Car insurance still going up?

flesheatingbug

So everyone knows car insurance has gone crazy. But I did a check and it's still increasing at a ridiculous rate. Last year my insurance tripled to 1200, I decided to get third party with no windscreen cover and got it down to 600. So I just had a check and even with third party it's gone back up to 800. No penalty points, no claims, licence for over 15 years.

How can this still be allowed. Personally I wouldn't get it if it wasn't illegal. How come people get up in arms about the minuscule water charges when car insurance costs so much more. And with car insurance I get nothing for my money.

Also the car insurance companies must know this isn't beneficial for them. People hate them and more and more will stop getting insurance and take the risk.

Sue Pa Key Pa

flesheatingbug wrote: »

Also the car insurance companies must know this isn't beneficial for them. People hate them and more and more will stop getting insurance and take the risk.

You say that as if you think Insurers are in control of the environment that dictate premium levels

flesheatingbug

Sue Pa Key Pa wrote: »

You say that as if you think Insurers are in control of the environment that dictate premium levels

of course they are, Aviva announced last month a huge profit last year. If they were honest companies they would release details as to why premiums are gone up.

Nothing justifies a 400% increase in 12months

Also all these companies are international, we're not their only market. Rather than targeting decent drivers who've never made a claim they should target fraud, hire better solicitors so payouts for things like "whiplash" aren't so high

Something needs to be done about it. And I'm convinced they're in collusion with each other. A complete increase from all providers in the last year at the same time with not one offering a price similar to the way it used to be seems suspicious

hullaballoo

Look at it this way, the same way as we've been paying for mismanagement in the banking sector since 2008, we are now covering the same thing in the insurance sector.

We are paying for Anglo etc. via the USC but in fairness, only people who need insurance have to pay the bailout charges for insurance companies.

flesheatingbug

hullaballoo wrote: »

Look at it this way, the same way as we've been paying for mismanagement in the banking sector since 2008, we are now covering the same thing in the insurance sector.

We are paying for Anglo etc. via the USC but in fairness, only people who need insurance have to pay the bailout charges for insurance companies.

Usc increased by 3.5% in the last 5 years, not even close to being the same. 400% to insurance companies in one year, for essentially nothing,with no real reason, just them saying it has to because of claims, they won't even prove it

Sue Pa Key Pa

flesheatingbug wrote: »

Also all these companies are international, we're not their only market.s

So all these international companies have picked Ireland, a tiny, tiny market, to gouge their policyholders while at the same time treating customers in other territories as kings? Get real, claims dictate premium. In other countries the claims culture is not as severe

As for collusion. For that to happen, EVERY insurer would need to be in on it. If insurers were making huge profits per policy, why hasn't one insurer come in and undercut them to just make a reasonable profit and mop up all the business? Oh sorry, they have done, then gone bust and fled to try and figure out what a basket case we are for insurance

cruizer101

Sue Pa Key Pa as far as I know you work in the insurance industry, I know you often defend them on here and I do agree with some of your points but surely you must agree that something has to be done about the spiralling insurance costs.

I know driving is a privilege not a right but in this day and age it is more or less a necessity for many and it is unsustainable for it to keep rising.

If insurance companies were at least forced to release anonymized claim data so the public could see the data that they are claiming is justifying the increase people would be a bit happier, and maybe there could be more of a focus on reducing the number of claims instead of it all being hidden away.

Sue Pa Key Pa

cruizer101 wrote: »

Sue Pa Key Pa as far as I know you work in the insurance industry, I know you often defend them on here and I do agree with some of your points but surely you must agree that something has to be done about the spiralling insurance costs.
I know driving is a privilege not a right but in this day and age it is more or less a necessity for many and it is unsustainable for it to keep rising.
If insurance companies were at least forced to release anonymized claim data so the public could see the data that they are claiming is justifying the increase people would be a bit happier, and maybe there could be more of a focus on reducing the number of claims instead of it all being hidden away.

Yes, I work in the business and have done for many decades. I'm just an ordinary Joe on PAYE and chose never to seek high office. I've worked for brokers and insurers. I never set out to defend insurer, but I try and explain why some things are as they are. Insurers are no angels, believe me, but what we, as citizens, are doing to each other is disgraceful

Insurance costs are ridiculous and are reaching unsustainable levels and it has to be addressed. All stakeholders need to sort themselves out, and quick. Levels of awards need to be brought in line with Europe, fraud has to be tackled and there needs to be serious consequences for those caught. We have good motoring laws, but there is insufficient detection. Insurers need to disclose the problem areas to allow policyholders make decisions on how they can personally reduce costs. Solicitors and the medical profession need to have a good hard look at themselves (and that's all I'll say about that). We need to improve our standard of driving and the roads we use.

The price to a policyholder will always be a formula of Claims + Costs + Profit =Premium. Why do the likes of Zurich, Aviva, AIG, AXA, Royal Sunalliance, Liberty etc all charge less elsewhere than they do here? If losses here are solely down to mismanagement, why do those Insurer choose to hire incompetents here and talented people overseas. Why do insurers come in to our market with reasonable premiums and go bust so quickly?

On a daily basis, I see evidence of every class, creed an colour screwing over their neighbours and we have a system, laws and facilitators which make it an attractive option. Insurers are the one left footing the bill for this and it is passed down the line to us all. Anger builds, claimants take their revenge and the cycle continues

It is a mess

flesheatingbug

well it was pretty obvious you work for insurance from your first reply.

You say "we as citizens, are doing to each other is disgraceful". I've never done anything to anyone, yet I'm suffering for it, nice to paint us "citizens" with the same brush.

I've always paid my insurance, never had a problem with it, but they're pushing me to consider other options, and not having a car is not one of them. Because of their high premiums more and more people who have always paid will stop. Where will they be then?

Garrett81

flesheatingbug wrote: »

So everyone knows car insurance has gone crazy. But I did a check and it's still increasing at a ridiculous rate. Last year my insurance tripled to 1200, I decided to get third party with no windscreen cover and got it down to 600. So I just had a check and even with third party it's gone back up to 800. No penalty points, no claims, licence for over 15 years.

How can this still be allowed. Personally I wouldn't get it if it wasn't illegal. How come people get up in arms about the minuscule water charges when car insurance costs so much more. And with car insurance I get nothing for my money.

Also the car insurance companies must know this isn't beneficial for them. People hate them and more and more will stop getting insurance and take the risk.

I recently got screwed, Iv a full license 11 years with 5 no claims, I had a commercial van but need to go bak to private due to a baby on the way. The highest I got was 2200 from fbd, and the cheapest was 1200 from Axa, my insurance was 600 last year, they treat u as a new customer going from commercial to private. Was never so discussested d in all my life.. robbers

Sue Pa Key Pa

flesheatingbug wrote: »

You say "we as citizens, are doing to each other is disgraceful". I've never done anything to anyone, yet I'm suffering for it, nice to paint us "citizens" with the same brush.

The principle of insurance is that everyone pays in to the pot and the few that need it, take out of the pot. Our neighbours, colleagues, families and friends are dipping in big time. If you want to be the only one taking out of the pot you contribute to, that's called banking and not sufficient to be on our roads.

Yes, there should be anger at insurers, out of touch judges and the Government as they sit idly by. Meanwhile, the major cause is never castigated to the same degree

flesheatingbug

Sue Pa Key Pa wrote: »

The principle of insurance is that everyone pays in to the pot and the few that need it, take out of the pot. Our neighbours, colleagues, families and friends are dipping in big time. If you want to be the only one taking out of the pot you contribute to, that's called banking and not sufficient to be on our roads.

Yes, there should be anger at insurers, out of touch judges and the Government as they sit idly by. Meanwhile, the major cause is never castigated to the same degree

Personally I think that is another excuse by insurers. I don't know anyone who's not paying insurance, or has made a false claim. I'm sure its happening, but I don't see why it would have increase so drastically over the last few years and If this is the reason for it then why don't the insurers provide proof

Don't get me started on judges...

Sue Pa Key Pa

flesheatingbug wrote: »

Personally I think that is another excuse by insurers. I don't know anyone who's not paying insurance, or has made a false claim. I'm sure its happening, but I don't see why it would have increase so drastically over the last few years and If this is the reason for it then why don't the insurers provide proof
.

If you cannot prove a fraudulent claim, it has to be classified as legitimate and it goes in to the same column as the many genuine claims that you pay your premiums for

TheAdammaka

Sue Pa Key Pa wrote: »

If you cannot prove a fraudulent claim, it has to be classified as legitimate and it goes in to the same column as the many genuine claims that you pay your premiums for

I personally know 5 people who have made fraudulent claims. The problem extends well beyond car insurance, almost every day there is a ridiculous story of someone claiming against a business or government body and getting a massive payout.

Imo the blame ultimately rests with the courts, they make it way too easy to get a payday and there will always be lazy bums and teams of greasy lawyers that will take advantage.

Of course it's much easier to blame the evil corporations than actually think about it critically for two seconds.

Liam McPoyle

TheAdammaka wrote: »

I personally know 5 people who have made fraudulent claims. The problem extends well beyond car insurance, almost every day there is a ridiculous story of someone claiming against a business or government body and getting a massive payout.

Imo the blame ultimately rests with the courts, they make it way too easy to get a payday and there will always be lazy bums and teams of greasy lawyers that will take advantage.

Of course it's much easier to blame the evil corporations than actually think about it critically for two seconds.

Couldnt agree more.

I do think though there is an acute awareness of the problems.

Ive read about two or three makey uppy claims recently that the judge used good judgement on and threw out. One for example where they basically ruled that the injuries/symptoms the claimant said they had could not have happened as a result of the low impact accident.

Now of course, as it went to court there is still a level of expense for the insurer but its better that than paying out €40 or €50k.

Its a long road but Id hope that common sense will prevail in more cases.

dr.fuzzenstein

http://www.irishtimes.com/news/crime-and-law/courts/circuit-court/judge-cannot-believe-a-word-from-plaintiffs-in-insurance-case-1.2986572

Sometimes sense prevails, the case got thrown out and costs awarded against the three men.
But where are the consequences for serious fraud? Its just a case of "well, better luck next time, keep trying".
The awards are stupid, the judges seem to like throwing money around that's not theirs and the ramifications for fielding a more than dodgy claim are nil.
So of course if someone stubs their toe, they will chance it, after all there is a lot of money in it.

Liam McPoyle

dr.fuzzenstein wrote: »

http://www.irishtimes.com/news/crime-and-law/courts/circuit-court/judge-cannot-believe-a-word-from-plaintiffs-in-insurance-case-1.2986572

Sometimes sense prevails, the case got thrown out and costs awarded against the three men.
But where are the consequences for serious fraud? Its just a case of "well, better luck next time, keep trying".
The awards are stupid, the judges seem to like throwing money around that's not theirs and the ramifications for fielding a more than dodgy claim are nil.
So of course if someone stubs their toe, they will chance it, after all there is a lot of money in it.

That's one of the biggest issues tbh, there are no consequences.

Awarding costs against them is a nothing ruling as the insurer will never see a penny of it.

Until real fines and sanctions are introduced then we won't see a drop in people making bogey claims, the non existent risks vs the possibly massive awards will see to that.

0ph0rce0

On my breakdown of costs it states GOVERNMENT LEVY on the paperwork.

Any time i see that I know it's only going one way and that's up.

eeguy

0ph0rce0 wrote: »

On my breakdown of costs it states GOVERNMENT LEVY on the paperwork.

Any time i see that I know it's only going one way and that's up.

Yep, 5% extra.

Love how they use percentages instead of a flat rate for a levy, so it's an extra kick if you're already paying through the nose. Same with paying via DD. An extra 7.7% even though the cost of maintaining a DD would never be that exorbitant.

firemansam4

Its quite obvious that the high insurance costs in this country are because of the massively ridiculous claims being paid out. The blame is firmly with the government who have not made any real effort to resolve this. You never see the high claims being paid out in the UK for similar cases.
So many people in Ireland protested on the water charges, yet the increase in insurance premiums is costing us far more.

eeguy

I'd recommend people to add lower risk named drivers.

I've added my parents and saved over €100 on my premium. Also, I saved a ridiculous €200 by playing around with occupation, just by selecting the generic occupation type as opposed to the specific type.