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2020 Premium increases

  • 01-01-2021 5:21pm
    #1
    Registered Users Posts: 88 ✭✭


    colm_mcm wrote: »
    Taxed or insured?

    Can anyone tell me why car insurance prices have rocketed this year. Since many cars have been sitting in driveways mainly for the past 9 months and will continue to so so for some more - I can't see any justification for increased premiums - conversely I would expect a refund rather than an increased premium! Accidents, thankfully, have reduced dramatically so all the more reason for a reduced rate.
    I have tried various companies for quotes and it seems to be the general trend.


«1

Comments

  • Registered Users Posts: 5,198 ✭✭✭SCOOP 64


    Don't know why but my gone up too, just by €30 but still ,BOI (RSA.)


  • Registered Users Posts: 29 btree


    I got a decrease in my premium with Liberty this year 2021 for around €30 but I decided to go with 25Plus as they offered a much better deal.


  • Moderators, Business & Finance Moderators Posts: 17,593 Mod ✭✭✭✭Henry Ford III


    I've 1800 miles done on a new car since mid August 2020. I'd be hoping for a decrease in premium.


  • Registered Users Posts: 3,627 ✭✭✭Wildly Boaring


    Anecdotally quotes are down significantly

    Mine down by 20%
    My father, mother and in-laws all got ridiculously cheap quotes. All in 60s. Highest was €400 and he has open drive and a trailer listed.

    Lad beside me here in work down 25%


  • Registered Users Posts: 412 ✭✭BOSTIK


    My wife and I are both renewing this month.

    She was quoted the minimum premium of €280, and mine is €308.

    Both fully comp with Aviva. Combined reduction is about €160.


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  • Registered Users Posts: 2,911 ✭✭✭Eggs For Dinner


    So basically, insurers probably made increased profits last year because of the reduced claims and are now reducing premiums and competing like mad with eachother for your business. Who would have thought that's how the insurance market works????


  • Registered Users Posts: 3,627 ✭✭✭Wildly Boaring


    So basically, insurers probably made increased profits last year because of the reduced claims and are now reducing premiums and competing like mad with eachother for your business. Who would have thought that's how the insurance market works????

    Well we're giving the OP examples where premiums are down.
    The OP's is only getting higher premiums


  • Registered Users Posts: 2,911 ✭✭✭Eggs For Dinner


    Well we're giving the OP examples where premiums are down.
    The OP's is only getting higher premiums

    Looking at threads here, most premiums are coming down on average. The OP's situation is likely down to some non-attractive aspect of his insurance profile


  • Registered Users Posts: 88 ✭✭Maggie Benson


    Looking at threads here, most premiums are coming down on average. The OP's situation is likely down to some non-attractive aspect of his insurance profile

    No change in profile since last year - bar the fact that I'm a year older!


  • Registered Users Posts: 2,911 ✭✭✭Eggs For Dinner


    No change in profile since last year - bar the fact that I'm a year older!

    That's not what I meant. Your insurance profile (car, age, address, occupation etc) may have produced worsening results, as a group, for your insurers and they are pricing your quote accordingly. It's not personal, but it kinda is at the same time.


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  • Registered Users Posts: 412 ✭✭BOSTIK


    I forgot to mention that my wife had a windscreen claim last year as well.

    So very pleased in our house then.

    Aviva are doing some online promotion for new motor business until 14 January, might be worthwhile for the OP to take a look.

    https://www.aviva.ie/insurance/car-insurance/


  • Registered Users Posts: 88 ✭✭Maggie Benson


    BOSTIK wrote: »
    I forgot to mention that my wife had a windscreen claim last year as well.

    So very pleased in our house then.

    Aviva are doing some online promotion for new motor business until 14 January, might be worthwhile for the OP to take a look.

    https://www.aviva.ie/insurance/car-insurance/

    Aviva is my current insurer and has been for the past 4 years and I have not had any claim in that period.
    Looks like one needs to shop around for sure.
    Thanks Bostik.


  • Registered Users Posts: 3,058 ✭✭✭Sarn


    Our renewal quote is up 25%. The price last year was very competitive, so not that surprising. I’ve only started ringing around but have had similar quotes. I just need to find the one looking for business this year.


  • Registered Users Posts: 5,368 ✭✭✭JimmyVik


    Aviva is my current insurer and has been for the past 4 years and I have not had any claim in that period.
    Looks like one needs to shop around for sure.
    Thanks Bostik.

    I thought everyone knew insurance companies charge more to existing customers.
    I worked in one recently and your data is mined and you will get a different price depending different things.

    Existing cutomers are charged more than new ones.

    Examples of what will change your quote would even be

    how far in advance of your renewal date you are looking for a quote.
    The closer to your renewal date you asl for it the less likely you are going to move to a competitor so your price goes up.

    If you havent got a better quote in 4 years off someone else, you havent looked, so price goes up.

    Its called directed pricing.
    Golden rule with motor insurance is to shop around EVERY year.
    Then ask for your quote and tell them that you have been shopping around and you have got x form another company. If they dont match it move.
    And do that every year.


  • Registered Users Posts: 1,479 ✭✭✭Nothing surprises me now


    Our insurance renewal quote with Aviva went up too. Car has been hardly used past year. Shopped around and got better price with another company.


  • Registered Users Posts: 88 ✭✭Maggie Benson


    Our insurance renewal quote with Aviva went up too. Car has been hardly used past year. Shopped around and got better price with another company.

    Same as that - and my mileage for a normal year would not exceed 3500km. I have shopped around the past few years but the saving was so little with others that I just continued with Aviva - easiest option!


  • Registered Users Posts: 1,479 ✭✭✭Nothing surprises me now


    I went on to 123.ie and on the form if you do lower mileage there's extra discount. This suited us as retired and don't do big mileage, got good discount.


  • Registered Users Posts: 2,103 ✭✭✭Living Off The Splash


    My renewal quote from Aviva was about €335. My new customer quote was €280. Went with the new customer quote.

    My wife's renewal with Aviva was €280, incidentally the lowest quote is always €280. Looking closely at her breakdown of cost and I saw that her actual quote was circa €235, but they upped it to their minimum quote of €280.

    So I got quotes to include Protected No Claims discount, Reduced excess and some other personal insurance......and the quote was still €280.

    So if you are coming in with €280 with Aviva, you may be able to get better cover for the same price by adding in extra bits.


  • Registered Users Posts: 3,058 ✭✭✭Sarn


    The same happened with AIG. When I added the full NCD protection the price didn’t change. I must see what other options can be added.


  • Registered Users Posts: 3,205 ✭✭✭cruizer101


    Gone from 518 to 776 with Bank of Ireland, that is a 50% increase, think this might be my 4th year with them so probably time to move. Previous renewals had I think been less or only slightly more.

    Car is 08 so its age might be playing a factor too.

    I do look every renewal but last 2 years all quotes have come back more so didn't bother move, admit-ably didn't check with every last insurer but if fair few quotes coming back higher chances of saving much are slim enough so not worth the effort.

    Pain in the hoop now to have to start ringing around, will try them first and see will they drop it.


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  • Registered Users Posts: 88 ✭✭Maggie Benson


    I went on to 123.ie and on the form if you do lower mileage there's extra discount. This suited us as retired and don't do big mileage, got good discount.

    Thank you OP. Good advice!


  • Registered Users Posts: 5,368 ✭✭✭JimmyVik


    cruizer101 wrote: »
    Gone from 518 to 776 with Bank of Ireland, that is a 50% increase, think this might be my 4th year with them so probably time to move. Previous renewals had I think been less or only slightly more.

    Car is 08 so its age might be playing a factor too.

    I do look every renewal but last 2 years all quotes have come back more so didn't bother move, admit-ably didn't check with every last insurer but if fair few quotes coming back higher chances of saving much are slim enough so not worth the effort.

    Pain in the hoop now to have to start ringing around, will try them first and see will they drop it.


    Thats why you have a high quote :)


    LEt us know what quotes you get from other companies.
    I reckon you'll reduce by 25 - 50% by moving.


  • Registered Users Posts: 608 ✭✭✭Bassboxxx


    BOSTIK wrote: »
    I forgot to mention that my wife had a windscreen claim last year as well.

    So very pleased in our house then.

    Aviva are doing some online promotion for new motor business until 14 January, might be worthwhile for the OP to take a look.

    https://www.aviva.ie/insurance/car-insurance/

    You just saved me 200+, happy days, thanks.:D


  • Registered Users Posts: 3,058 ✭✭✭Sarn


    Bassboxxx wrote: »
    You just saved me 200+, happy days, thanks.:D

    It just shows how variable the quotes are. For me, Aviva’s quote was at least €240 higher than the best so far and over €100 higher than our renewal. That was before adding no claims protection, which the other quotes had.


  • Registered Users Posts: 608 ✭✭✭Bassboxxx


    Sarn wrote: »
    It just shows how variable the quotes are. For me, Aviva’s quote was at least €240 higher than the best so far and over €100 higher than our renewal. That was before adding no claims protection, which the other quotes had.

    Yes, defo. Several of the quotes I got were €1000 dearer than the Aviva quote I got:eek:
    I didn't go with the no claims protection, I normally do but I'm trying to pare it down this year.
    I'll add, I saved just over €200 even after a €50 cancellation fee on my current insurer.


  • Registered Users Posts: 657 ✭✭✭blackvalley


    JimmyVik wrote: »
    Then ask for your quote and tell them that you have been shopping around and you have got x form another company. If they dont match it move.
    And do that every year.

    I consider it to be disgusting practice when a company offers to match any better offer you get .
    What they are saying in effect is "ok we are attempting to rip you off for £800 but if another company is honest enough to insure you for £600 we will steal that business from them by matching that quote " .
    Now if they offered to beat any better quote that i could get then I might do business with them but not otherwise .
    A despicable practice. :mad::mad:


  • Registered Users Posts: 2,911 ✭✭✭Eggs For Dinner


    I consider it to be disgusting practice when a company offers to match any better offer you get .
    What they are saying in effect is "ok we are attempting to rip you off for £800 but if another company is honest enough to insure you for £600 we will steal that business from them by matching that quote " .
    Now if they offered to beat any better quote that i could get then I might do business with them but not otherwise .
    A despicable practice. :mad::mad:

    I fully agree. The reason we now get our NCBs in plenty of time these days was to stop the practice of having to go back to your insurer to ask for it if you found a better quote. The old practice gave them a 2nd chance to re-quote you. Unfortunately, matching a premium is usually enough given the hassle of new forms, scanning licences, setting up direct debits etc.


  • Registered Users Posts: 5,368 ✭✭✭JimmyVik


    I consider it to be disgusting practice when a company offers to match any better offer you get .
    What they are saying in effect is "ok we are attempting to rip you off for £800 but if another company is honest enough to insure you for £600 we will steal that business from them by matching that quote " .
    Now if they offered to beat any better quote that i could get then I might do business with them but not otherwise .
    A despicable practice. :mad::mad:

    When I say match I actually mean beat - by a fiver at most :)
    But I agree with you. But they are allowed to do this.
    Actually insurers get away with so much sharp practice its hard to believe they are nbot paying off the people who are supposed to protect us from them.

    But I cant stress enough that given the current situation the ONLY way to get competitive quotes is to shop around, and shop around early.
    Never, Ever renew with your existing insurer unless you have shopped around at least 5 other insurers. If you do that you are actually flagged as a "repeater" in the system. And in unsurance sales language, "Repeater" means ripe for the picking.


  • Registered Users Posts: 412 ✭✭BOSTIK


    Bassboxxx wrote: »
    You just saved me 200+, happy days, thanks.:D

    Alrighty then!


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  • Registered Users Posts: 12,740 ✭✭✭✭galwaytt


    BOSTIK wrote: »
    I forgot to mention that my wife had a windscreen claim last year as well.

    So very pleased in our house then.

    Aviva are doing some online promotion for new motor business until 14 January, might be worthwhile for the OP to take a look.

    https://www.aviva.ie/insurance/car-insurance/

    Not pleased with Aviva in this house :mad:

    53, full licence,
    Full Aviva NCB, spouse with Aviva on her car, and full NCB with them too.
    AIM Advanced Driving
    RoSPA Advanced - Gold
    No points on licence - ever
    2400 miles a year

    Won't quote.

    Reason ? Car age: it's an 06 Clio 1.2

    That is beyond pulling the pi$$

    www.123.ie declining to quote for same reason now too.

    Allianz won't quote car either, states on their website no cars over 15 years.

    Ode To The Motorist

    “And my existence, while grotesque and incomprehensible to you, generates funds to the exchequer. You don't want to acknowledge that as truth because, deep down in places you don't talk about at the Green Party, you want me on that road, you need me on that road. We use words like freedom, enjoyment, sport and community. We use these words as the backbone of a life spent instilling those values in our families and loved ones. You use them as a punch line. I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the tax revenue and the very freedom to spend it that I provide, and then questions the manner in which I provide it. I would rather you just said "thank you" and went on your way. Otherwise I suggest you pick up a bus pass and get the ********* ********* off the road” 



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