Insurance renewal

phelimb

So, got my renewal quote today and surprise surprise it's gone up from last year. Only 7% or so but still...with less cars on the road and fewer claims I was expecting a reduction.

I'll still go through the usual process of ringing them and then they'll find some way of reducing it a bit by adjusting the policy or giving me some loyalty bonus or whatever and after a few calls/emails we'll be back to the same price as last year (or less hopefully).

I'm a year older, the car is worth less, doing less driving so seriously ... WHY!!!!

I know everybody has to go through this but it's just soooooo annoying.

Rant over

DeadSkin

phelimb wrote: »

So, got my renewal quote today and surprise surprise it's gone up from last year. Only 7% or so but still...with less cars on the road and fewer claims I was expecting a reduction.

I'll still go through the usual process of ringing them and then they'll find some way of reducing it a bit by adjusting the policy or giving me some loyalty bonus or whatever and after a few calls/emails we'll be back to the same price as last year (or less hopefully).

I'm a year older, the car is worth less, doing less driving so seriously ... WHY!!!!

I know everybody has to go through this but it's just soooooo annoying.

Rant over

I got my renewal a couple of months ago for E550, went online to their website to do a quote, I entered exact same info as my renewal and got it for E390. :mad:

Atlantic Dawn

I ring around and if I can get it €20 cheaper I leave current insurer, I won't even bother ringing them back to see if they can do better.

Triangle

DeadSkin wrote: »

I got my renewal a couple of months ago for E550, went online to their website to do a quote, I entered exact same info as my renewal and got it for E390. :mad:

This is one of my pet hates with insurance, TV, electricity and mobile phone providers.
I wish they'd stop trying to scam us at renewal.
It's a hassle every renewal and it's got to be costing them too with additional staff.

Wibbs

phelimb wrote: »

I'm a year older, the car is worth less, doing less driving so seriously ... WHY!!!!

Because the Irish insurance industry is a bad joke, a conglomeration of rip off artists that successive governments haven't tackled head on.

Dempo1

phelimb wrote: »

So, got my renewal quote today and surprise surprise it's gone up from last year. Only 7% or so but still...with less cars on the road and fewer claims I was expecting a reduction.

I'll still go through the usual process of ringing them and then they'll find some way of reducing it a bit by adjusting the policy or giving me some loyalty bonus or whatever and after a few calls/emails we'll be back to the same price as last year (or less hopefully).

I'm a year older, the car is worth less, doing less driving so seriously ... WHY!!!!

I know everybody has to go through this but it's just soooooo annoying.

Rant over

Renewed mine start of the month, very slight reduction, called and got another slight reduction, I don't anticipate anyone renewing in the foreseeable future will see any reductions on initial quotes despite promises, insurance companies pretty much ignoring recommendations and proposed reductions in personal injury awards but of course that was gaurenteed.

Triangle

Wibbs wrote: »

Because the Irish insurance industry is a bad joke, a conglomeration of rip off artists that successive governments haven't tackled head on.

Wibbs, that's the most uneducated thing I've read in a while about it.
Back in the 00's insurance had never been cheaper, so much so that two insurers went bust for selling so cheap. But this big bad industry is ripping people off?

They have bad practices (especially the big guys) but mostly the market is competitive and where its not ( play centers, personal accident insurance, festivals, etc) its mostly the claims compos fault for making the European insurance companies pull out of Ireland.

I get you're angry, but learn about it before venting at the nearest target.


Edit: just for an idea on government/industry levies

Levies/duty on private car insurance - 7%
Stamp duty on policy - 1€
Mibi fees (average) 3.5%

That's over 10% that doesn't go to the insurer on every policy to cover costs/claims.

Henry Ford III

DeadSkin wrote: »

I got my renewal a couple of months ago for E550, went online to their website to do a quote, I entered exact same info as my renewal and got it for E390. :mad:

There's an assumption that a renewal premium will be competitive.

It's often not, which means you should shop around.

phelimb

You would expect a provider to give you the best quote, if they were doing their job right, but they want to make as much money as possible I suppose...still annoying though to have to go through the same tedious process each year! So many people just accept the quote and don't question/shop around!

I assume it's the same with car sales (or all types of sales tbh) - the seller has a 'number' and anything he can sell the car/product for above that 'number' is extra commission/bonus etc?

Anyway, I'll wait till the day before the policy expires to ring them (make them sweat a bit) and see what best price they will offer then. My wife's car and the home insurance is with them so I have bargaining power

con747

Triangle wrote: »

Wibbs, that's the most uneducated thing I've read in a while about it.
Back in the 00's insurance had never been cheaper, so much so that two insurers went bust for selling so cheap. But this big bad industry is ripping people off?

They have bad practices (especially the big guys) but mostly the market is competitive and where its not ( play centers, personal accident insurance, festivals, etc) its mostly the claims compos fault for making the European insurance companies pull out of Ireland.

I get you're angry, but learn about it before venting at the nearest target.


Edit: just for an idea on government/industry levies

Levies/duty on private car insurance - 7%
Stamp duty on policy - 1€
Mibi fees (average) 3.5%

That's over 10% that doesn't go to the insurer on every policy to cover costs/claims.

Finding it a bit hard to figure out your position on this going by your first post #4 where you state "This is one of my pet hates with insurance, TV, electricity and mobile phone providers.
I wish they'd stop trying to scam us at renewal"

Miscreant

phelimb wrote: »

Anyway, I'll wait till the day before the policy expires to ring them (make them sweat a bit) and see what best price they will offer then. My wife's car and the home insurance is with them so I have bargaining power

They won't be sweating at all. If you find cheaper quotes elsewhere just switch. I found car insurance for €300 less this year from another company and just went for it. As long as the cover you are getting is the same and you are happy with the quote, go for it.

coylemj

phelimb wrote: »

Anyway, I'll wait till the day before the policy expires to ring them (make them sweat a bit) and see what best price they will offer then.

Nobody in the insurance company will be sweating. You're probably best to be trying to negotiate a lower premium several days before the policy expires. If you leave it until the last minute, the pressure is on you, not them.

All insurance companies expect to lose some customers at renewal time. The call agent isn't going to get fired if you walk.

phelimb wrote: »

My wife's car and the home insurance is with them so I have bargaining power

You don't have any bargaining power. Every second year, I have car and house insurance with the same company and every year in between, I switch the house policy. Because even with the 'loyalty discount', I can get a better quote elsewhere.

Eggs For Dinner

Insurers often price certain risk profiles to encourage them to go elsewhere and such groups can be what you might think is a good risk, but may have caused them problems

Torcaill

Farr better deals to be gotten online than phone quotes,