Motor Optimising motor insurance price.

Discussion in 'Insurance not covered in other forums' started by tecate, Apr 12, 2017.

  1. tecate

    tecate Registered User

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    I filled out an online quotation form - that gave me a rate of €411 - but requested that I phoned them to complete the process.


    I'm confident that none of the other details I would have given them were a factor (all normal/low risk profile items) with one exception;

    5 x penalty points (2 + 3 points for exceeding speedlimit on 01/07 & 24/07 2014). Policy will start on 13th May. These points will be cleared off my license within the first quarter.


    Someone suggested that I could cancel my policy and re-apply for a new one after quarter 1.

    An hour go, I gave credit card details to pay for the year (it's €150 more than the figure above).

    Can this be done? Is it above board to do so?
     
  2. mathepac

    mathepac Frequent Poster

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    I'm not sure what you're asking. Have you declared the points? If you haven't then you are not validly insured. Have they asked for a copy of your licence?
     
    tecate likes this.
  3. tecate

    tecate Registered User

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    26
    My car insurance is due for renewal on the 13th of next month. I filled out an online quotation form with a broker. That form asked for partial details (without querying penalty points) and asked me to click 'call back' - so that customer service could complete the quotation for me. However, prior to the call, they emailed me the rate of €411.
    Once they called me, I disclosed details of my 5 points (all of which will be wiped from my license by the end of July 2017). I proceeded with the quote (which was €150 more than the €411).

    However, I've got to thinking - if there was a mechanism to take out just 3 months insurance in the first instance, I'd then be free of penalty points and could renew for a complete year at a lower rate. That's what I'm wondering about. Is such a thing possible?
     
  4. peteb

    peteb Frequent Poster

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    Only12 month policies available. If you cancel in the first year you will be charged short term rates and therefore negate any saving.

    Suck it up for 12 months. Then just try again.
     
    tecate likes this.
  5. tecate

    tecate Registered User

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    I contacted the broker. Apparently that was a 'quick quote' which didn't factor in either the penalty points or Full NCB Protection. He did say that I'd be hit with a penalty for cancelling (i.e. no full refund).

    On that basis, I'm happy enough. At the end of the day, they were the cheapest of some 15+ insurers I contacted.
     
  6. Meath Lady

    Meath Lady Frequent Poster

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    tescate. Did you already receive your notification for 13th May. My insurance is due for renewal on May 1st and I am patiently awaiting my quote. I was wondering how much notice are insurance companies required to give. Who did you insure with. It seems a good price especially with 5 penalty points
     
  7. tecate

    tecate Registered User

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    @Meath Lady : not sure what the legal requirement is re. Renewal notice but fbd were unusually early in sending it out...over a month in advance.
     
  8. Meath Lady

    Meath Lady Frequent Poster

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    Thanks just realised that mine had come by e mail but i had missed it.
     
  9. tecate

    tecate Registered User

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    I think it's 21 days - or at least that's what my home insurer told me. Not sure why I'm so early in sorting these things out this year. I never leave to the last minute but for some reason, I'm taking it to the extreme this year! I guess I want to get those two bills (car and home ins.) done and dusted and out of the way....

    It's a cliche at this stage but just in case anyone has been living under a rock, it really does pay to shop around. Range of quotes from one end of the spectrum to the other for both motor and house....
     
  10. mathepac

    mathepac Frequent Poster

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    It's 15 days.

    "Renewing your motor insurance

    Under Non-Life Insurance (Provision of Information) (Renewal of Policy of Insurance) Regulations 2007 (SI No. 74/2007) your motor insurance company must issue your insurance renewal notice not less than 15 working days before the date of expiry of your insurance policy. It is also required to include with the notice your no claims discount certificate. You will need this certificate if you want to renew your motor insurance with a different insurance company."

    http://www.citizensinformation.ie/e.../motor_tax_and_insurance/motor_insurance.html
     
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  11. tecate

    tecate Registered User

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    @mathepac : You're quite right that the minimum time period that the insurer has to send out a renewal notification is 15 days in advance. At the other end of the scale (i.e. how long in excess of 15 days they send out renewal notifications), the various insurers have differing policies. In the case of mine, it's 21 days (and they weren't going to deviate from that despite me wanting to renew based on a quote I had worked up on their website which left my insurance no more expensive than last year). For others, it may be more or less - ranging from the statutory 15 to 30 days beforehand. See Table 1 on page 21 here.