Car Insurance Renewal Question

andrew1977

Hey there

My car was stolen last year by scumbags, turned up burned out, payout of claim to me was 17000 Euro.

My renewal insurance popped in the letterbox today, its up a couple of hundred euro compared to last years price.( was around 550 , now 760)

I know car insurance as a whole is on the rise this year, am I wasting my time shopping around this year ? I presume no other company will want my business so soon after a claim ?
I did have 5+ years no claims discount with full bonus protection.

Just bite the bullet and pay up, I don't really have much options to shop around do I ?
Thanks for any help

coylemj

andrew1977 wrote: »

Just bite the bullet and pay up, I don't really have much options to shop around do I ?

Correct, nobody else will quote you so just pay up. The hike of €200 or so sounds almost like what people are encountering with no claim so I think you're getting off lightly, sounds like you had a very long time with no claim and/or the NCB protection is actually working for you.

zurbfoundation

I renewed today - 280 last year, asked for 357 this year got them down to 310 - that might seem ok, but its still over 10% hike - ouchy!

Del2005

coylemj wrote: »

Correct, nobody else will quote you so just pay up. The hike of €200 or so sounds almost like what people are encountering with no claim so I think you're getting off lightly, sounds like you had a very long time with no claim and/or the NCB protection is actually working for you.

IIRC fire and theft claims aren't as big an issue as RTI claims so you should still be able to get quotes off other companies and it'll only take a few minutes on the phone to find out.

bladespin

My (former) insurance provider literally doubled the previous premium this time round, no claims made, told me it was the norm and I wouldn't do any better elsewhere, said no thank you very much.
I'd guess a €200 hike is pretty standard but you should always shop around, quotes vary so wildly.

tinofapples

I'm not buying this insurance increase crap, I paid €350 last yr for a Lancer 1.5 fully comp, just purchased this yrs insurance yesterday €330 fully comp with Axa for 1.8 Volvo S40. I did have to change insurance provider but that's the game I'm afraid :eek:

Liam McPoyle

Its the insurance cycle.

Company A takes on a load of business for low premiums.

Company A has bad claims experience so takes corrective action to balance the books - rate increases and what not.

Company B takes on a load of business cheaper than Company A.

Company B then has bad claims experience and takes corrective action.

Company C takes on a load of business cheaper than Company B.

Company C then has bad claims experience and takes corrective action.

Company A then reduces rates, takes on a load of business and the cycle starts again.

Pretty simplistic over view but thats a basic break down of the insurance industry in Ireland.