Insurance Renewal up 70% on last year

Road-Hog

Just wondering if anyone out there has experienced a jump like the above in their policy renewal.........I've protected no-claims bonus which allows up to 2 unlimited claims within a 3 year period, I made a claim last year but I was told at the time that it wouldn't affect my no claims discount as it was protected, then I get the renewal a week or so ago and its up 70%...........anyone any ideas why I'm getting hammered like this?

Odyssey 2005

Vthey left your NCB intact ,and just hammered your premium, I'd expect. Have a look at the breakdown of costs.

listermint

Year on year, I jump ship without fail. If more people did this our insurance market would be more competitive.

biko

There a lot of similar threads like this so it's not just you OP.
Jump ship, there's no savings in staying loyal to insurance companies.

Spipov

200% increase on mine. jumped.

Road-Hog

biko wrote: »

There a lot of similar threads like this so it's not just you OP.
Jump ship, there's no savings in staying loyal to insurance companies.

when asked about number of years no claims that I have by an alternative insurance co, the fact that I've had a claim with my present insurer is going to result in me having to declare 0 years 'no claims' so automatically by switching I'm at a disadvantage am I not?

RentDayBlues

Road-Hog wrote: »

when asked about number of years no claims that I have by an alternative insurance co, the fact that I've had a claim with my present insurer is going to result in me having to declare 0 years 'no claims' so automatically by switching I'm at a disadvantage am I not?

You said yourself you have protected no claims bonus, no? So you maintain the years you've earned but you have to declare the claim. I move each year as up until last year had to declare a claim, but most quotes were cheaper than my current insurer.

mgbgt1978

The no-claims protection only applys to the OP's current insurer.
And as he has now found out his basic premium has increased due to a claim...even though he has retained his no-claims bonus.
If he didn't have a protected no-claims his renewal figure would be much higher again than the quote he has received.

hytrogen

Jump ship, I was with a major company for the majority of the last 10 years since I started driving, then uped the car size to luxury last year, finally they tried hammering me with nearly €1500 full everyting, nct, cover etc. prestine.I tried reducing by asking to include a home cover & they didn't do a decent deal so I shopped & found a crowd to include my home insurance as well for a THIRD (yes 33% less) for the two together! Not naming names or numbers

coylemj

Will yiz stop telling the OP to jump ship! He can't, he had a claim last year.

His NCB is 'protected' but that doesn't mean he can go to a new company with a clean sheet, it means that his existing insurer can pretend to be giving him the same NCB but as someone has already observed, they simply jack up the basic premium, apply a fictitious 'no-claims bonus' and he's still screwed.

If, like me, you have a 'protected' NCB, good for you but I get it as a loyalty bonus, I certainly wouldn't pay money for it because it's a scam as far as I'm concerned. Once you can't move insurer and are at the mercy of one company, they can dress up the numbers any way they want but still screw you once you've had a claim.

mattser

I got my first ever penalty points ( 3 ), early this year. When I told them at renewal time, they bumped me 40%. Basta*ds.
For the massive crime of 60km in a 50 zone.

James Delaney

I don't know what Age u are, but premiums for the Young have DOUBLED - Insures are no longer competitive esp. After Liberty Ins. Went bang.
Also claims are up in the last year - hence profits are down for Ins. Cos.
Every1 will notice a huge hike in their nxt renewal premiums - but esp. the young.

Cuddlesworth

Your quote is 500, you get a 50% no claims bonus. You pay 250.

You have a crash, your no-claims is protected.

Your quote is 1000, you get a 50% no claims bonus. You pay 500.

You don't have no-claims protection.

Your quote is 1000, you pay 1000.

Whats hard to understand there?

To Elland Back

James Delaney wrote: »

Insures are no longer competitive esp. After Liberty Ins. Went bang.

When did that happen :eek:

Cuddlesworth

To Elland Back wrote: »

When did that happen :eek:

When the reality of a insurer who didn't have any underwriters on staff hit.

To Elland Back

Cuddlesworth wrote: »

When the reality of a insurer who didn't have any underwriters on staff hit.

Sorry, don't follow.

Are you referring to the proposed loss of 270 jobs? While it may be an indication of withdrawing from the Irish Market in the future, they certainly haven't gone 'bang'

Cuddlesworth

To Elland Back wrote: »

Sorry, don't follow.

Are you referring to the proposed loss of 270 jobs? While it may be an indication of withdrawing from the Irish Market in the future, they certainly haven't gone 'bang'

Liberty Ireland was Quinn insurance. Quinn insurance didn't employ underwriters. They went bang, another insurance levy was applied to the general public. I wouldn't be surprised if the underlying business is bad, because its foundations certainly were.

To Elland Back

Cuddlesworth wrote: »

Liberty Ireland was Quinn insurance. Quinn insurance didn't employ underwriters. They went bang, another insurance levy was applied to the general public. I wouldn't be surprised if the underlying business is bad, because its foundations certainly were.

Quinn did employ underwriters. They may not have employed any Actuaries but that is a different argument to my point that Liberty has not gone bang

Liam McPoyle

Road-Hog wrote: »

Just wondering if anyone out there has experienced a jump like the above in their policy renewal.........I've protected no-claims bonus which allows up to 2 unlimited claims within a 3 year period, I made a claim last year but I was told at the time that it wouldn't affect my no claims discount as it was protected, then I get the renewal a week or so ago and its up 70%...........anyone any ideas why I'm getting hammered like this?

That does seem very harsh to be fair.

As for people saying that no company will quote you as you had a claim, thats incorrect.

Once the claim is settled in full, alot of insurers will take you on once the claim paid is below a certain threshold, €10k being a fairly common one.

You wont get quotes online though because no insurer will quote online if you say you have had a claim.

You still have a full bonus and most insurers will take you on if as I said the claim is settled and is within their acceptance criteria.

Best bet is to get onto one of the larger brokers out there and see what they can do for you.

Do let us know how you fare out.

Road-Hog

Business Cat wrote: »

That does seem very harsh to be fair.

As for people saying that no company will quote you as you had a claim, thats incorrect.

Once the claim is settled in full, alot of insurers will take you on once the claim paid is below a certain threshold, €10k being a fairly common one.

You wont get quotes online though because no insurer will quote online if you say you have had a claim.

You still have a full bonus and most insurers will take you on if as I said the claim is settled and is within their acceptance criteria.

Best bet is to get onto one of the larger brokers out there and see what they can do for you.

Do let us know how you fare out.

Just to clarify I'm in the 35-50 age bracket, claim was under €2000, no third parties involved, no personal injuries or anything of the like, I'll try a broker to get a competitive quote over the phone and see what they come back with, I also remember asking the insurance rep at the time of making the claim what impact it might have on my renewal premium and she said because of the no claims protection it would have no impact

myshirt

I just want to add to this thread.

I have in excess of 10 years no claims in my own name, and received quotes over past few days from just under 400 all the way up to 1,620. Never a claim in my life. Each quote as comparable as could be in terms of cover. Only real difference was FBD with low excess. Same car etc. My own renewal quote was actually increased by 120% prompting the ring around.

The price differential, just crazy. I at least thought they'd be there or there abouts in the same ballpark. What the hell is going on with insurance?

carzony

myshirt wrote: »

I just want to add to this thread.

I have in excess of 10 years no claims in my own name, and received quotes over past few days from just under 400 all the way up to 1,620. Never a claim in my life. Each quote as comparable as could be in terms of cover. Only real difference was FBD with low excess. Same car etc. My own renewal quote was actually increased by 120% prompting the ring around.

The price differential, just crazy. I at least thought they'd be there or there abouts in the same ballpark. What the hell is going on with insurance?

Insurance will be expensive for a long time to come. Typically the young people get raped no matter what happens in the industry.

Don't dare have a crash if your under 25, you'll be completely screwed for years after..

dodzy

myshirt wrote: »

I just want to add to this thread.

I have in excess of 10 years no claims in my own name, and received quotes over past few days from just under 400 all the way up to 1,620. Never a claim in my life. Each quote as comparable as could be in terms of cover. Only real difference was FBD with low excess. Same car etc. My own renewal quote was actually increased by 120% prompting the ring around.

The price differential, just crazy. I at least thought they'd be there or there abouts in the same ballpark. What the hell is going on with insurance?

I deal on behalf of my father at renewal times. FBD car insurance was up in April. New quote came in post. 70% increase on last year. Driving all his life. Never claimed. So I made the call.......

Agent: Hi, FBD, how can I help you?
Me: (Gives policy details) Can you tell me why there was a 70% increase in my fathers policy renewal please?
Agent: There has been "an across the board increase due to increases in claims".
Me: Totally understandable but 70% ? Seriously ? HE didn't claim.
Agent: Let me talk to my supervisor.
Me: Thanks, I'd appreciate that.
60 secs later.......
Agent: Hi Mr.D, I am pleased to say that we can reduce the quotation from €657 to €650. Would you like to proceed with the renewal ?
Me: So that's a 67% increase on last years premium ?
Agent:Erm, eh.....well I'm afraid that's the best we can do.
Me: Thanks so; we will not be proceeding with the renewal. Goodbye.

Rang First Ireland.
€400.
Sorted in less than 5 mins.

ejabrod

There was a report on Newstalk on Friday 15th May, 08:21 about how RSA fúcked up and as a result we are all paying the price....

ejabrod

http://www.newstalk.com/listen_back/5/18598/15th_May_2015_-_Breakfast_Part_3/

carzony

dodzy wrote: »

I deal on behalf of my father at renewal times. FBD car insurance was up in April. New quote came in post. 70% increase on last year. Driving all his life. Never claimed. So I made the call.......

Agent: Hi, FBD, how can I help you?
Me: (Gives policy details) Can you tell me why there was a 70% increase in my fathers policy renewal please?
Agent: There has been "an across the board increase due to increases in claims".
Me: Totally understandable but 70% ? Seriously ? HE didn't claim.
Agent: Let me talk to my supervisor.
Me: Thanks, I'd appreciate that.
60 secs later.......
Agent: Hi Mr.D, I am pleased to say that we can reduce the quotation from €657 to €650. Would you like to proceed with the renewal ?
Me: So that's a 67% increase on last years premium ?
Agent:Erm, eh.....well I'm afraid that's the best we can do.
Me: Thanks so; we will not be proceeding with the renewal. Goodbye.

Rang First Ireland.
€400.
Sorted in less than 5 mins.

First Ireland seems to be the only place that's fair.. They said they'd even be happy to take me on with an open claim..

joujoujou

Just from yesterday: Ms jou's car up for renewal next week.

Our (for years) broker sent her a letter - price up roughly 25%.

Online quotation with a few companies - found (slightly) cheaper one, compared to last year. Printed.

Went to another broker with both printed and aforementioned broker's quotations. Few phone calls and promise they can do it even cheaper.

Being loyal, Ms jou went to "our" broker, and heard appologies they cannot go any cheaper at all.

Came back to "new" broker, papers signed, money paid. Everyone's happy.

Independent1

I changed cars during the year and had to pay something like €50 for the change. My renewal came in the other week for €250 higher than I paid last year. When I phoned to question it I was told it was a higher powered car and that I wouldn't do any better. Filled in an online quote with 25plus.ie, added lots of extra benefits and it came in nearly €300 cheaper. Needless to say I jumped ship. Anyone have experience of 25plus incidentally?