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Car insurance from EU?

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  • 10-02-2020 12:53am
    #1
    lipso
    Registered Users Posts: 86 ✭✭


    Have read comments that car insurance for Ireland can be got from another European country? Anyone have knowledge of this?


Comments

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    #2
    Charles Babbage
    Registered Users Posts: 5,499 ✭✭✭Charles Babbage


    Even if you could, why should it be any cheaper? The risk would be the same if you were driving in Ireland.


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    #3
    mickdw
    Registered Users Posts: 23,280 ✭✭✭✭mickdw


    Charles Babbage wrote: »
    Even if you could, why should it be any cheaper? The risk would be the same if you were driving in Ireland.

    Because they are operating a cartell here and applying silly laws that have nothing to do with risk exposure. It needs go be opened up. We might then to be able to have a couple of cars and it be nailed to the floor for it.


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    #4
    endacl
    Registered Users Posts: 22,237 ✭✭✭✭endacl


    If Ireland were an attractive market for European insurance companies they’d be here. Cleaning up on broadly the same premiums as the locals charge us.


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    #5
    mickdw
    Registered Users Posts: 23,280 ✭✭✭✭mickdw


    It's a closed shop. Current ones making it very hard for others to enter market.


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    #6
    Eggs For Dinner
    Registered Users Posts: 2,943 ✭✭✭Eggs For Dinner


    mickdw wrote: »
    Because they are operating a cartell here and applying silly laws that have nothing to do with risk exposure. It needs go be opened up. We might then to be able to have a couple of cars and it be nailed to the floor for it.

    You're dead right. Irish motorists should be allowed buy their car insurance from from overseas insurers such as Aviva, Axa, Allianz, Royal Sunalliance, Zurich, Liberty, AIG etc.


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    #7
    listermint
    Registered Users Posts: 33,692 ✭✭✭✭listermint


    Eggs For Dinner wrote: »
    You're dead right. Irish motorists should be allowed buy their car insurance from from overseas insurers such as Aviva, Axa, Allianz, Royal Sunalliance, Zurich, Liberty, AIG etc.

    You know tesco referred to Ireland as the cash cow because they charged completely different prices here than the UK and NI.

    Right...

    Not all things are as you see them


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    #8
    Peregrinus
    Registered Users Posts: 26,103 ✭✭✭✭Peregrinus


    mickdw wrote: »
    Because they are operating a cartell here and applying silly laws that have nothing to do with risk exposure. It needs go be opened up. We might then to be able to have a couple of cars and it be nailed to the floor for it.
    Any insurer authorised anywhere in the EU is free to write policies for Irish customers. That's hundreds and hundreds of insurers. If there is a cartel operating among the existing players making monopoly profits, the incentive to the others to come in and undercut the cartel is huge - they'd clean up hugely. And yet none of them do. How do we account for this?


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    #9
    listermint
    Registered Users Posts: 33,692 ✭✭✭✭listermint


    Peregrinus wrote: »
    Any insurer authorised anywhere in the EU is free to write policies for Irish customers. That's hundreds and hundreds of insurers. If there is a cartel operating among the existing players making monopoly profits, the incentive to the others to come in and undercut the cartel is huge - they'd clean up hugely. And yet none of them do. How do we account for this?

    Tbf there's alot more in moving a business to a new geo than just saying sure we will give that location a crack.


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    #10
    Peregrinus
    Registered Users Posts: 26,103 ✭✭✭✭Peregrinus


    listermint wrote: »
    Tbf there's alot more in moving a business to a new geo than just saying sure we will give that location a crack.
    Thety don;t have to move any business; just open up a new line of business. They don't need to establish an office or branch in Ireland; they can do the whole thing online if they want.

    Yes, obviously it requires a commitment to the market and an initial investment to build up a critical mass of policies. But if excess profits are there to be seized, all the incentives are in place for that.

    This is why sustaining a cartel is very difficult if there are no barriers to new entrants in the market. So anybody who claims that there is a cartel operating in the Irish motor insurance market needs to explain what is preventing new entrants from busting it. Without that explanation, the claim that there is a cartel is not very convincing.


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    #11
    listermint
    Registered Users Posts: 33,692 ✭✭✭✭listermint


    Peregrinus wrote: »
    Thety don;t have to move any business; just open up a new line of business. They don't need to establish an office or branch in Ireland; they can do the whole thing online if they want.

    Yes, obviously it requires a commitment to the market and an initial investment to build up a critical mass of policies. But if excess profits are there to be seized, all the incentives are in place for that.

    This is why sustaining a cartel is very difficult if there are no barriers to new entrants in the market. So anybody who claims that there is a cartel operating in the Irish motor insurance market needs to explain what is preventing new entrants from busting it. Without that explanation, the claim that there is a cartel is not very convincing.

    What came out of the European inspired investigation. Did we get an outcome


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    #12
    Peregrinus
    Registered Users Posts: 26,103 ✭✭✭✭Peregrinus


    What investigation?


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    #13
    listermint
    Registered Users Posts: 33,692 ✭✭✭✭listermint


    Peregrinus wrote: »
    What investigation?

    Erm
    ...

    This one https://www.irishtimes.com/business/financial-services/eu-investigates-irish-motor-insurers-over-alleged-cartel-1.3891825


    Was big news


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    #14
    Peregrinus
    Registered Users Posts: 26,103 ✭✭✭✭Peregrinus


    Still ongoing, and as yet no outcome has been announced.

    There is no deadline for these investigations; they continue until the Commission is satisfied, one way or the other. A previous investigation into certain arrangeements in the marine insurance market was opened in August 2010 and closed in July 2012, so if that's anything to go by this one which has only been running for nine months may have a while to run yet.


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    #15
    Charles Babbage
    Registered Users Posts: 5,499 ✭✭✭Charles Babbage


    listermint wrote: »
    You know tesco referred to Ireland as the cash cow because they charged completely different prices here than the UK and NI.

    Right...

    Not all things are as you see them


    They don't any more, Aldi and Lidl came into the Irish market and ensured competition. If there is a wrongly priced market then EU companies will move in.


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    #16
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,634 Mod ✭✭✭✭Henry Ford III


    mickdw wrote: »
    It's a closed shop. Current ones making it very hard for others to enter market.

    It's not a closed shop.

    Current insurers have no control over potential new market entrants either.

    There's a perception that monstrous profits are being earned ever year, but that's not the case either.


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    #17
    Still waters
    Registered Users Posts: 1,166 ✭✭✭Still waters


    Henry Ford III wrote: »

    There's a perception that monstrous profits are being earned ever year, but that's not the case either.

    A simple google search says your wrong


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    #18
    Eggs For Dinner
    Registered Users Posts: 2,943 ✭✭✭Eggs For Dinner


    Still waters wrote: »
    A simple google search says your wrong

    Why has no insurer ever broken from the 'carlel' and guaranteed to beat any quote by €100 and mopped up these millions for themselves?


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    #19
    Still waters
    Registered Users Posts: 1,166 ✭✭✭Still waters


    Eggs For Dinner wrote: »
    Why has no insurer ever broken from the 'carlel' and guaranteed to beat any quote by €100 and mopped up these millions for themselves?

    The answer is in your question


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    #20
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,634 Mod ✭✭✭✭Henry Ford III


    Still waters wrote: »
    A simple google search says your wrong

    Substantiate this claim please.

    To make it fair can you include any motor insurer with a market share of 10+% over the last 10 years.


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    #21
    galwaytt
    Registered Users Posts: 12,761 ✭✭✭✭galwaytt


    Peregrinus wrote: »
    Any insurer authorised anywhere in the EU is free to write policies for Irish customers. That's hundreds and hundreds of insurers. If there is a cartel operating among the existing players making monopoly profits, the incentive to the others to come in and undercut the cartel is huge - they'd clean up hugely. And yet none of them do. How do we account for this?

    Not quite: they have to be licenced here by Dept first.

    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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    #22
    Fanny Wank
    Registered Users Posts: 1,288 ✭✭✭Fanny Wank


    Henry Ford III wrote: »
    Substantiate this claim please.

    To make it fair can you include any motor insurer with a market share of 10+% over the last 10 years.

    And to add, if he's gonna play Charlie Weston bullsh!t bingo if he uses any of the following phrases please define & elaborate

    - rip off
    - cartel
    - excessive profits

    etc etc


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    #23
    Still waters
    Registered Users Posts: 1,166 ✭✭✭Still waters


    Henry Ford III wrote: »
    Substantiate this claim please.

    To make it fair can you include any motor insurer with a market share of 10+% over the last 10 years.

    I simply googled insurance companies profits Ireland, I've no dog in this race so I'm an impartial bystander albeit paying over 5 grand a year in insurance i wouldn't mind if premiums came down a bit

    On the first page of results there's articles from the independent, Irish times, the journal, the law society extra.ie, breakingnews.ie, all commenting on the massive profits made by insurance companies in Ireland, what's stopping foreign companies coming into Ireland if there's so much profit from premiums, is there something in legislation that prevents European companies from milking this cash cow


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    #24
    Fanny Wank
    Registered Users Posts: 1,288 ✭✭✭Fanny Wank


    Still waters wrote: »
    I simply googled insurance companies profits Ireland, I've no dog in this race so I'm an impartial bystander albeit paying over 5 grand a year in insurance i wouldn't mind if premiums came down a bit

    On the first page of results there's articles from the independent, Irish times, the journal, the law society extra.ie, breakingnews.ie, all commenting on the massive profits made by insurance companies in Ireland, what's stopping foreign companies coming into Ireland if there's so much profit from premiums, is there something in legislation that prevents European companies from milking this cash cow

    Ask those sources then?

    Again definite "massive"? The Indo in particular is very adept at misrepresentation of statistics

    The Law Society's members definitely make "massive profits" from litigated claims settlements and would not be so flush if claim settlements were reduced and/or we could implement a way of processing smaller claims fairly, quickly and without legal intervention


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    #25
    Still waters
    Registered Users Posts: 1,166 ✭✭✭Still waters


    Fanny **** wrote: »
    Ask those sources then?

    Again definite "massive"? The Indo in particular is very adept at misrepresentation of statistics

    The Law Society's members definitely make "massive profits" from litigated claims settlements and would not be so flush if claim settlements were reduced and/or we could implement a way of processing smaller claims fairly, quickly and without legal intervention

    Take a chill pill, there's no need to get so worked up over. I'm simply wondering why the media all seem to be singing from the same hymn sheet, I'd agree with you that the law society is and will be a huge hindrance in any attempted reform of the insurance industry but claims are down and profits are through the roof according to multiple sources on the first page that pops up, someone is telling porkies and i doubt its a collective effort by a huge media conspiracy


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    #26
    Del2005
    Registered Users Posts: 18,903 ✭✭✭✭Del2005


    Still waters wrote: »
    I simply googled insurance companies profits Ireland, I've no dog in this race so I'm an impartial bystander albeit paying over 5 grand a year in insurance i wouldn't mind if premiums came down a bit

    On the first page of results there's articles from the independent, Irish times, the journal, the law society extra.ie, breakingnews.ie, all commenting on the massive profits made by insurance companies in Ireland, what's stopping foreign companies coming into Ireland if there's so much profit from premiums, is there something in legislation that prevents European companies from milking this cash cow

    They all made profits in the last few years, IIRC the whole industry made <€20m profit a few years ago, and made massive loses for the years before.

    BTW we've had other EU insurance companies enter the market and we're all paying money to cover them after they fecked off and left thousands of motorists with no insurance and massive liabilities for us to cover.

    There's nothing. The EU investigation is into the current companies not providing access to their claims database unless you become a member of the database, it's a non issue as there's no queue of companies wanting to enter our market.


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