Insurance hike - is this to be expected?

rampantbunny

Just had my car insurance renewal offer come through. It has increased, but this is something I was expecting due to what I've seen/heard in the media.
What I did not expect was the size of the increase levied...my insurance has gone from from €520 to €920. After a phone conversation the best they can do is €860. That's still an increase of 65% :eek:

I've no penalty points, no accidents etc. and I've shopped around. Same ball-park figures from brokers.
Anyone else seeing this kind of increase?

Atlantic Dawn

Get other quotes to compare. If you get cheaper call your current insurer back and see if they can match it, if they then somehow can tell them sorry you won't give them your business as they tried to rip you off and go with the other insurer.

Timfy

The wife's insurance was due last week. Same as you in that circumstances have not changed and no penalty points or accidents.

The increase on exactly the same policy was over 60%.

Again, the same as yourself we rang around and every other company was quoting similar figures.

Paying the premium (what choice have you got?) felt like being mugged!

Xcellor

Disgraceful price hike. Typical reactive approach to everything shaft the safe drivers who have never put through a claim to support stupidly exaggerated personal injury claims...

rampantbunny

Atlantic Dawn wrote: »

Get other quotes to compare. If you get cheaper call your current insurer back and see if they can match it, if they then somehow can tell them sorry you won't give them your business as they tried to rip you off and go with the other insurer.

Already rang around and found same sort of prices.
The reduction from €920 wasn't due to me saying I had a better price, just something the operator told me she would do straightaway (I'd barely opened my mouth to quote my client number so she must've noticed how shafted I was getting).

When I got the reduction I played my ace..."I have an alternative quote of less than 800. She called my bluff "well sir, the price I gave is as low as we can get to. Hopefully next year it will reduce." I laughed out loud at this.

Yea, Timfy, what choice have we got, the lowly consumer. Shopping around isn't the weapon I thought it to be.

Pkiernan

I was with 123 for years.

Premium went from €450 to €630 for no apparent reason.
NoNonsense quoted me €525.
Ended up going wth Blue Insurance. Got quoted 1 year for €370, or 2 years for €680. Went with 2 years. Wierd seeing a 2017 expiration date on the disk!

Xcellor

Pkiernan wrote: »

I was with 123 for years.

Premium went from €450 to €630 for no apparent reason.
NoNonsense quoted me €525.
Ended up going wth Blue Insurance. Got quoted 1 year for €370, or 2 years for €680. Went with 2 years. Wierd seeing a 2017 expiration date on the disk!

Blue wont quote me because my car is 2002... Bleeding joke. You cant even shop around because insurance companies are now refusing old cars. Old cars get shafted in tax and now insurance too.

Liam McPoyle

Pkiernan wrote: »

I was with 123 for years.

Premium went from €450 to €630 for no apparent reason.
NoNonsense quoted me €525.
Ended up going wth Blue Insurance. Got quoted 1 year for €370, or 2 years for €680. Went with 2 years. Wierd seeing a 2017 expiration date on the disk!

I'd be very surprised if Blue are writing premiums of €340 a year or offering 2 year deals by this time next year.

Its below a safe level and this whole 2 year insurance craic is just a gimmick.

They are taking a punt that they will get lucky and not have as many claims as other insurers but if they have a bad year then they will be in bother because they will have to pay out the claims but won't be able to recoup anything for a minimum of 12 months later.

It's a Setanta waiting to happen IMO.

galwaytt

Business Cat wrote: »

I'd be very surprised if Blue are writing premiums of €340 a year or offering 2 year deals by this time next year.

Its below a safe level and this whole 2 year insurance craic is just a gimmick.

They are taking a punt that they will get lucky and not have as many claims as other insurers but if they have a bad year then they will be in bother because they will have to pay out the claims but won't be able to recoup anything for a minimum of 12 months later.

It's a Setanta waiting to happen IMO.

Blue won't insure anything over 10 yrs either ....

galwaytt

galwaytt wrote: »

Blue won't insure anything over 10 yrs either ....

Mine went from €302 to €527. And "lucky" to get it.....AA quoted me €987

joseph brand

galwaytt wrote: »

Blue won't insure anything over 10 yrs either ....

I drive a 1993 Jap import. Looking for insurance is a long drawn out affair. I get turned down more than Rocky Dennis.

My renewal quote from my insurance provider went from €375 last year to €770!! I shopped around and got it cheaper with the AA.

rampantbunny

LIGHTNING wrote: »

To be fair have you not heard of the car fairy? On the night of your cars 10 birthday she appears and starts to spray magic dust which causes electronic issues and corrodes suspension components. Your car becomes instantly a deathbox on its 10 birthday. I am taking my life into my hands when I get in my classic car.

That's ridiculous.



We all know that cars don't have birthdays because they can't eat cake

Keplar240B

Just got my renewal AXA 550 to 650 increase, no changes at my end but there was been a change of ownership at their end alright, been with them long time.

this came up on outlook when I got email....
Be careful! This sender failed our fraud detection checks.


LOL

Q
Was there a thread on here where people posted their quotes and basic details?
I could have sworn there was but looking for it there cannot find it?
Maybe I dreamt it

Corvo

I expect premiums will continue to rise even further after January. Was at a seminar where some in the industry expect private car premiums to be double what they are now in a few years.

rampantbunny

Corvo wrote: »

I expect premiums will continue to rise even further after January. Was at a seminar where some in the industry expect private car premiums to be double what they are now in a few years.

What's a few years I wonder? My premium is well on it's way to more than doubling inside of two years if this years increase of 65% is anything to go by.

_davidsmith_

last year i had a 1.6 honda integra insured with FBD 3 years NCB no points for about 800ish cant remember the exact figure, renewal came in the door and it was €2600! i couldnt believe it, before the NCB deduction the had the policy quoted at over €4000, on a car insured for a value of €1050.

I rang up and said this must be a joke i have an extra years NCB and you want 2.5 time the value for insurance (third party fire and theft) their response was the car had two rate increases throughout the year and thats the lowest they could go.

Told them in no uncertain terms that i would rather get the car crushed than pay that money to them, shopped around and got a policy with AIG through a broker for €730.

Rang them to ensure they canceled the policy and woman on the phone asked if i minded telling her the premium i got and i said it and she just said ah thats good, i agreed and that was that.

PrettyBoy

galwaytt wrote: »

Mine went from €302 to €527.

I'm with Liberty - last year was my premium was around €320 and this year they're quoting me €520. The car is over 10 years old - can anyone advise on who I should go to for a more competitive quote? I've been with Quinn/Liberty since I started driving (8 years NCB) and every year up to now the premium has been reduced so not sure where to start shopping around now as I've never needed to

smash

PrettyBoy wrote: »

I'm with Liberty - last year was my premium was around €320 and this year they're quoting me €520. The car is over 10 years old - can anyone advise on who I should go to for a more competitive quote? I've been with Quinn/Liberty since I started driving (8 years NCB) and every year up to now the premium has been reduced so not sure where to start shopping around now as I've never needed to

The best I got was from 25plus.ie

Kintarō Hattori

Sigh..... not looking forward to the missus next quote. Our car is 10 years old now. Her last quote went up so I'm sure they'll have a field day when it's due again.

rampantbunny

Question; does anyone know if the value of the vehicle being insured is a factor in the premium calculations?

I was told by an insurance rep. that it doesn't matter. Looked over my mother's insurance renewal quote at weekend (also a slight increase on her renewal amount) and was amused to see her 06 Opel Corsa as being worth 12k.

If it doesn't matter at renewal time, why does it matter when you come in as a new customer?

PrettyBoy

rampantbunny wrote: »

If it doesn't matter at renewal time, why does it matter when you come in as a new customer?

It doesn't really matter as in the case of a claim the settlement paid will either be the value you gave initially or the current market value, whichever is lower.

TheDoc

My renewal just came through the door. €400 increase.

Onto the phone now in a bit to ring around.

smash

PrettyBoy wrote: »

It doesn't really matter as in the case of a claim the settlement paid will either be the value you gave initially or the current market value, whichever is lower.

This is true. It's a nice catch out for people who own cars that have increased in value and forgot to adjust their policies.

PrettyBoy

smash wrote: »

The best I got was from 25plus.ie

They don't seem to insure pre-2000 cars

job seeker

Keplar240B wrote: »

Was there a thread on here where people posted their quotes and basic details?
I could have sworn there was but looking for it there cannot find it?
Maybe I dreamt it

http://touch.boards.ie/thread/2057482518/13/#post97536317

Here

smash

PrettyBoy wrote: »

They don't seem to insure pre-2000 cars

I fear you may have a bit of trouble getting a decent quote.

TheDoc

Appears I'm getting absolutely rode for the car being over 10 years old. Onto my broker at the moment and only a handful of places will insure me. Adding a full license driver onto my policy making it MORE expensive.

What a mess of a market . Only saving grace is there have me down as 3 years NCB when I have five. Just on hold now while they get that sorted hopefully brings it down a bit.

smash

TheDoc wrote: »

Appears I'm getting absolutely rode for the car being over 10 years old. Onto my broker at the moment and only a handful of places will insure me. Adding a full license driver onto my policy making it MORE expensive.

What a mess of a market . Only saving grace is there have me down as 3 years NCB when I have five. Just on hold now while they get that sorted hopefully brings it down a bit.

5 years on your own policy and you don't have a full license yet?

rampantbunny

smash wrote: »

This is true. It's a nice catch out for people who own cars that have increased in value and forgot to adjust their policies.

So, what's stopping us all inputting inflated figures for the value of their cars as a just in case?
As they only pay market value in the case of a claim, telling them it is worth 100k at the start shouldn't matter. What's this figure even needed for?

ironclaw

rampantbunny wrote: »

So, what's stopping us all inputting inflated figures for the value of their cars as a just in case?
As they only pay market value in the case of a claim, telling them it is worth 100k at the start shouldn't matter. What's this figure even needed for?

Its a get out for the insurer to shoot yourself in the foot. Most people have no idea what they're car is worth. Most over estimate, most haven't a clue.

Say you insure your car for €6k, but its open market is €5.5k. If you write it off, the insurer will likely offer you €5k. Leaves some room for negotiation on their side. Now, say you don't know how much your car is worth but you figure its worth maybe €5k. You've just done yourself out of €500 as you've declared what the car is worth to you, and that's the figure they will use. Its essentially a declaration of the value you place on the car.

What effect the value has on your policy is irrelevant as by undervaluing your car you are (maybe) saving a fraction on the premium (As other 'risk factors are far more influencing) but your cost if you write the car off is going to be considerably more.

smash

rampantbunny wrote: »

So, what's stopping us all inputting inflated figures for the value of their cars as a just in case?
As they only pay market value in the case of a claim, telling them it is worth 100k at the start shouldn't matter. What's this figure even needed for?

Over inflating the value will get you nowhere. You'll get the market value OR your specified value. Whatever is lower. So telling them it's worth 50k, when it's worth 150k is going to end badly for you, but telling them it's worth 50k when it's worth 5k will still get you the market value.

Vicxas

Really not looking forward to my next renewal in March, unless some serious waves are made to stem the tide of these ludicrous hikes.

There was talks about bringing the insurance board back, has anyone heard any more of this?

rampantbunny

smash wrote: »

Over inflating the value will get you nowhere. You'll get the market value OR your specified value. Whatever is lower. So telling them it's worth 50k, when it's worth 150k is going to end badly for you, but telling them it's worth 50k when it's worth 5k will still get you the market value.

I just find it hard to believe that the only reason this figure is posed by the insurance companies is for the purposes of setting a trap. Are they really operating at that level...

It must be because some companies have limits on the value of the vehicle they will insure. Come to think of it, I had difficulty getting quotes for my Bugatti Veyron (um, the black and orange one)... (yes, I'm from the same county as GalwayTT).

Overinflating it will get a person nowhere, that is understood.
I might try putting 100k on every quote I get from now , f*uk em, what does it matter.

jimgoose

rampantbunny wrote: »

I just find it hard to believe that the only reason this figure is posed by the insurance companies is for the purposes of setting a trap. Are they really operating at that level...

Yes. They are filthy, dirty, cheating bastards. Case in point, these "Your Statement of Fact" things they've taken to sending out with renewal packs and new policies the last couple of years. They will make up a load of crap and fill these with inaccuracies, and present them to you as legally-binding material facts as supplied by you which, in the event of difficulties, can be used to void the policy. It's up to you to spot this, and then phone them to play the "Now, we are going to go through this and correct it in minute detail, after which you will send me an accurate version. If this too is inaccurate, we will do it again and iterate over it until 2065 if necessary!" game.

the_syco

Used a broker for the past year years. Each year, the price would either go down a bit, or they'd recommend a different insurer with more or less the same things. Excess always stayed at €200 (pointless claiming on anything less), and stayed at fully comp.

TheDoc

smash wrote: »

5 years on your own policy and you don't have a full license yet?

Actually seven years, Chill for some reason don't want to count the other 2 Really havnt got around to it, planned for this year to get it done alright considering the absolute ramp up in quotes I'm getting

TheDoc

the_syco wrote: »

Used a broker for the past year years. Each year, the price would either go down a bit, or they'd recommend a different insurer with more or less the same things. Excess always stayed at €200 (pointless claiming on anything less), and stayed at fully comp.

Want to share that broker?

Just had a lengthy conversation with Chill. They made a hames of my documentation in 2012, misplacing it numerous times that resulted in a policy being cancelled before renewal. All got sorted in the end.

However it transpired today when they remade the policy, they did not include my NCB, instead putting down named drivers experience. Ironic considering the documentation they kept loosing, was proof of no claims from another insurer.

The quote they provided me is still the lowest, although on an incorrect NCB. Very much eager to try bring my business elsewhere. I do not feel like paying them their commission and service fee, for what is essentially a massive ****up on their end that they are fobbing of as my problem.

Having a google here to see where compaints go in terms of regulators.

smash

rampantbunny wrote: »

I just find it hard to believe that the only reason this figure is posed by the insurance companies is for the purposes of setting a trap. Are they really operating at that level...

It's not a trap. But if you value your car at a million they can charge you 10k insurance. If you pay it then you're an idiot, but upon claim time they will turn and tell you that your car is worth 5k and that's all you're getting.

rampantbunny

Eureka...so there is a use for that figure, sorry, I wasn't getting that from other replies.

Begs the question why the rep. stated that a change in car value does not (as opposed to would not) affect the cost of the policy. In my case it was a significant drop in value due to depreciation in the first year. I was grasping at straws at that stage trying to get a reduction.