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Insurance

  • 22-04-2025 11:27AM
    #1
    mountai
    Registered Users, Registered Users 2 Posts: 974 ✭✭✭


    Has legislation been recently passed, whereby Insurance Companies are forbidden to charge, existing Loyal clients, more for Policies , than " New Business" Clients " for same products. Thanks .



Comments

  • #2
    StormForce13
    Registered Users, Registered Users 2 Posts: 703 ✭✭✭StormForce13


    https://www.boards.ie/discussion/2058407123/insurance

    I'm interested in this one too, following a 75% increase in my motor renewal premium from Aviva. 😡

    Post edited by StormForce13 on


  • #3
    TheCrank
    Registered Users, Registered Users 2 Posts: 33 ✭TheCrank


    There was a vague attempt at legislation but it does not prevent different prices between the new business policy and the first renewal.

    What you can do is go to your current insurer and get a new quote as a new business customer. I do it with Aviva every year, not because I love Aviva but because their new business price is always the cheapest for me. It leads to the ridiculous situation where I have to give them their own NCB cert that they issued with the overpriced renewal quote for the previous policy.



  • #4
    Eggs For Dinner
    Registered Users, Registered Users 2 Posts: 3,138 ✭✭✭Eggs For Dinner


    https://www.boards.ie/discussion/comment/123379425#Comment_123379425

    I do the exact same thing. Insurers can be sneaky have miniscule differences in the renewal offer to the new business, such as an extra €50 on the excess and say its not like for like



  • #5
    Uncle Pierre
    Registered Users, Registered Users 2 Posts: 1,706 ✭✭✭Uncle Pierre


    https://www.boards.ie/discussion/comment/123379425#Comment_123379425

    This has actually happened me just today, also with Aviva.

    Received an email inviting me to renew my car insurance for the coming year, and even 'save 10% by renewing online!' - price €484 to renew online, or €537 to do so by phone.

    Got a quote online as a new customer with exactly the same level of cover and obviously using exactly the same details - just €312.

    This is the third year in a row this has happened me with Aviva. A price somewhere around €500 to renew a policy, but only a little over €300 to take out a "new" one.



  • #6
    mountai
    Registered Users, Registered Users 2 Posts: 974 ✭✭✭mountai


    Since posting , I Googled " Price Walking in Ireland" , explains everything , legislation to be enforced in July .



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  • #7
    Uncle Pierre
    Registered Users, Registered Users 2 Posts: 1,706 ✭✭✭Uncle Pierre


    https://www.boards.ie/discussion/comment/123379689#Comment_123379689

    Hmmm. When I google it, it says the legislation was enforced in July 2022. And apparently, in December 2023, the Central Bank found that it was working effectively:

    https://www.centralbank.ie/regulation/industry-market-sectors/insurance-reinsurance/home-and-motor-insurance-rules

    My experience with renewing motoring insurance in 2023, '24 and now '25 suggests otherwise. I must check again that I really am comparing like with like, and that there's not some slight change like the excess level, as a poster above suggested. But either way, in my own case, €312 versus €484 is only going to have one winner…..



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