What's up with insurance?

Boskowski

The cost of my car insurance has effectively doubled over the last five years. Never a claim, max bonus, full license forever, same car. I know the drill with quoting around during renewal and so I do, every year. But despite my best efforts it still creeps up between 50 and 70 quid every year and I just checked, 5 years ago I paid 274 now the best quote I can get is 500. Reason given is rate change,, claims overall are up. So anyone any idea what's up? Is this a cosy cartel taking us for a ride or is this actually true? And if it is how can that be? All I can see is cars crawling around at 20 miles below the limit. Surely accidents must have gone down. What is going on?

biko

Yes, all companies have been increasing their premiums. There's many threads like this since a while.
I've shopped around every year and not really had to increase my premium so you can still get good deals.

Youngblood.III

Years of underpriced insurance, and the big players like RSA (123.ie) have have some financial fcuk ups (250 million)
Also huge amount of claims paid out in car crashes in last few years.

Mc Love

I dont know where a lot of people are doing their shopping but mines stayed in the 450-600 bracket the last few years.

Boskowski

Rang four of the major players and a local broker I got good quotes from in the past. Broker didn't even come close. In fact my best quote is my actual renewal quote from nononsense. Its still 80€ up from last year though which is close to a 20% increase.

jacksie66

This post has been deleted.

Pov06

jacksie66 wrote: »

I'm glad I live in New Zealand where car insurance is about 100 bucks..

The problem is not the insurance, the problem is the people.

It seems like people in Ireland don't mind being bent over and done up the ar*e by any company in the country.

If people refused to buy insurance at extortionate insurance companies would quickly find ways to make it cheaper.

What will the Gardai do? Impound every car in the country? :pac:

jacksie66

This post has been deleted.

Boskowski

Pov06 wrote: »

The problem is not the insurance, the problem is the people.

It seems like people in Ireland don't mind being bent over and done up the ar*e by any company in the country.

If people refused to buy insurance at extortionate insurance companies would quickly find ways to make it cheaper.

What will the Gardai do? Impound every car in the country? :pac:

Ye sorry although not happy with the prices driving without is not an option for me. I think people who find it acceptable to drive without insurance may be part of the problem rather than the solution.

Guy:Incognito

Pov06 wrote: »

If people refused to buy insurance at extortionate insurance companies would quickly find ways to make it cheaper.

What will the Gardai do? Impound every car in the country? :pac:

We could all refuse to buy food and just steal it instead. What are the Gardai going to do, arrest the whole country?

The insurance issue would probably sort itself out when people start disappearing after the write off cars belonging to iffey types and cant pay for them.

lazeedaisy

Mine has been within €50 for the last 7 years, currently 320? Same company but always ring around

PBWXFORD

My insurance company sent me a renewal quote for €730 this year, it was €459 last year. So i did a quote online with them to see would it be the same and it came up as €459, the same as last year. So i rang up and questioned them and they said all premiums have risen this year to which i replied that i had just got a quote for €459 online so how is that? She asked for a ref number and was surprised when i gave her one ( she was probably thinking i was bluffing) and after a few mins on hold she came back and said yes that all seems correct so in that case we will match the online quote of €459.

This leaves one question, if they could drop some €270 just like that then who was pocketing that extra amount??

bazz26

PBWXFORD wrote: »

My insurance company sent me a renewal quote for €730 this year, it was €459 last year. So i did a quote online with them to see would it be the same and it came up as €459, the same as last year. So i rang up and questioned them and they said all premiums have risen this year to which i replied that i had just got a quote for €459 online so how is that? She asked for a ref number and was surprised when i gave her one ( she was probably thinking i was bluffing) and after a few mins on hold she came back and said yes that all seems correct so in that case we will match the online quote of €459.

This leaves one question, if they could drop some €270 just like that then who was pocketing that extra amount??

The fact that they low balled you with the renewal price would make me take my business elsewhere rather than renewing.

Cee-Jay-Cee

PBWXFORD wrote: »

My insurance company sent me a renewal quote for €730 this year, it was €459 last year. So i did a quote online with them to see would it be the same and it came up as €459, the same as last year. So i rang up and questioned them and they said all premiums have risen this year to which i replied that i had just got a quote for €459 online so how is that? She asked for a ref number and was surprised when i gave her one ( she was probably thinking i was bluffing) and after a few mins on hold she came back and said yes that all seems correct so in that case we will match the online quote of €459.

This leaves one question, if they could drop some €270 just like that then who was pocketing that extra amount??

They hope that people will just pay without checking online or with other companies.

Approximately €50 has been adde to every policy this year to cover the cost of fraudulent claims for injuries. There are two distinct group in this country filing regular claims for alleged injuries. Both these groups are also responsible for the majority of thefts in the country too.

BuffyBot

PBWXFORD wrote: »

My insurance company sent me a renewal quote for €730 this year, it was €459 last year. So i did a quote online with them to see would it be the same and it came up as €459, the same as last year. So i rang up and questioned them and they said all premiums have risen this year to which i replied that i had just got a quote for €459 online so how is that? She asked for a ref number and was surprised when i gave her one ( she was probably thinking i was bluffing) and after a few mins on hold she came back and said yes that all seems correct so in that case we will match the online quote of €459.

This leaves one question, if they could drop some €270 just like that then who was pocketing that extra amount??

The company. They key word here is company: they exist to make a profit for their owners/shareholders. They aren't mutuals or charities :P

mejulie805

My insurance was with Zurich through Campion Insurance.
Went from €685 last year to €1699 this year :eek: :eek:

Best I could get was €800 with 25plus.ie (who are complete idiots god help me if I ever actually need to use my insurance)... had an accident 4 years ago with a payout to a lying $%^& cyclist who hit me (old wounds), but hadnt affected my premium in recent years. Changed from an 05 to a 12 focus which added €72 to my premium with 5 months to go.. No one could tell me why it went up so much

ShadowHearth

Look at you all moaning and bitching on quotes you get... I can't even get any insurance to give me one! So if my current one increases the price, I am just happy it did not doubled... :pac:

Boskowski

Actually continued getting quotes in and went with123.ie in the end for an actual small saving of €40 and an upgrade to full comp. lol.

kippy

bazz26 wrote: »

The fact that they low balled you with the renewal price would make me take my business elsewhere rather than renewing.

Pretty much every insurance company does this. You should phone up after receiving a renewal, ask them for their best price. Note it. Ring a few more places, get quotes. Ring original insurer back advise them you've gotten a quote of "lowest other quote minus X" where X is a figure you determine will bring you to an acceptable quote. I've had to do this every year for the past few years while I have remained with the same company. They'll never give you their best price first.
You really do have to play the game with them, which is frustrating and time consuming.

For the record I've not noticed the same increases over the same period with motor anyway.

Victor

A few factors will be:
* Quinn going bust, because their underlying model was unprofitable - they didn't allow enough for high-cost claims.
* RSA Insurance issues
* Low interest rates - this means that that in serious injury cases, where the money has to be invested long-term, there is very little income. This means the original award has to increase.
* Low capital reserves amongst insurers - the Central Bank are requiring insurers to improve these.

Cee-Jay-Cee wrote: »

There are two distinct group in this country filing regular claims for alleged injuries. Both these groups are also responsible for the majority of thefts in the country too.

Celebs and lawyers?

deathtocaptcha

fill out a bunch of dummy quotes online to get a rough idea of cost...

take the cheapest couple and try various variations to see if you can get the price down i.e. adding named drivers, changing car value (slightly), adjusting mileage (slightly) etc...

then get confirmation of the cheapest quote, show it to your existing insurer and tell them if they can't match it, you'll reluctantly have to leave them...

Tea 1000

Mc Love wrote: »

I dont know where a lot of people are doing their shopping but mines stayed in the 450-600 bracket the last few years.

Which is it? €450 is a lot better of a quote than €600!!

ba_barabus

Mine increased from €580 to €697 with Axa this year. I've spent the whole day on the phone and gotten it down to €500 with step back or €550 with bonus protection. It's through a broker and underwritten by Zenith

retalivity

Was with AXA for 710, renewal quote was 900 for this yr. Shopped a round and got Allianz for 610, called AXA back and told them, they said best they could do was 880!

Fair enough so, I went with Allianz, but was surprised that all they would reduce it by waa 20 measly quid when I told them I found a better quote elsewhere...

wilford

I work for a big company and have had the hassle of dealing with 3 claims over the last 3 months not directly involved with the claiments? just our insurance company, I hadn't dealt with 1 in about 3 yrs,I was utterly shocked with what I expeirenced,claim 1 slam dunk our fault my driver rear ended the car no personal injury claim the insurance company paid out fair enough,
claim 2,2 totally different versions of what had happened,insurance company were just going to pay out because the other party had "found" 3 totally independant witnessses 1 of which had the same surname as the claiment that they didn't even notice this until I pointed it out,
3rd claim after waiting for 1 hr for the guards to arrive our driver and the claimer went the 1 mile to the nearest station to report it which they did and everyone went home now the claimer has all of sudden been unable to drive the car since the accident and has major problems with his back even though he actually told the guard his car had bumper damage but was fine to drive and he was physically ok,again insurance company line was you've had 3 accidents(3 different drivers out of a pool of 24) recently so it's not worth the hassle of fighting it 1 was our fault other 2 were not,This is what is going on out there is it any wonder that insurance is going up.

To Elland Back

wilford wrote: »

I work for a big company and have had the hassle of dealing with 3 claims over the last 3 months not directly involved with the claiments? just our insurance company, I hadn't dealt with 1 in about 3 yrs,I was utterly shocked with what I expeirenced,claim 1 slam dunk our fault my driver rear ended the car no personal injury claim the insurance company paid out fair enough,
claim 2,2 totally different versions of what had happened,insurance company were just going to pay out because the other party had "found" 3 totally independant witnessses 1 of which had the same surname as the claiment that they didn't even notice this until I pointed it out,
3rd claim after waiting for 1 hr for the guards to arrive our driver and the claimer went the 1 mile to the nearest station to report it which they did and everyone went home now the claimer has all of sudden been unable to drive the car since the accident and has major problems with his back even though he actually told the guard his car had bumper damage but was fine to drive and he was physically ok,again insurance company line was you've had 3 accidents(3 different drivers out of a pool of 24) recently so it's not worth the hassle of fighting it 1 was our fault other 2 were not,This is what is going on out there is it any wonder that insurance is going up.

We don't have all the facts there, even from your perspective.

No1 is a done deal, as you say.

No2 has independent witnesses. Even if one has the same surname, it doesn't mean they are related. You've given us no description of what happened

No.3 You've given us no description of what happened. Injuries can manifest themselves much later

Don't get me wrong, fraudulent claims are rife, but I see nothing there that indicates the insurer felt it was 'too much hassle' to fight it.

wilford

The other 2 cases are now still ongoing but only because I kicked up and made a fuss,didn't really want to give any more details in case that would be used against me, the "independant witnessses" were nowhere to be seen when the garda arrived they only came to light after the claim was made with the insurance company they neglected to mention the garda's name who attended on the claim form we didn't they(insurance company) have now contacted the guard to get his version,in the 3rd case the injured party was Undertaking our van while it indicated to turn left.I understand injuries can manifest themselves later but this person has allegedly not been able to work since the accident,I'm sorry but after visiting the scene and seeing photo's of the damage there is no way you would be unable to work,the car had a damaged front bumper,people see the big company logo and cry wolf,my opinion,my point in making the post was the insurance compaines seem to pay out far too easily without any hint of investigating and we are the ones left to pick up the tab.

PBWXFORD

Well i did ask online first if they could do better as it was €270 more than the previous year for no reason and she said they couldnt and it was only then i said "well ive just done an online quote and its come up the exact same prices as last year so how is that" Of course she thought i was just bluffing hence was surprised when she asked me for the quote reference number and i was able to give her one!

I did try a few other insurance companies as i always do at renewal time but Liberty always seem to give me the best quote , thats why i have always stayed with them.

One thing i found very strange though is that at renewal time for last year they sent me a quote for €560 and that was 3rd party and i had just bought the car 2 months beforehand so at renewal i changed to fully comp and it caused the price to drop to €459..... So fully comp was €101 cheaper than 3rd part on the same car :O

PBWXFORD

Wilford, on the 3rd claim if the person making a claim undertook your van while it was indicating to make a left turn i would have thought that he was at fault and not the van driver??

To Elland Back

PBWXFORD wrote: »

Wilford, on the 3rd claim if the person making a claim undertook your van while it was indicating to make a left turn i would have thought that he was at fault and not the van driver??

The descriptions are very poor. If the 3rd party was undertaking, was it in a lane where he had rightful possession of the road? Did the van indicate to turn left from the wrong lane on the right hand side across the left hand lane?

As for the 2nd claim, the poster's insurers are now contacting the Garda, not because he kicked up a fuss, but on account of the injury claim. Gardai will not provide a report of any value for damage only claims. Anyway, like I said, not enough detail to give a full opinion

spider_pig

I was quoted €1800 last week with axa renewal ,it was €2600 after just getting my full license last year so i shopped around and FBD quoted me €1012, im very happy with that.

Liam McPoyle

Aside from Setanta going tits up, 123's creative claims reserving and paying for Sean Quinns gambling, the fact of the matter is that year on year, deaths on Irish roads have increased substantially.

In 2012 there were approx 160.

Approx 190 in 2013.

196 last year.

They are all substantial claims that insurers must pay, not to mention non fatal accidents that end up with catastrophic and life changing injuries, they all have to be paid aswell.

Would people rather pay less for insurance and take a chance that someone doesn't crash into them, or pay more and guaranteed cover?

It's a no brainer for me anyway.

kippy

Business Cat wrote: »

Aside from Setanta going tits up, 123's creative claims reserving and paying for Sean Quinns gambling, the fact of the matter is that year on year, deaths on Irish roads have increased substantially.

In 2012 there were approx 160.

Approx 190 in 2013.

196 last year.

They are all substantial claims that insurers must pay, not to mention non fatal accidents that end up with catastrophic and life changing injuries, they all have to be paid aswell.

Would people rather pay less for insurance and take a chance that someone doesn't crash into them, or pay more and guaranteed cover?

It's a no brainer for me anyway.

Paying more doesn't guarantee anything.
I'd rather pay a fair price (anything from 300-450) on an annual basis, not have to haggle every year and see insurance companies and the state in general clamp down further on insurance fraud in general and indeed those who carry no insurance, who cost us more, as well as regulate those companies who we end up taking the hit for anyway in the long run.