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Property insurance broker commissions

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  • 22-08-2004 3:06pm
    #1
    ur mentor
    Registered Users Posts: 237 ✭✭


    Renewing existing premium on €4ml property last week. Quote €9k not too bad given poor record on property. Asked broker what was his commission and reply was 15%. Wow for a renewal, he was getting c €1400. Real fun started when he indicated we was going to refund this in full but charge a fee of €2,000. This was based on commission previous year as premium was higher! He did not want to suffer an income drop because premium had gone down. I only speak to this guy once per year and he had this policy for 5 years.
    So as anyone would do I went shoppping around. got another broker for €500 fee- full refund of commission. Went back to first broker- who in fairness had done all the work and just had to reinvoice- no change in underwriters etc. and asked him would he work for €500. he replied no and gave up the brokerage.
    Amazing series of event to my way of thinking. Anyway we have policy now for under €8000. :D


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    #2
    Our man in Havana
    Closed Accounts Posts: 29,476 ✭✭✭✭Our man in Havana


    They do the same for motor insurances too. I got a renewal quote for my car which was €1600. I wouldnt pay that much so i told him I was leaving as I had a quote for €900 from another company. He immediately matched the quote. I am still with the same insurnace company, So they must be on serious money!


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    #3
    Tenshot
    Registered Users Posts: 648 ✭✭✭Tenshot


    Similar story ... used the same broker for house and motor insurance for years. This year, decided to shop around. Got substantially cheaper quotes for both sets. Said to the broker that the house insurance was changing (realistically, he couldn't match it without admitting he'd been ripping us off for years). Was still willing to leave the motor insurance with him, since the relationship had been in place for a good while.

    He said no, all or nothing. Easy decision in that case...


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