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Car insurance from an outside point of view

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  • 09-12-2003 6:20pm
    #1
    Virus_Inc
    Registered Users Posts: 333 ✭✭


    Here's my two cents on irish car insurance.... insanely expensive!
    I've heard stories of people paying well over a grand for a granny car with an engine the size of a sewing machine! What's up with that?

    To add some perspective (and show how green the grass is on the other side) the first car I ever insured for myself (85 ford laser, 1.3L) cost me $200NZ for a years third party insurance with no prior insurance record and as an under 25...

    The one that really pisses people off is my classic car (67 Chevy Impala, 5L V8)... although it does have some restrictions on it (Car must be unmodified, have to be a member of a classic car club, 5000 miles a year limit) for a full year of full cover and as an under 25 this cost me the grand sum of $78NZ.... I mean, hell, it costs me more to fill it up with gas!


    So why is Irish insurance so expensive?


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    #2
    mike65
    Closed Accounts Posts: 88,978 ✭✭✭✭mike65


    Oh boy! Where to start.....a number of factors have come together over the years but mainly the problems are very little comptetion between companies with only a handful in the auto insurance market (5 big names have eaten up the smaller guys...)

    Our legal system is distorted, its heavily basied towards the claimant with follish rewards for slight/fake injuries. Legal costs in the country are through the roof as solicitors and esp barasters are paid a fortune for doing bugger all. Other things don't help like our bad behaviour on the road, poor law enforcement etc but mainly its the courts and lack of competition...

    Mike.


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