't move. But I still rang Chill to run the numbers for me, and there wasn't anything better. I did end up with a slightly better policy albeit for the same premium. Allianz provided me some policy benefits like being insured to drive another vehicle (once not commerical or within the household) and also drive abroad, and they were outlined as incentives to retain my custom.

Granted I can't use the driving abroad as I'm a prov driver, and it's a rare instance I'd need to drive another car, appreciated the gesture and stuck with them.

Come December, I'll get my renewal, ring Chill to see whats the best, and get them to go back to Allianz to see if they will match or provide incentive.

don't ask you won't get

bazz26

It is absolutely daft to assume your current insurance company is the cheapest yet not shop around at renewal time. Insurance companies don't reward loyalty so customers should do the same as shop around every year.

AnimalRights

godtabh wrote: »

Unless you shop around how do you know what the best price is?

People simple dont shop around and companies no this and will increase accordingly. Also lots of claims about. Look at FBD's annual report this year

Hi
I shopped around every of the last 5 years, 123 always stayed the 'best' price until this year.
My point is insurance has sky rocketed across the board and no stories in the media like there used to be.

Chill coming in at €419 btw

Comhrá

My insurance is due for renewal in 2 weeks or so.

My cost with 123.ie last year = €431.65
Renewal this year = €466.09 an increase of 8%

Checked FBD this morning = €614.00
Checked One Direct = 631.00

Rang my local broker whom I have house ins with for years and they couldn't even get near so I guess shopping around isn't always the solution, but I'd still do it anyway.

To Elland Back

AnimalRights wrote: »

I am with 123 who are generally regarded as the cheapest

By who?

ironclaw

Wasting your time shopping around online if you are looking for 'the cheapest' quote. Online, my quote was €1200, rang up the 'best they could do' was €850. Kept haggling, €600.

You'll know fairly quick if they are willing to haggle at all. Save yourself some time by doing the online and ringing up with the references, but going by my experience, the margin is actually massive. They are profiting (And fair enough to them for doing it) by people not being bothered to ring up and people not bothered to shop around.

Lastly, and I say it every time, compare like with like. Not every 'cheap' quote is good one. Tyres, brakes and insurance are three things you shouldn't aim to cut corners on.

Nate--IRL--

According to my insurer, the increase of €100 (to €850) includes the newly applied 38% no Claims discount for this year, FFS! :mad:

Nate

AnimalRights

To Elland Back wrote: »

By who?

By me phoning everyone from 2011-2014, 4 years on the trot, as someone said earlier in the thread diff people situations make diff quotes.
Ofc this year 123 are useless.

Stheno

AnimalRights wrote: »

Hi
I shopped around every of the last 5 years, 123 always stayed the 'best' price until this year.
My point is insurance has sky rocketed across the board and no stories in the media like there used to be.

Chill coming in at €419 btw

There were plenty of articles about this in the news in Dec and jan

To Elland Back

AnimalRights wrote: »

By me phoning everyone from 2011-2014, 4 years on the trot, as someone said earlier in the thread diff people situations make diff quotes.
Ofc this year 123 are useless.

That's fair enough, but I don't think they are generally regarded as the cheapest, far from it I would have thought

Vicxas

Liberty this year: €2.021.00
Liberty last year: €1020.00

Aviva this year: €1000

Always shop around, never assume your current insurer likes you.

ofcork

Matt cooper was doing a piece about this today.

Truckermal

AXA increased ours by 100 euros so when I rang up the girl told me it's a result of all the claims so obviously I told her we had no claim so she spoke to the boss who gave it at last year's price of 320..

bodonnell

I have found 25plus.ie to be the cheapest last 2 years

flintash

i see people coming with loads reason, and i have few thoughts about this inscrease. age of car fleet hardly help. t'was way cheaper to write down old banger than any newish car. plus full comprehensive is way to cheap,insteadof one claim, insurer company writes two checks , second for pitance premium. its hardly 10% on you third party, and you get full comprehensive., i wish i could use it instead of second car . lol

_Brian

I'm not convinced by the "insurance is all going up" story..

In my experience companies creep up policy costs on those who don't change companies, if you don't do anything then its €100 extra profit into their pocket. Some will drop back to last years price just by being asked.

But we've found that in general regularly moving to a new company will give the cheapest insurance..

We've two cars covered, both renewed in the last 2 months..

2010 2.0 Mondeo Fully Comp, me as name driver, €365
2006 2.2 X-Trail, Fully Comp, herself as name driver, Class 1 indemnity for work, €420.
Both have 2 points and full no claims.

We've seen no increase in the last few years but have moved companies in that time..

It pays to shop around !!