My farm insurance quote went up by 20% with fbd .anyone getting good value at the moment?
Ours went up a bit too. But couldn't get any better.
It's the replacement costs that are driving the increases.
what do you mean by replacement costs?
To rebuild a shed or house. Also lots of people undervalue what they are insuring
How about the profits there making yr after yr
I got a phone call from fbd about renewal of a tractor policy. Haven't had insurance with them for over 3 years. They are getting desperate with the canvassing now. With Zurich for the past 3 years. Just wondering what companies are coming in competitive these days
Have been with AXA for the last 8 years and back to fbd now. The difference of a grand. In a small farm operating is a lot. No moving on AXA
I am back with fbd too after 5+ years. Better cover from slightly less premium.
Interesting
FBD were DOUBLE axa for me last year,renewal is coming up soon ,so we will see
gone up 4k. Robbin feckers.
Just need to change company every year. Not rocket science.
Shop around…if you pay way more than last year....YOU are the fool....
Just make sure your sums insured are right. Most policies now have proportionate settlement (Average) applying eg - if x% underinsured your claim will be proportionately reduced
SCSI 2023 rebuild rates for houses plus extra for garages driveways and boundaries. (wee.scsi.ie) - they’re adjusted to allow for geographical cost variations
Shed rebuilds vary depending on finishes (slats, dry, wired or not etc) between €300-€750 per sq.m.
Know your floor areas - onus will be on you to set at the right level. Brokers won’t give a f***, no more than insurers they just want to sell a policy so most will cover you whatever you say no matter how ridiculous your suggestion is! Don’t leave yourself exposed.
Might cost a few quid extra to do it right but it’ll be far cheaper than cutting corners and getting screwed on claim settlement due to inadequate cover
Changed from AXA to fbd, went up by 400e on a 1500 policy, got fbd out and measured the building s, so proper cover now and still cheaper than AXA,
I got my tractor insurance today for three tractors €1194 for the full year.
FBD have the local reps to do that- AXA don’t have that luxury.
AXA have all farm buildings lumped together in a cumulative sum insured whereas FBD insure and name individual buildings usually which is beneficial in the event of underinsurance
+1. Just the same with electric providers
€11400.
back to FBD too for me, AXA up €650 on last year despite me having less stock on the policy. I don’t think they have the same expertise either other than the lads they poached from FBD
insurance will only pay on the value. If you undervalue, then it’s your loss. Won’t have impact on premiums.
just got renewal quote from axa up €1100 on last year 😭
It will wreck your claim if you underinsure though…. a few quid in extra premium while not ideal is preferable to a claim cut to ribbons
probably saying the same thing here. For simple maths, building value is €350k, but you say it’s only €300k, you will only get paid on €300k irrespective of premium you paid. So it’s your loss if that’s what you mean by wrecking your claim.
And if you value it at 350k you will probably only get 300k anyway and @Gilly43 it a bit more than a few euro. It's amazing the bit and piece's add to an insurance quote
They can go a step further and make a deduction for under insurance, especially if there's an "Average" clause on the policy. For example, if you insure your 350k building for 300k, it's underinsured by 15% and they can cut your claim by his ammount. So your 300k claim could end up being c.254k.
Sorry for the delayed response- only seeing this now.
100% correct- Average is the claim killer. I know for a fact both FBD & AXA have this term written into their policies. Your adjusted claim would be reduced by the same amount so for example if you’re 25% underinsured your adjusted claim is reduced by the same percentage. In a small claim you might suck it up, but if you lose a shed for example it could turn out to be a significant shortfall in your claim for the sake of a couple of hundred quid premium.
And don’t expect leniency - it’s a contract and they have you by the buachailli if your sum insured is light.
Got my renewal today, with AXA again and its gone up 160% over 2 years. No changes or claims.. I understand rebuild values have gone up but it seems extortionate
Why have you not moved?....i was with them but changed back to FBD...you need to put manners on AXA- they are relying on lazy farmers not bothering to switch after coaxing them 2 years ago....
I left a a this year also. There wasn’t huge difference but it pays to keep moving. Keep them all on their toes
I am through a broker… need to chase them to see if i can get it down.
I am all for switching !!
