Motor Insurance Industry - Ridiculous Price Hikes, Again!
- Thread starter MrEarl
- Start date
Wife recently saved €86 on her most recent car insurance. Only had to ring 4 other companies, rang a few others also but getting crazy prices.
€290 for comp incl step back for 19D car incl breakdown and windshield.
If you're not getting multiple quotes, you're very likely getting rinsed.
Same for utilities, every year, shop around.
€290 for comp incl step back for 19D car incl breakdown and windshield.
If you're not getting multiple quotes, you're very likely getting rinsed.
Same for utilities, every year, shop around.
Absolutely. 'Renewed' with AIG but as a new customer rather than simply taking their renewal offer. Saved over €50. Insurance industry practices in Ireland are bizarre at times...
In my opinion that's simply a corollary of the "always shop around" point. Just haggling a discount on the original renewal premium from the incumbent insurer doesn't necessarily mean that you're getting good value for money.
Who was that with?
Nice. You got their minimum premium.
Car Insurance Ireland | Get a Quote Online & Save 15% | AIG Ireland
Car insurance you can trust. Get a quote online with AIG Ireland, enjoy a 15% online discount, save up to 65% with your No Claims Bonus and cover built for you.
www.aig.ie
€280 x 1.0395 =~ €291
Renewed recently, €369 down from €386 last year. As I'm long past the maximum NCB at this stage [25 years], any reduction from year to year is always a nice surprise. That was with Aviva - did some shopping around anyway. Some crazy quotes out there - up to about €1000, but the only one that came close was Allianz. Their headline price was actually lower than my renewal, but after adding in extras like protected NCB, breakdown cover etc., they ended up a bit more expensive.
I've found Allianz to be very competitive over the past few years generally, usually the cheapest by a lot for home insurance.
That's plain madness, but I suppose someone has to be made to pay for the rugby ground, €96.11 extra as an existing customer on the single-payment premium, but the finance charges seem widely askew.
An existing customer pays €92.20 on the never-never, while a new customer pays €131.63 for finance or 43% more. Justifiable as set-up charges for new IBAN etc or do they ever have to justify anything publicly? Maybe there's room to squeeze an additional €39.43 off the finance charges on the new customer quote bringing it down to €538.81 as you're not a new customer.
Do they give discounts on match tickets if you buy their policies and finance?
An existing customer pays €92.20 on the never-never, while a new customer pays €131.63 for finance or 43% more. Justifiable as set-up charges for new IBAN etc or do they ever have to justify anything publicly? Maybe there's room to squeeze an additional €39.43 off the finance charges on the new customer quote bringing it down to €538.81 as you're not a new customer.
Do they give discounts on match tickets if you buy their policies and finance?
Shows how useless the anti price walking/differential pricing regulations introduced by the Central Bank a few years ago are.
www.centralbank.ie
Even though the CBI think that these regulations are working great.
www.lawsociety.ie
Central Bank implements new Insurance Regulations
The Central Bank of Ireland has today published the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Insurance Requirements) Regulations 2022 which will apply to insurance undertakings and insurance intermediaries from 1 July 2022.
Ban on ‘price-walking’ working – Central Bank
www.lawsociety.ie
It is working after your second policy year. Your second, third and subsequent renewals cannot get more expensive simply because you have been with the insurer for longer.
The first renewal is more expensive because you lose the new customer discount.
So there is still a reward for shopping around, but you aren't penalised as much if you don't.
The first renewal is more expensive because you lose the new customer discount.
So there is still a reward for shopping around, but you aren't penalised as much if you don't.
Car Insurance - Differential pricing
I just got a car insurance quote from AIG. It has increased purely because they increased their minimum premium from €280 last year to €330 this year. When I did an online quote the minimum premium applied was €280. (Although the quote was still higher). My question is, are insurance companies...
www.askaboutmoney.com