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So Liberty Insurance is doing well...

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    #32
    Mint Sauce
    Registered Users Posts: 29,294 ✭✭✭✭Mint Sauce


    jaxxx wrote: »
    They quoted me €3,000 last year for my car insurance. Almost 3.5 times what I was on with my current insurance and twice as much as any new quotes from other companies. 9 years driving (including learner period), 8 years no claims in own name, 0 penalty points. They can quite literally suck diesel for all I care.

    Liberty have never quoted me under 11 or €1200, their most expensive was about 1600, and have always been the most expensive every year, barr maybe FBD the odd year.

    My most expensive renewal since my first two years of driving, with my current insurer, was this year at €700. Although that is a steady increase from €500 over the last few years.

    This is 8 years with a full clean licence, 7 years NCB.


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    #33
    RacoonQueen
    Moderators, Sports Moderators Posts: 20,364 Mod ✭✭✭✭RacoonQueen


    Underground wrote: »
    I actually find them to be pretty reasonable, although that's just me. No idea if I'm an outlier or not.


    Same here. Always work out much cheaper than other insurers for me.


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    #34
    Eggs For Dinner
    Registered Users Posts: 2,945 ✭✭✭Eggs For Dinner


    Skobey_brady wrote: »
    Insurance is inherently profitable as the customer is legally obliged to buy the product on sale

    That makes no sense. Just because they take in lots of business doesn't mean they make profit on it. When you pay your premium, it is only at the end of the year do they know if it is a profit or a loss on you


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    #35
    Eggs For Dinner
    Registered Users Posts: 2,945 ✭✭✭Eggs For Dinner


    grogi wrote: »
    Because https://www.rte.ie/news/ireland/2018/0517/964061-motor-insurance-investigation/ ?

    Nearly a year and no findings :cool:


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    #36
    McMurphy
    Registered Users Posts: 13,365 ✭✭✭✭McMurphy


    Eggs For Dinner wrote: »
    That makes no sense. Just because they take in lots of business doesn't mean they make profit on it. When you pay your premium, it is only at the end of the year do they know if it is a profit or a loss on you

    The vast majority of people go claims free year on year, yet many (myself included) are seeing price increases in premiums.

    Of course they're making profit, they'd go out of business otherwise.


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    #37
    odyssey06
    Registered Users Posts: 28,292 ✭✭✭✭odyssey06


    Johnny Dogs wrote: »
    The vast majority of people go claims free year on year, yet many (myself included) are seeing price increases in premiums.

    Of course they're making profit, they'd go out of business otherwise.

    As Quinn they v nearly did because they hadnt set aside enough reserves to cover potential claims.

    US giant Liberty Mutual yesterday admitted it bought Quinn Insurance for €1, but insisted it had not gotten the Cavan insurer "on the cheap" since it came with net debts of €81m.
    https://www.independent.ie/business/irish/liberty-buys-insurance-unit-of-quinn-for-just-1-26729686.html

    https://www.rte.ie/news/2010/0330/129345-quinn/

    "To follow knowledge like a sinking star..." (Tennyson's Ulysses)



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    #38
    Eggs For Dinner
    Registered Users Posts: 2,945 ✭✭✭Eggs For Dinner


    Johnny Dogs wrote:
    The vast majority of people go claims free year on year, yet many (myself included) are seeing price increases in premiums.

    Johnny Dogs wrote:
    Of course they're making profit, they'd go out of business otherwise.


    Insurers do go out of business, including the previous owners of Liberty, being discussed here. All insurers publish their profit & loss. They are slowly returning to profit after years of cumulative losses.


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    #39
    Skobey_brady
    Site Banned Posts: 23 ✭Skobey_brady


    Eggs For Dinner wrote: »
    That makes no sense. Just because they take in lots of business doesn't mean they make profit on it. When you pay your premium, it is only at the end of the year do they know if it is a profit or a loss on you

    Profit isn't guaranteed, incompetent people might be In charge, also insurance companies also invest in pensions which are risky, selling motor insurance however is a licence to print money, they can jack up the price by extortionate amounts yet the customer has no choice but to buy, its unique in that sense


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    #40
    Eggs For Dinner
    Registered Users Posts: 2,945 ✭✭✭Eggs For Dinner


    Skobey_brady wrote:
    Profit isn't guaranteed, incompetent people might be In charge, also insurance companies also invest in pensions which are risky, selling motor insurance however is a licence to print money, they can jack up the price by extortionate amounts yet the customer has no choice but to buy, its unique in that sense


    So Worldwide insurers like AXA, Zurich, Allianz, Aviva, Liberty etc. dump their incompetent thieving staff in their Ireland branches, leaving them to act as White Knights in other jurisdictions, practically giving policies away for nothing?

    Or could it be our cost of claims compared to elsewhere?

    Tough one to work out


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    #41
    odyssey06
    Registered Users Posts: 28,292 ✭✭✭✭odyssey06


    Also, remember the price of medical treatment here. If I am injured I will have to pay for this care privately to access it in a timely manner. Such costs need to be reimbursed through my insurance.

    I am guessing that say in Germany or UK such treatment would be accessible, timely and free.

    "To follow knowledge like a sinking star..." (Tennyson's Ulysses)



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    #42
    grogi
    Registered Users Posts: 8,615 ✭✭✭grogi


    Eggs For Dinner wrote: »
    Nearly a year and no findings :cool:

    It is difficult to prove conspiracy. Throwing accusations without foundation bwould end up in court...


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    #43
    grogi
    Registered Users Posts: 8,615 ✭✭✭grogi


    Eggs For Dinner wrote: »
    So Worldwide insurers like AXA, Zurich, Allianz, Aviva, Liberty etc. dump their incompetent thieving staff in their Ireland branches, leaving them to act as White Knights in other jurisdictions, practically giving policies away for nothing?

    Or could it be our cost of claims compared to elsewhere?

    Tough one to work out

    There is an excuse (high claims) and a consensus among the insurers to charge as much as they can.


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    #44
    Eggs For Dinner
    Registered Users Posts: 2,945 ✭✭✭Eggs For Dinner


    grogi wrote:
    There is an excuse (high claims) and a consensus among the insurers to charge as much as they can.


    So why hasn't even one insurer (who hasn't gone bang) broken away from the "cartel", offer reasonable premiums and mop up every bit of gravy out there?

    Don't get me wrong, I think premiums are far too dear and not sustainable in the long run, I just feel the majority of the cause lies elsewhere


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    #45
    Berserker
    Closed Accounts Posts: 9,046 ✭✭✭Berserker


    grogi wrote: »
    There is an excuse (high claims) and a consensus among the insurers to charge as much as they can.

    Or are they charging as much as they need to stay in business? Quinn used to give people great deals on insurance. Reality was that they were not charging people enough to stay in business.
    odyssey06 wrote: »
    Also, remember the price of medical treatment here. If I am injured I will have to pay for this care privately to access it in a timely manner. Such costs need to be reimbursed through my insurance.

    Yep and the hospital will happily charge the insurance company €824 (approx) a night for a public bed.


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    #46
    Poochie05
    Registered Users Posts: 4,218 ✭✭✭Poochie05


    Looks like they may have told OP a little white lie about who had taken over the place...
    https://www.rte.ie/entertainment/2018/0607/968872-meghan-and-harry-rumoured-to-be-in-ireland-right-now/


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