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Last years premium required to be shown on renewal notice.

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  • 30-09-2020 11:46am
    #1
    Mango Joe
    Registered Users Posts: 1,179 ✭✭✭


    Every renewal notice I've ever gotten has increased by some margin as the Insurer chances their arm at ripping me off.

    No matter how hard you search you'll never see the premium plus other fees you paid last year on the renewal notice they send you.

    They rely on people just renewing without checking - thinking they're signing up for much the same deal.

    How easy and what a positive, consumer-friendly thing it would be to have legislation passed that makes it mandatory for Insurers to clearly state the full amount paid last year in a prominent place on your renewal notice letter.


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    #2
    mickdw
    Registered Users Posts: 23,260 ✭✭✭✭mickdw


    Mango Joe wrote: »
    Every renewal notice I've ever gotten has increased by some margin as the Insurer chances their arm at ripping me off.

    No matter how hard you search you'll never see the premium plus other fees you paid last year on the renewal notice they send you.

    They rely on people just renewing without checking - thinking they're signing up for much the same deal.

    How easy it would be to have legislation passed that makes it mandatory for Insurers to clearly state the full amount paid last year in a prominent place on your renewal notice letter.

    Yep. Certainly something that should be done.


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    #3
    Eggs For Dinner
    Registered Users Posts: 2,937 ✭✭✭Eggs For Dinner


    How hard is it to check your records? Secondly, does it matter, are you not going to check the market for the best price anyway? Doesn't matter if it is dearer, cheaper or the same as last year


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    #4
    Mango Joe
    Registered Users Posts: 1,179 ✭✭✭Mango Joe


    Eggs For Dinner wrote: »
    How hard is it to check your records? Secondly, does it matter, are you not going to check the market for the best price anyway? Doesn't matter if it is dearer, cheaper or the same as last year

    My suggestion was to do with improving insurance to the advantage of the Consumer generally.

    Are you progress-averse in everything you do?


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    #5
    Eggs For Dinner
    Registered Users Posts: 2,937 ✭✭✭Eggs For Dinner


    Mango Joe wrote: »
    My suggestion was to do with improving insurance to the advantage of the Consumer generally.

    Are you progress-averse in everything you do?

    I don't spend my time looking for irrelevant 1st world problems. How could it possibly benefit the consumer to have it printed from last year.

    I renewed my wife's policy during the week. The quote looked similar to last year. A quick check on my emails and I had the figure. Searched the market, decided to renew having negotiated a discount.

    What good could it possibly have done me to have it on my renewal notice that I only paid half the quote last year, for example? Would it have given me any course of redress with my insurer? There are far more important things to sort out in the Irish insurance market than this nonsense


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    #6
    Purple Mountain
    Registered Users Posts: 13,012 ✭✭✭✭Purple Mountain


    They are obliged to show them now.
    Look again, mine was buried in a later page but it was there.

    To thine own self be true



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    #7
    mightyreds
    Registered Users Posts: 2,785 ✭✭✭mightyreds


    I'm with liberty and about 90% sure they show last years premium on renewal notices, was this not already brought into law?
    On the other hand I work with liberty and remember implementing something like this but it could have been for a different country.


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    #8
    Mango Joe
    Registered Users Posts: 1,179 ✭✭✭Mango Joe


    Eggs For Dinner wrote: »
    I don't spend my time looking for irrelevant 1st world problems. How could it possibly benefit the consumer to have it printed from last year.

    I renewed my wife's policy during the week. The quote looked similar to last year. A quick check on my emails and I had the figure. Searched the market, decided to renew having negotiated a discount.

    What good could it possibly have done me to have it on my renewal notice that I only paid half the quote last year, for example? Would it have given me any course of redress with my insurer? There are far more important things to sort out in the Irish insurance market than this nonsense

    Ah.....I get it, a quick read of your post history shows you just enjoy being needlessly contrary and enthusiastically opinionated so you can pointlessly argue with people as a hobby.

    ....To think I'd actually tried to see sense in what you were saying and understand your point of view......

    Another Candidate for the ignore list.



    In reply to the other posts on this - I've checked An Post Insurances letter and what I paid last year is not there.... I don't seem to have it in an email either. Only way I know I can get it is to ring them and ask for it or to dig out my bank statements and search through them....


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    #9
    Eggs For Dinner
    Registered Users Posts: 2,937 ✭✭✭Eggs For Dinner


    If you have an ignore list, maybe you're the problem

    I call out nonsense when I see it and assist where I can


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    #10
    El Gato De Negocios
    Registered Users Posts: 6,644 ✭✭✭El Gato De Negocios


    Mango Joe wrote: »
    Every renewal notice I've ever gotten has increased by some margin as the Insurer chances their arm at ripping me off.

    No matter how hard you search you'll never see the premium plus other fees you paid last year on the renewal notice they send you.

    They rely on people just renewing without checking - thinking they're signing up for much the same deal.

    How easy and what a positive, consumer-friendly thing it would be to have legislation passed that makes it mandatory for Insurers to clearly state the full amount paid last year in a prominent place on your renewal notice letter.

    Insurers are legally obliged to show last years renewal premium on all renewal notices. This has been mandatory since late 2019. I would suspect it is on the documents somewhere however if it is not, the insurers are in breach of CPC guidelines and should be reported to the CBI.


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    #11
    Eggs For Dinner
    Registered Users Posts: 2,937 ✭✭✭Eggs For Dinner


    El Gato De Negocios wrote: »
    Insurers are legally obliged to show last years renewal premium on all renewal notices. This has been mandatory since late 2019. I would suspect it is on the documents somewhere however if it is not, the insurers are in breach of CPC guidelines and should be reported to the CBI.

    Exactly. The fact that some people are calling for it to be introduced, when it's already there shows just how irrelevant it is. There are serious issues to tackle in the insurance industry, but this wasn't one


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    #12
    Harry Palmr
    Closed Accounts Posts: 40,061 ✭✭✭✭Harry Palmr


    My broker always has last years premium included. Obviously I'm also cognisant enough to remember a payment that big in any event!


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    #13
    Allinall
    Registered Users Posts: 6,539 ✭✭✭Allinall


    I got my renewal recently.

    It was the first thing I noticed- the premium I paid last year.

    This year was €60 more. €530 compared to €470 last year. Spent a couple of hours ringing around and getting online quotes. Nothing came within an asses roar of €530.

    As a last ditch attempt to save a few quid, rang current insurer ( 123.ie broker) and threatened, begged, cajoled to no effect. I think they knew they were well ahead of the market.

    They'll keep my business.


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    #14
    Del2005
    Registered Users Posts: 18,872 ✭✭✭✭Del2005


    What you paid for insurance the previous year is irrelevant to your current quote. There are so many variables that go into a quote and most aren't even related to you. If all the companies suing for business interruption win your premium will go up, if a massive storm destroys thousands of properties your premium goes up.

    The only way to know if the renewal price is good or bad is to spend a few hours checking all the insurance companies and compare the prices and conditions.


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