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123.ie screwing me?

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Comments

  • #62
    zarquon
    Registered Users, Registered Users 2 Posts: 3,734 ✭✭✭zarquon


    dr.fuzzenstein wrote: »
    You can only wonder if RSA is run by chimps.
    We need to increase premiums, yep, whack 'em up by 100%, people are leaving in droves, income is down, yep, whack up premiums, no customers left, company is gone, "I have no idea how this could have happened!"
    Bravo, where did their finance guys get their qualifications? Clown college?

    The economics are far more complex than that, The liquidity requirements are based on the number of premium holders and the ability to pay out on claims. As people migrate from 123.ie the financial regulator's reserve requirement will decrease proportionally therefore it makes sense to increase premiums especially for the higher risk drivers.


  • #63
    dr.fuzzenstein
    Banned (with Prison Access) Posts: 16,575 ✭✭✭✭dr.fuzzenstein


    zarquon wrote: »
    The economics are far more complex than that, The liquidity requirements are based on the number of premium holders and the ability to pay out on claims. As people migrate from 123.ie the financial regulator's reserve requirement will decrease proportionally therefore it makes sense to increase premiums especially for the higher risk drivers.

    By higher risk drivers, do you mean people in their 30's with years of no claims discount who had their premiums whammed up for no reason and are now leaving the company in droves?
    This at least seems to be the picture we're seeing here in many posts, but if course that is not the complete picture. But there seem to be a lot of anecdotal cases.
    I can see your point, but its a bit like trying to lose weight by cutting off your foot.


  • #64
    The Muppet
    Registered Users, Registered Users 2 Posts: 14,007 ✭✭✭✭The Muppet


    I'm with 123 for a few years now, my renewal was more expensive than a new online quote from them so i purchased the new policy from them online.


  • #65
    andrew1977
    Registered Users, Registered Users 2 Posts: 3,201 ✭✭✭andrew1977


    My renewal from 123.ie arrived in my inbox last night.
    Quoting me 831 euro from renewal, it was around the 500 euro mark last year !
    No change in circumstances, nothing, mental increase, no chance I will be paying them that.
    Quick look around online this morning and I can find insurance way cheaper.
    I shall be taking my business elsewhere.
    Show no loyalty to car insurance companies, they show none to us.


  • #66
    JustAddWater
    Closed Accounts Posts: 1,990 ✭✭✭JustAddWater


    The Muppet wrote: »
    I'm with 123 for a few years now, my renewal was more expensive than a new online quote from them so i purchased the new policy from them online.

    This happened to me and I pulled them on it so gave me online price

    What annoyed me about 123 the most was the 10 monthly payments plus a sizeable enough deposit every year

    I now pay a consistent 12 monthly DD's


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