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Letting insurance policy lapse

  • 27-10-2016 1:04pm
    #1
    Negative_G
    Registered Users, Registered Users 2 Posts: 1,357 ✭✭✭


    Hi all. My current insurer has sent me a renewal for approximately 550 euro which is due quite soon.

    I entered my details on their site as if I was a new customer and the quote is giving me is over 100 cheaper as it probably includes a 'new customer discount.

    I will not be using my car for a few weeks so my question is will there be any difficulties in letting my insurance lapse and buying a 'new' policy in a few weeks?


Comments

  • #2
    Special Circumstances
    Closed Accounts Posts: 7,569 ✭✭✭Special Circumstances


    Looks like any gap in insurance these days is "proof" to back up the assumption that pretty much all of us drivers are scumbags.

    Some of the usual posters will be along to say I'm talking nonsense and so were the previous posters who reported difficulties after a break in insurance. You can't beat evidence relevant to your own situation - Try a few quotes now with an equivalent pretend gap... you might be surprised at the effect this will have.


  • #3
    emeldc
    Registered Users, Registered Users 2 Posts: 2,598 ✭✭✭emeldc


    Negative_G wrote: »
    Hi all. My current insurer has sent me a renewal for approximately 550 euro which is due quite soon.

    I entered my details on their site as if I was a new customer and the quote is giving me is over 100 cheaper as it probably includes a 'new customer discount.

    I will not be using my car for a few weeks so my question is will there be any difficulties in letting my insurance lapse and buying a 'new' policy in a few weeks?

    Depending on who you're with they might not reinsure you if your car is over 10 years old. New policy an' all that. Just ring them and haggle with them. My van insurance came in at €528. One three minute phonecall brought it down to €456.


  • #4
    Special Circumstances
    Closed Accounts Posts: 7,569 ✭✭✭Special Circumstances


    emeldc wrote: »
    Depending on who you're with they might not reinsure you if your car is over 10 years old. New policy an' all that.
    Good point. It's hard to keep track of all the varying conditions these days. Even an 8 year old car could be refused by FBD.


  • #5
    emeldc
    Registered Users, Registered Users 2 Posts: 2,598 ✭✭✭emeldc


    Special Circumstances wrote: »
    Good point. It's hard to keep track of all the varying conditions these days. Even an 8 year old car could be refused by FBD.

    Happened me once. Was driving an '89 BMW E30. Had it with Quinn for about 5 years. Let the policy lapse for a month while the car was in the garage. Then Quinn wouldn't reinsure because the car was now 15 yrs old. People think these are new rules, this was in 2004.


  • #6
    Sue Pa Key Pa
    Closed Accounts Posts: 2,060 ✭✭✭Sue Pa Key Pa


    Your last insurer is obliged to offer you a quotation, though it may differ vastly from the renewal invitation


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  • #7
    emeldc
    Registered Users, Registered Users 2 Posts: 2,598 ✭✭✭emeldc


    Sue Pa Key Pa wrote: »
    Your last insurer is obliged to offer you a quotation, though it may differ vastly from the renewal invitation

    He already has that. They don't have to quote if it's a new policy.


  • #8
    biko
    Registered Users, Registered Users 2 Posts: 81,220 ✭✭✭✭biko


    Take this opportunity to shop around.
    See the "list of insurers" at top of forum page.


  • #9
    Negative_G
    Registered Users, Registered Users 2 Posts: 1,357 ✭✭✭Negative_G


    Thanks for the replies.

    The insurance policy is with Liberty at the moment.

    I've shopped around about half a dozen already and they are significantly cheaper than the others, by a margin of about 400 euro.

    The car is 2008 and thankfully haven't encountered any issues where I haven't given a quotation.

    Just don't want to shoot myself in the foot. Simplest option is to call them up I suppose!


  • #10
    Sue Pa Key Pa
    Closed Accounts Posts: 2,060 ✭✭✭Sue Pa Key Pa


    emeldc wrote: »
    He already has that. They don't have to quote if it's a new policy.

    If he is with Liberty and lets his policy lapse. Liberty has to offer a quotation when he goes back on the road, providing he wasn't insured elsewhere in the meantime.

    As he now has a cheaper alternative quote, it's no longer an issue but the point remains


  • #11
    SarahMollie
    Closed Accounts Posts: 2,843 ✭✭✭SarahMollie


    Most simple thing to do is to ring them and ask them to match the price on their website.

    I do this every year, never accept the price they send through the post.


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  • #12
    emeldc
    Registered Users, Registered Users 2 Posts: 2,598 ✭✭✭emeldc


    Sue Pa Key Pa wrote: »
    Your last insurer is obliged to offer you a quotation, though it may differ vastly from the renewal invitation

    We'll have to agree to disagree. I gave a first hand example in post #3.


  • #13
    Negative_G
    Registered Users, Registered Users 2 Posts: 1,357 ✭✭✭Negative_G


    SarahMollie wrote: »
    Most simple thing to do is to ring them and ask them to match the price on their website.

    I do this every year, never accept the price they send through the post.

    I actually did this last year. Exact same circumstances. When I queried it over the phone they said the cheaper online price was only for new customers only and as I was renewing I wasn't a new customer so was given a higher quote. Go figure. They did reduce the renewal quote but would not match the online quote.


  • #14
    Sue Pa Key Pa
    Closed Accounts Posts: 2,060 ✭✭✭Sue Pa Key Pa


    emeldc wrote: »
    We'll have to agree to disagree. I gave a first hand example in post #3.

    That may have been your personal experience, but it isn't correct. Insurers will often refuse hoping you will give up the fight

    From Insurance Ireland's website

    Where an individual has held a policy within the previous three years, the insurance company concerned is obliged to provide the individual with a quotation. Again this is subject to the proviso that refusals have been received from three insurers (of which the previous insurer may be one).
    The only grounds on which an insurer can refuse cover are where to provide insurance would be contrary to public interest.


  • #15
    emeldc
    Registered Users, Registered Users 2 Posts: 2,598 ✭✭✭emeldc


    Sue Pa Key Pa wrote: »
    That may have been your personal experience, but it isn't correct. Insurers will often refuse hoping you will give up the fight

    From Insurance Ireland's website

    Where an individual has held a policy within the previous three years, the insurance company concerned is obliged to provide the individual with a quotation. Again this is subject to the proviso that refusals have been received from three insurers (of which the previous insurer may be one).
    The only grounds on which an insurer can refuse cover are where to provide insurance would be contrary to public interest.

    I think you'll find if you don't fit the criteria, i.e.the car being too old (which is what we were discussing) then they don't have to quote if you allow the current policy to lapse. We now know that this isn't the case for the OP as his car is '08. I think we're getting our wires crossed and talking about different situations :rolleyes:


  • #16
    Sue Pa Key Pa
    Closed Accounts Posts: 2,060 ✭✭✭Sue Pa Key Pa


    emeldc wrote: »
    I think you'll find if you don't fit the criteria, i.e.the car being too old (which is what we were discussing) then they don't have to quote if you allow the current policy to lapse. We now know that this isn't the case for the OP as his car is '08. I think we're getting our wires crossed and talking about different situations :rolleyes:

    They have to quote you even if it doesn't fit their current acceptance terms. I can't make it any clearer than that


  • #17
    Special Circumstances
    Closed Accounts Posts: 7,569 ✭✭✭Special Circumstances


    Sue Pa Key Pa wrote: »
    They have to quote you even if it doesn't fit their current acceptance terms. I can't make it any clearer than that

    But they can refuse you first... right?
    But once you have collected three magic letters they can then quote you a "not so ridiculous as to be classed as a refusal" number?


  • #18
    Sue Pa Key Pa
    Closed Accounts Posts: 2,060 ✭✭✭Sue Pa Key Pa


    Special Circumstances wrote: »
    But they can refuse you first... right?
    But once you have collected three magic letters they can then quote you a "not so ridiculous as to be classed as a refusal" number?

    Correct, as I explained in my original post

    Insurers are hoping you'll accept a quote elsewhere rather than exercise your right to force them to quote. As I've often said here before, I don't agree with a lot of what goes on with insurers but I try and explain why it happens


  • #19
    Special Circumstances
    Closed Accounts Posts: 7,569 ✭✭✭Special Circumstances


    Sue Pa Key Pa wrote: »
    As I've often said here before, I don't agree with a lot of what goes on with insurers but I try and explain why it happens
    Acknowledged :) we both have our own take on the core facts - you'll say "ah sure the last crowd will quote you" and I'll say "they will only do it as a last resort and they will bleed you for it". Different ends of the spectrum but shur as long as we keep it cordial, what harm :D


  • #20
    cplwhisper
    Registered Users, Registered Users 2 Posts: 797 ✭✭✭cplwhisper


    Negative_G wrote: »
    Hi all. My current insurer has sent me a renewal for approximately 550 euro which is due quite soon.

    I entered my details on their site as if I was a new customer and the quote is giving me is over 100 cheaper as it probably includes a 'new customer discount.

    I will not be using my car for a few weeks so my question is will there be any difficulties in letting my insurance lapse and buying a 'new' policy in a few weeks?

    Some insurers have loyalty perks for age of policy has been 'live',

    examples-

    3yrs insured with AXA completed and policy holder ,over 25's has a perk of Driving other cars(doc) extension,!If you have comp cover u get comp Doc FREE
    - New customer can pay upto 100 for that perk

    Free Lifetime protected bonus is earned for 10uts claim free on full NCB with AXA,
    If you let that policy lapse then u will lose that benefit and returning as 'New 'customer you'll be offered only single protection

    When asked online about Class of Use- most people stick in SD&P as cheapest but may actually need commuting to work or limited business use- if you under insure ur risk then insurers can turn down claims easily.

    If in doubt, check with an insurance clerk buddy and 'we 'will all help were we can. Not everyone on here actually work in insurance ..


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