Car Insurance 25% cheaper by pushing dates back a week

Geezy

I noticed on 123.ie that my car insurance quote got more and more expensive the closer it got to the renewal date so I simply pushed the start date back by 1 week and my quote dropped from 820 euro to 600 euro... couldn't believe it!

Remember, the quotes they give are only valid for 1 day so if you get a good price today It might not be there tomorrow. Unless you push the dates back further

Royal Legend

if my insurance is up on June 30th are you saying put down its due on July 7th or June 23rd

Geezy

Royal Legend wrote: »

if my insurance is up on June 30th are you saying put down its due on July 7th or June 23rd

Yep mines up on 16th so I put it back to 23rd June i.e. won't be using my car for a week. Interested to see if it works for anyone else.

cruizer101

Could be due to the loading of existing customers that goes on, by pushing it back a week the system saw you as a new customer. Just a guess mind but anything to save money

CurlyEng

Confirmed this worked for me 9 months ago

_Whimsical_

I asked about doing this before for the same reason and the girl told me that it's illegal to be insured by two companies at once and would nullify both policies so neither would apply if I had a claim.
I'm not sure if that's true but I took her at her word at the time. I'd certainly check it up just in case before doing this.

Aint Eazy Being Cheezy

_Whimsical_ wrote: »

I asked about doing this before for the same reason and the girl told me that it's illegal to be insured by two companies at once and would nullify both policies so neither would apply if I had a claim.
I'm not sure if that's true but I took her at her word at the time. I'd certainly check it up just in case before doing this.

It's actually not. I can't remember what the clause is called, something indemnity, but they would each only pay 50% of a claim.

Geezy

_Whimsical_ wrote:

I asked about doing this before for the same reason and the girl told me that it's illegal to be insured by two companies at once and would nullify both policies so neither would apply if I had a claim. I'm not sure if that's true but I took her at her word at the time. I'd certainly check it up just in case before doing this.

In my case I'll have no insurance for a week but luckily I won't be needing my car.

It seems like the closer your are to the date you need to be insured the higher it is.

What a difference a week makes

Senna

_Whimsical_ wrote: »

I asked about doing this before for the same reason and the girl told me that it's illegal to be insured by two companies at once and would nullify both policies so neither would apply if I had a claim.
I'm not sure if that's true but I took her at her word at the time. I'd certainly check it up just in case before doing this.

You can insure any asset you have a interest in as many times as you want, including your own life.

Geezy

Geezy wrote: »

Yep mines up on 16th so I put it back to 23rd June i.e. won't be using my car for a week. Interested to see if it works for anyone else.

That's weird, I thought they would kick in some kind of resetting the bonus or something if you let it lapse at all

_Whimsical_

Good to know, thanks...and interesting! I was told that it would be seen as an attempt to defraud so be illegal and nullify the policy. I just googled and it seems call staff in these centre often tell you it's illegal.

Geezy

Should have clarified that my insurance was up for renewal with Allianz. I'll be switching to 123... not the best wording on my part!

Zaph

Geezy wrote: »

In my case I'll have no insurance for a week but luckily I won't be needing my car.

And what happens if someone steals your car from outside your front door during that week? Or decides to vandalise it? Just because you won't be physically on the road doesn't mean that your car doesn't need insurance.

missvicky

My insurance is up the 29th of June, after getting quotes for between €900-
,€1500 I went to 123.ie and got a quote for €500.Bought it there and then. Policy won't kick in until midnight on the 29th

Pique

bluewolf wrote:

That's weird, I thought they would kick in some kind of resetting the bonus or something if you let it lapse at all

You have a year or 2 before your NCB is nullified. Think it's 2 but definitely not a matter of weeks.

Pique

True but you are only covered to the amount you insured for. If you have a 20k policy with 2 insurers, you don't get 40k, instead they both only pay out a max of 10k each.

One of the principles of insurance is that you are put back in a position no greater than you were at the time of loss. Like insuring a 2k banger for 20k doesn't get you 20k.

Royale with Cheese

I bought a policy with 123 recently and got the start date wrong on my original quote, when I went to fix it the price went up by 10%. So I just rolled it back 4 days.

I used to work in RSA on some of their online quotation websites and we'd just take the details you input and send them off to a third party rating engine that would come back with this magical premium. Fúck knows how it's spitting out figures if something as simple as starting on June 20th or 24th can have a 10% premium difference.

Stiofain2006

[True but you are only covered to the amount you insured for. If you have a 20k policy with 2 insurers, you don't get 40k, instead they both only pay out a max of 10k each.

One of the principles of insurance is that you are put back in a position no greater than you were at the time of loss. Like insuring a 2k banger for 20k doesn't get you 20k.]


But how does each ins co know you have a 2nd policy? I ve been paying for 2 life policies for donkeys years. When I realised a couple of years back I thought to myself that I would just leave them both in place as it would mean more money for the FAM if I go under (of course I haven't told the Mrs just in case she gets any smart ideas ). Given that I had paid a load of premium I didn't want to walk away from one of the policies and lose all the benefit I had received up to that date. This post males me think I should cancel. Any advice!

brightspark

Stiofain2006 wrote: »

[True but you are only covered to the amount you insured for. If you have a 20k policy with 2 insurers, you don't get 40k, instead they both only pay out a max of 10k each.

One of the principles of insurance is that you are put back in a position no greater than you were at the time of loss. Like insuring a 2k banger for 20k doesn't get you 20k.]


But how does each ins co know you have a 2nd policy? I ve been paying for 2 life policies for donkeys years. When I realised a couple of years back I thought to myself that I would just leave them both in place as it would mean more money for the FAM if I go under (of course I haven't told the Mrs just in case she gets any smart ideas ). Given that I had paid a load of premium I didn't want to walk away from one of the policies and lose all the benefit I had received up to that date. This post males me think I should cancel. Any advice!

You should talk to both insurance companies

https://lion.ie/life-insurance/multiple-life-insurance-policies/

I would expect though it would be cheaper to have one large policy than two smaller ones simply because of the paperwork etc., but who knows!

joebloggs32

Stiofain2006 wrote: »

[True but you are only covered to the amount you insured for. If you have a 20k policy with 2 insurers, you don't get 40k, instead they both only pay out a max of 10k each.

One of the principles of insurance is that you are put back in a position no greater than you were at the time of loss. Like insuring a 2k banger for 20k doesn't get you 20k.]


But how does each ins co know you have a 2nd policy? I ve been paying for 2 life policies for donkeys years. When I realised a couple of years back I thought to myself that I would just leave them both in place as it would mean more money for the FAM if I go under (of course I haven't told the Mrs just in case she gets any smart ideas ). Given that I had paid a load of premium I didn't want to walk away from one of the policies and lose all the benefit I had received up to that date. This post males me think I should cancel. Any advice!

The life policies are different. They are assurance not insurance. Death is inevitable. However it may or may not happen during the the time of your policy. You can have 10 policies if you wish and all would fully pay out if pass away while they are covering you.

larchielads

Geezy wrote: »

Should have clarified that my insurance was up for renewal with Allianz. I'll be switching to 123... not the best wording on my part!

Am I missing somethin? I don't get it. How does the other insurance company know when your insurance is up? Sure all your doing is putting dates?

Do u fill out one quote for say the 1st of June say quote is 1000euro.
Then go back in change the date for the 8th and all of a sudden it's 750 euro, 250 quid cheaper?????

pilly

larchielads wrote:

Am I missing somethin? I don't get it. How does the other insurance company know when your insurance is up? Sure all your doing is putting dates?

They ask your renewal date.

Geezy

larchielads wrote:

Am I missing somethin? I don't get it. How does the other insurance company know when your insurance is up? Sure all your doing is putting dates?

To be honest I thinks it's just a case of the earlier you do it the better. All started when i got a quote of 690 2 weeks ago and then when i went to buy it went to 740... so I said I'd check in a day or two but it just kept going up.

celticbhoy27

The closer you are to your renewal date the more expensive the policy will be. Simply, this is because it's felt the customer doesn't have time to shop around. This is why when you roll it back a week it's cheaper. Really you should just get a quote exactly one month before your policy lapses and purchase the cheapest right away

Bazzo

Pique wrote: »

You have a year or 2 before your NCB is nullified. Think it's 2 but definitely not a matter of weeks.

Yeah, 2 years is correct.

Black_Knight

Worked the same but different for me. Quoted 730 for my renewal date. Move that date further and nearer and the best I could find was 603 if I got my insurance a week earlier. They're not my best quote, but very interesting

I'm not sure.....
My wife's policy was due for renewal today.
I forgot to renew it until this morning.
Original renewal was €376 full comp with Aviva directly.

Just off the phone and renewed policy.
Paid €280 full comp for the same policy. Couldn't believe it to be honest!

TheDriver

Lads, I think there is no bargain alert in this thread. As with all insurance, shopping around gets everyone different deals

Geezy

TheDriver wrote: »

Lads, I think there is no bargain alert in this thread. As with all insurance, shopping around gets everyone different deals

True, not really a bargain alert per say. Point I was trying to highlight was that a week difference in dates reduced my insurance by over 25%. Not necessarily shopping around.

Please feel free to move this to a more appropriate category.

Thanks

ForestFire

When you "push" you insurance date out by two weeks are you:-

Pushing the date where they ask for your renewal date (Because this is incorrect)?
Are you telling them that you will have a break in insurance cover?

One of there "assumptions" that you agree to (In most cases) is that you do not have breaks in your insurance cover?

Have you explicitly told the new insurer about this 1 week break and still got the same quote?

Guffy

_Whimsical_ wrote: »

I asked about doing this before for the same reason and the girl told me that it's illegal to be insured by two companies at once and would nullify both policies so neither would apply if I had a claim.
I'm not sure if that's true but I took her at her word at the time. I'd certainly check it up just in case before doing this.

That's s flat out lie!! The payout would be weighted but it most certainly is not illegal.

Dr_Colossus

ForestFire wrote: »

When you "push" you insurance date out by two weeks are you:-

Pushing the date where they ask for your renewal date (Because this is incorrect)?
Are you telling them that you will have a break in insurance cover?

One of there "assumptions" that you agree to (In most cases) is that you do not have breaks in your insurance cover?

Have you explicitly told the new insurer about this 1 week break and still got the same quote?

In my case, yes, explained to the insurer I would be having a few days break in insurance due to their quotation policy. From my experience 12 days prior to requiring insurance was the optimal time to purchase a policy as per the below post/graph.

http://www.boards.ie/vbulletin/showpost.php?p=103084399&postcount=58

Notch000

on a side note its nice to see the cheaper renewals are coming back, I was doing some quote scanning last night and getting 3rd policy F&T policies for about 500, and on anything 03onward. A couple of months ago I was getting some failed quotes and crazy figure back, (im 30ish+ with full NSD looking at GTI's, A4s etc etc)

Thegalwayman

leave off the eircode for average 10% premium drop with 123.ie

vidapura

_Whimsical_ wrote: »

I asked about doing this before for the same reason and the girl told me that it's illegal to be insured by two companies at once and would nullify both policies so neither would apply if I had a claim.
I'm not sure if that's true but I took her at her word at the time. I'd certainly check it up just in case before doing this.

Can you not just do this like 2 months ahead of renewal and cancel the existing/older policy and get a refund ..no?

vicwatson

vidapura wrote: »

Can you not just do this like 2 months ahead of renewal and cancel the existing/older policy and get a refund ..no?

Usually a ?40/50 adminstration cancellation fee

Rigor Mortis

gufc21 wrote: »

That's s flat out lie!! The payout would be weighted but it most certainly is not illegal.

Yep, you would need to notify the two insurers that there were two policies, they would each end up fighting over the share of the claim, which could in theory delay a claim. Any attempt to claim a full amount from both would be skirting close to (and i think would actually be) fraud.

Hard to see a logic in doing this.

Guffy

Rigor Mortis wrote: »

Yep, you would need to notify the two insurers that there were two policies, they would each end up fighting over the share of the claim, which could in theory delay a claim. Any attempt to claim a full amount from both would be skirting close to (and i think would actually be) fraud.

Hard to see a logic in doing this.

Didn't say it was logical, i just pointed out that the insurance agent lied

Royale with Cheese

celticbhoy27 wrote: »

The closer you are to your renewal date the more expensive the policy will be. Simply, this is because it's felt the customer doesn't have time to shop around. This is why when you roll it back a week it's cheaper. Really you should just get a quote exactly one month before your policy lapses and purchase the cheapest right away

Mine was 10% cheaper with 123 starting on June 20th instead of June 24th, so there doesn't appear to be any logic there.

Former Former

Wouldn't doing this create a break in cover? You might not need your car for the week but how would you prove it hasn't been used? Could it affect your NCB?

Approach with caution.

phunkadelic

Tried this out yesterday. I need cover form Dec 1st, and put in Dec 8th. Made no difference to price.

Mrs cockett

Mikemurphy.ie can get a reasonable quote

phunkadelic

mikemurphyinsurance.ie
One of the worst prices I have been quoted

absolutegroove

Got my renewal quote from my broker (who I’ve used for the last three years) for €1330.00. I decided to ring another broker (recommendation from a work colleague) and got the same cover from them for €825.00

Changing the renewal dates didn’t affect the price.

Madness!!

DrPhilG

Interested in this.

I'm in an awkward position in that my insurance is due for renewal on March 31st. I had a claim on April 15th a few years ago.

To shop around for insurance they always ask if you have had any claims within the past 3 years. When my renewal comes up I will be 2 years 11 and a half months since my claim which means I won't be able to shop around unless I push my renewal back by a few weeks.

Wondering if I can get a short term insurance deal or something to tide me over.

Because of this claim (the usual BS injury claim resulting from a 5pmh car park bump) my insurance has gone from €500 to €900 to €1500!

Markcheese

DrPhilG wrote:

Because of this claim (the usual BS injury claim resulting from a 5pmh car park bump) my insurance has gone from €500 to €900 to €1500!

Lucky you, mines pretty much done that without a claim...

Markcheese

DrPhilG wrote:

Because of this claim (the usual BS injury claim resulting from a 5pmh car park bump) my insurance has gone from €500 to €900 to €1500!

Lucky you, mines pretty much done that without a claim...

DrPhilG

Markcheese wrote: »

Lucky you, mines pretty much done that without a claim...

But at least you have the option to shop around and try to get a better deal. I just have to take whatever is offered.

jimmycrackcorm

DrPhilG wrote:

Wondering if I can get a short term insurance deal or something to tide me over.

Get expensive insurance, pay using monthly debit to reduce outlay. Cancel once your three years are up. Get new insurance.

I've never seen three years in any quotation, I think it's normally 5.

Markcheese

DrPhilG wrote:

But at least you have the option to shop around and try to get a better deal. I just have to take whatever is offered.

True,
Is it 3 years since the accident? Or 3 years since the claim was settled.?
I know I've let my insurance lapse for a couple of weeks when I wasn't using the van.. With no problem..

DrPhilG

Accident was April 2015. Settled about a year later.