Car Insurance quote up 20%

G

Galway Joe

Registered User
Messages
7
Hi Folks - not sure if I have the right section for this or not! I just got a renewal quote in from my insurer which has increased by 20% since last year. I was under the impression that with the agreement with Government and insurance companies regarding reduced payouts in the case of accidents that the savings would be passed on to the motorist. Thankfully I have had no accidents in my 43 years of driving. - Any comments most welcome.
 
+1
This time and every time!
For the last almost 2 years I had my eldest named on my policy, policies I obtained through a broker and that were at a fair market price I believe.

As he's now insured in his own right I sought renewal terms for just myself this time, and the best quote the broker could get was from my current insurer. The quote was "X".

By shopping around I am now renewing, yes renewing, with my current insurer for "X" -€190, a saving of circa 33%.

Always shop around. Always!
 
Insurance companies have margins to hit each year, and because car insurance is a legal requirement in Ireland, they are a law onto themselves.

An all things being equal increase of 20% you've been quoted is a result of poor regulation by policy makers, and a lack of transparency from insurance companies.

I suspect if you go online and enter the same details from your renewal quote with the same insurer, your base premium (before discounts etc.) will be vastly different. No sound reason for this other than profiteering from a captured audience.
 
Exactly as FCBC says. I got renewal last month up 200 euro rang them and it magically went down to the same price I paid last year but got it cheaper else where so moving regardless.
 
FCBC12 said:
Insurance companies have margins to hit each year, and because car insurance is a legal requirement in Ireland, they are a law onto themselves.

An all things being equal increase of 20% you've been quoted is a result of poor regulation by policy makers, and a lack of transparency from insurance companies.

I suspect if you go online and enter the same details from your renewal quote with the same insurer, your base premium (before discounts etc.) will be vastly different. No sound reason for this other than profiteering from a captured audience.
Click to expand...
And lack of effective competition.
 
Leo said:
And again a lack of cunsumers shopping around each year. If everyone shopped around, insurers would be quick to stop price walking.
Click to expand...

Constantly amazed at those that renew with same company after ringing up to complain about their quote and then get offered a cheaper one, despite no change in particulars. You've just given your business to the company that just tried to scam you. They have nothing to lose trying it on again next year!
 
Itchy said:
Constantly amazed at those that renew with same company after ringing up to complain about their quote and then get offered a cheaper one, despite no change in particulars. You've just given your business to the company that just tried to scam you. They have nothing to lose trying it on again next year!
Click to expand...
Yeah, a few times where the current insurer offers to drop the price to the same or a little lower than the best alternative I've still gone and switched and told them why.
 
As recorded by the CSO, car insurance has fallen 40% since 2016 and shows no signs of increasing, see chart.

So this is not a generalised thing.

Either the 20% is specific to your age or car, or you need to just shop around, or both.


fredgraph.png



Let us know how you get on!
 
My renewal quote was ~20% higher late last year. Inputting all the same details as a new customer got me a quote that was broadly in line with what I paid the year before.
 
I was stunned by my recent renewal, in a good way. I had a claim during the year for approx. €2,500. I figured my insurance would go way up, instead, when the renewal came, I was quoted €150 less than last year!? I use a broker so I can't recall if it's with the same company or not.
 
Ruben86 said:
I was stunned by my recent renewal, in a good way. I had a claim during the year for approx. €2,500. I figured my insurance would go way up, instead, when the renewal came, I was quoted €150 less than last year!? I use a broker so I can't recall if it's with the same company or not.
Click to expand...
Perhaps you had full no claims protection on your policy?
 
In general, it's the SSDD when it comes to motor insurance - your existing provider will try and bump up your premium, even if you haven't had any claims, because most people will still accept it, and renew.

People need to cop on, and get into a routine of pricing around, every year, and expect to move insurance provider, every year.

Sure, it takes a bit of time, but why allow these companies to overcharge you?

Health Insurers, Banks, General Insurers, Electricity and Gas Providers, Phone line Providers, Broadband Providers, all do the same thing - so don't be fooled, by thinking that customer loyalty is worth anything to you, as its not (it actually works against you, more times than not!).

Getting back to Car Insurance - I've found Easytrip quite competitive, over the last two years. They are acting as a broker, and clearly looking to build a new book of insurance.
 
MrEarl said:
Getting back to Car Insurance - I've found Easytrip quite competitive, over the last two years.
Click to expand...
They seem to do motorway to motorway toll tags and expat motor insurance. Am I missing something?
www.easytrip.ie

Toll Tag - M50, M1, M3, M4, M6, M7, M8... Easily the best toll tag in Ireland

The best toll tag in Ireland, free flow express motorway travel, parking and car wash. The innovative solution for all your journeys needs.
www.easytrip.ie www.easytrip.ie
www.easytrip.ie

Expat Car Insurance - 75% discounts on tolls in Ireland, Park Anywhere

EV drivers can get up to 75% discounts on tolls in Ireland. This is applied directly when they use an Easytrip tag.
www.easytrip.ie www.easytrip.ie
 
We, my wife and I have a car each and we have our house insured with the same company for the last ten years approx. There is always a little increase in the premium but when I ring the company always manage to get it for the same or close enough as the previous year. We have free travel insurance because of having the two cars and house insured with them. I will stay with them until it suits me not to .
 
joer said:
We, my wife and I have a car each and we have our house insured with the same company for the last ten years approx. There is always a little increase in the premium but when I ring the company always manage to get it for the same or close enough as the previous year. We have free travel insurance because of having the two cars and house insured with them. I will stay with them until it suits me not to .
Click to expand...
Have you ever priced around elsewhere for your home, motor and travel insurance? I wouldn't be surprised if you would pay less even if you weren't getting the travel insurance "for free" (hint - it's not actually free).
 
I always shop around on line to compare and I always get a phone call from the companies but never get anything like I am getting from my own insurance company price wise.
Let's just say I don't pay anything extra for my travel insurance, so to me it's free.
 
You must log in or register to reply here.
Back
Top