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Farm Insurance 2023

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  • 15-03-2023 10:57am
    #1
    Registered Users Posts: 2,245 ✭✭✭


    Well who are people finding competitive this year for farm and house insurance ?

    Currently with AXA and renewal quote is up over 22% on last year 😤

    It is just FBD and Zurich I can price or are there others out there that ye are using ?



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Comments

  • Registered Users Posts: 2,193 ✭✭✭DBK1


    Zurich by far the most competitive around here anyway.



  • Registered Users Posts: 2,245 ✭✭✭Sami23




  • Registered Users Posts: 302 ✭✭Rusheseverywhere


    Make sure you price like with like. Been with them all. Think all up this year, mine was too. Make sure fully insured as rebuilding costs huge and they pay out on insured sum or rate there of. Found Axa best for package where a number of vehicles etc on it.



  • Registered Users Posts: 2,607 ✭✭✭Cavanjack


    Back to fbd this year after being with Zurich for the last few. Increased the value of all the sheds and house. They still came in cheaper. You have to move every few years.



  • Registered Users Posts: 11,257 ✭✭✭✭Base price


    Same as, were also back with FBD last year after being with Zurich for a few years before.



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  • Registered Users Posts: 590 ✭✭✭Fine Day


    Moved from FBD to AXA this year. Big saving for the same policy. Might be just to get me in the door. Will see how next renewal will fair out. Zurich were even cheaper but policy was not as good I thought. Was with FBD for years. Will try them again for price.



  • Registered Users Posts: 2,245 ✭✭✭Sami23


    FYI - ended up staying with AXA in the end as they were 150-200 cheaper than FBD and Zurich.



  • Registered Users Posts: 8,957 ✭✭✭893bet


    Moved from fbd to Zurich. 200 ish cheaper.



  • Registered Users Posts: 26 pingg10


    Anyone know what companies insure farm quad . Is it just fbd and Zurich.



  • Registered Users Posts: 4,510 ✭✭✭passremarkable


    Axa will do it as part of their farm policy also



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  • Registered Users Posts: 18,523 ✭✭✭✭Bass Reeves


    My insurance is up for renewal at present. Believe it not for the first time in about 12-15 years FBD is coming back with a competitive quote.

    As an aside the last time I insured with them the old farmhouse was derelict, I had only one tractor that was worth 3-4k and stock value would have been about 30-40% of now. As well I have a meal bin and trailer insured

    There quotes is prop only 3-400 more than the quote back then for probably double the risk.

    I remember when I first moved from them to Aviva the amount of lads that taught the policy had to be different.

    Slava Ukrainii



  • Registered Users Posts: 3,556 ✭✭✭StevenToast


    Im with AXA for the farm....going up too much for my liking....

    Giving FBD a chance to win back my business...

    Lets see what they can come up with...

    "Don't piss down my back and tell me it's raining." - Fletcher



  • Registered Users Posts: 902 ✭✭✭leoch


    Just out of interest do many on here claim or ever over its lifetime claim of the farm insurance for much



  • Registered Users Posts: 589 ✭✭✭Silverdream


    Had one claim, cattle broke out onto the road, made there way in around a house and done some lawn damage. House owners went hysterical instead of making a phone call and putting them out they rang Guards and made a big song and dance about it. I got a 3k bill so I just passed on the details to the Insurance co who took care of it. Insurance assessor took no BS from them and challenged the Bill. They ended up accepting €700. My Insurance cost didn't change either!



  • Registered Users Posts: 18,523 ✭✭✭✭Bass Reeves


    Two claims one for a tractor that went on fire after scrap value for the tractor I got a out 6k. No way would it have replaced the tractor but where do you got with it. Second was the roof of a hayshed easier to deal with it as it was up to them to get a comparable value. The settlement covered the price of the roof. Ended up with an A shaped steel roof instead of the old round roof as it worked out at the same price. You had to replace the roof and send on photos before they paid the complete claim.

    Neither claim substantially increased my insurance as the farm insurance sector is very competitive at present.

    Slava Ukrainii



  • Registered Users Posts: 1,419 ✭✭✭hopeso


    What happened to the roof for it to qualify as a claim? I don't think general age related damage is covered?



  • Registered Users Posts: 18,523 ✭✭✭✭Bass Reeves


    Darwin (the big storm in February 2014 ) I think probably weakened it. Then in 2016 I think it was storm Imogen took away part of it and strained it. That is why I made the claim.

    Slava Ukrainii



  • Registered Users Posts: 1,186 ✭✭✭ruwithme


    The same assessor would take no BS on any claim. That is why I don't believe a narrative insurance companies have out there regarding claims been extremely high in number's & amounts paid out.

    Fbd ripped off loyal customers for too long.eventually most get some sense & leave em. Attempting in more recent times to get that business back.



  • Registered Users Posts: 2,319 ✭✭✭Dunedin


    I left FBD about 3 years ago. They made zero effort then to keep me and I haven’t heard from them since. Saved €1000 by moving to axa at rhe time.

    Funnily enough when I came to renewing with axa after the first year, I couldn’t contact the rep so eventually I got pissed off and went with Zurich who I’m still with. Axa rep rang me back about a month afterwards ‘ah jayus sorry about that , I was on holiday and up the walls since I got back’…..



  • Registered Users Posts: 18,562 ✭✭✭✭_Brian


    We’re with AnPost. They gave good value on the houses too.



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  • Registered Users Posts: 590 ✭✭✭Fine Day


    Farm insurance must be very lucrative when Anpost are at it.



  • Registered Users Posts: 3,556 ✭✭✭StevenToast


    Definitely worth shopping around this year...FBD working hard to get me back this year in fairness...coming in a few hundred cheaper than AXA...

    "Don't piss down my back and tell me it's raining." - Fletcher



  • Registered Users Posts: 1,419 ✭✭✭hopeso


    My tractor insurance is up this month, and the farm insurance will be due next month. Do most people have separate policies for tractor and farm, or are they generally insured on the same policy?



  • Registered Users Posts: 4,195 ✭✭✭orm0nd


    every thing except o/h's car is on the farm multiplier policy here including the dwelling house



  • Registered Users Posts: 780 ✭✭✭Cattlepen


    Was with Ada through a broker for a good few years now. Rep went and service wasn’t the same. Came up with a premium 4k dearer this year. Gave FBD the chance and they beat them. These insurers get used to you after a few years and try to load it up on you. Start shopping around 6 weeks in advance



  • Registered Users Posts: 25 Gilly43


    Insurers might be overstating it in terms of volume/value but some loss assessors do take the absolute piss. 100% overstatement of cost is not uncommon. The increase in materials and labour cost is inflating claims cost and that will inevitably push premiums in the short-medium term.



  • Registered Users Posts: 25 Gilly43


    Just make sure that you’re not skimping on your sums insured on house/livestock/farm buildings. Most companies apply average (proportionate settlement) in event of claim- if significantly underinsured it can take the value out of a claim. Better pay a hundred or two more in premium that lose out on thousands on a claim settlement!



  • Registered Users Posts: 6,886 ✭✭✭amacca


    Never understood the justification for that


    If I pay a premium to insure say a house for 200k but it turns out the house was actually worth 250k wtf can the company turn around in the event me needing to make s claim and say we won't pay you the 200k?


    I mean, it's my loss I won't get the full cost of 250k to rebuild but I have paid a premium to insure up to 200k


    It seems like a heads you win, tails I lose situation with the insurance company winning either way...


    I have yet to meet an insurance rep that could explain clearly why this was the case....I'm already hurting my payout by underinsuring why should they get to lower the payout...the premium was based on insuring fir the lower sum, why can the **** make it lower again?



  • Registered Users Posts: 18,523 ✭✭✭✭Bass Reeves


    Only in the case of a fire or serious damage is there a full claim. If a storm damages your house, you have a burst pipe you have a partial claim.

    In your case above the house is undervalued by 20%. Now a leak happens and there is 10k worth of damage you have an excess of 350 so total payable claim is 9650 less 20%. However it's really hard in claim like this to prove undervaluation.

    Therefore to discourage undervaluation the insurance companies will double the penalty in the case of undervaluation.

    Post edited by Bass Reeves on

    Slava Ukrainii



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  • Registered Users Posts: 6,886 ✭✭✭amacca


    I'm still not sure I fully understand


    1) the justification for it....why do they have to discourage undervaluation? Should that not be my lookout....I've set an amount below what's needed to fully restore the asset insured ...but I've paid the premium they asked for to insure that lower amount ...in the event of the asset going kaput why shouldn't they have to pay out the full lower amount...why do they get to lower it again because I underinsured? Shouldn't that be my purview?....is it some sort of scam they are trying to discourage or is it just another handy lever to screw you if you actually need the payout


    Is it solely because in the event of a partial claim they usually have to pay the full amount but you didn't pay the full premium so they are at a loss? And to cover that they put an underinsurance penalty on full claims?


    So people are being additionally let's call it penalised solely because they (the insurance companies) can't prove undervaluation or its very difficult ...too expensive to pursue and enforce?


    Similarish reason premiums were so high in this country as the payouts for personal injury (the state/lawmakers etc fault) were too high and they (the insurance companies) wouldnt pursue scammers and just paid them...


    It seemed to me...from an admittedly uneducated perspective....I'm already getting less than I need if I underinsure and have to claim (so it should police itself)..then they get to lower that payout amount again....after charging me to insure that initial lower amount...it just seems off and I couldn't see a justification for it beyond it gives them an excuse to lower what they payout and increase what they charge as people will be insuring for larger sums..I can I suppose see that if I got my way the **** would use it as another to increase premiums even more however ......


    2) what you mean by the last sentence in the quote above


    "To discourage underinsurance the companies will down the penalty in the case of underinsurance"


    So the penalty is reduced if you underinsure?? Do they not apply the penalty if you underinsure?



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