Price Walking - Car Insurance

n.d.os

Today I received my car insurance renewal from Aviva amounting to €533 for the year. Last year I paid €310. Furthermore, to pay in installments, Aviva are looking for €761 for the year.

My understanding is that price walking by insurance companies for loyalty was made illegal back in 2022.

Have the insurance companies found a loophole? I've had no claims, I'm still driving the same car and the car is less only a year old.

It's the same thing with electricity. What is with all this price gouging at the moment and should the financial regulator not be doing something about it instead of offering the public grants?

Allinall

What’s price walking?

Insurance companies continually assess risk, and even though your circumstances haven’t changed, the pocket of driver/ car type may have had more claims, and the insurers will adjust their premiums accordingly.

Padre_Pio

Price walking aka a loyalty tax.

I suppose since no one knows how premiums are calculated then no one can tell you.

What I find sickening about insurance is the amount of government taxes and levies.

User1998

Get a quote as a new customer and see if its any cheaper.

Atlantic Dawn

IF you try to get a quote with your same details are you getting that same price €761, that's what I understood had to match, they couldn't offer a new customer a cheaper deal than an existing customer with same details.

On the subject of Aviva I'd never do business with them again following the racist hiring policies of the CEO...

https://fortune.com/europe/2023/12/15/aviva-insurance-ceo-amanda-blanc-white-male-new-hires-sign-off-improve-diversity/

Allinall

https://www.boards.ie/discussion/comment/121501229#Comment_121501229

Premiums are calculated by computers.

It’s pure mathematics.

People tend to get offended with renewal quotes ,it’s not personal, just an algorithm that sets the price to gat the best return for the insurance company, whilst trying to remain competitive.

Despite what people might think, there is very real competition within the insurance industry.

iora_rua

I was with Aviva for a few years, mature driver, no accidents or claims. had a quote over 600 euro for a newer car - rang around - and eventually quoted under 400 by 123 . Ie , worth the effort! Also good follow up customer svc.

zg3409

Firstly there is a car insurance section on boards.ie

https://www.boards.ie/categories/insurance-aircraft-maritime-motor

In terms of increasing premiums lots of reports from UK of renewal prices doubling as in 100% increases.

That said I have found quotes are often random numbers with no real close comparison across the board as in many insurers 3 times the lowest.

I tend to shop around and live a lot but sometimes brokers can help like chill.ie However beware brokers can also offer terrible quotes and then if you haggle suddenly lower the quote to match or undercut another quote.

I believe insurers are up to every trick in the book, profiling drivers to see if they think you will renew no matter the cost, they probably leave cookies on phone to track if you are trying to get a quote as a new customer so show you same quote and blaming all sorts of things on price rises. I believe claims are way down in recent years so insurance should be coming down..

Mav11

Got my quote from Aviva as well this week, its slightly down (€20) on last year.

BlakeS94

https://www.boards.ie/discussion/comment/121501432#Comment_121501432

Really? I thought Insurance in Ireland was close to being a monopoly.

GusGus

I got mine - same thing wemt

from 650 to 950

AMKC

https://www.boards.ie/discussion/comment/121501405#Comment_121501405

I see nothing wrong with that. Its a more competitive World out ther9e now and maybe she wants to give sone Wonen a change or some coloured people a chance so the company has a diverse workforce.

n.d.os

https://www.boards.ie/discussion/comment/121501380#Comment_121501380

I've no doubt it will be cheaper. I shop around every year but I just think it should be regulated more closely. Also, they make cancelling incredibly difficult so I feel so for the elderly individual who just lets it roll over every year.

Eggs For Dinner

https://www.boards.ie/discussion/comment/121504816#Comment_121504816

Lapsing an insurance policy is the easiest thing you can do. The insurer has already provided you with your No Claims Bonus and if you can't cancel a direct debit (elderly or not) with at least 3 weeks notice, well........!

Trampas

why do people say cancelling is hard with anything like insurance and especially tv/bb. I just find you’ve got to be firm and nice. Don’t give them anything to bite on. Simple as I found it cheaper thank you very much and I’ve made the switch or no value in tv as I don’t watch it anymore. Thank you ans put through the cancellation request. Done and dusted. Problem is people listen to them and give them something to nibble on

coylemj

If you just got your renewal and your car is less than a year old, how can it be the same car that was on your policy when you renewed it a year ago?

OP said: I'm still driving the same car and the car is less only a year old.

I assume that was an autocorrect and should have said: 'less than a year old'.