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https://www.boards.ie/discussion/2055940817/signature-rules

Insurance Companies Feeling The New Law Changes?

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  • 12-08-2008 2:35pm
    #1
    TheElf
    Closed Accounts Posts: 148 ✭✭


    It just popped in my head, have insurance companies lost out on large amounts of money since the new law changes? The amount of provisional license drivers holding their own insurance has to have dropped, and I'm sure a lot of insurance companies received a few cancellations.

    Anyone know if this is the case? Just interested!:P


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    #2
    Permabear
    Closed Accounts Posts: 39,022 ✭✭✭✭Permabear


    This post has been deleted.


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    #3
    DaveyGem
    Closed Accounts Posts: 234 ✭✭DaveyGem


    TheElf wrote: »
    It just popped in my head, have insurance companies lost out on large amounts of money since the new law changes? The amount of provisional license drivers holding their own insurance has to have dropped, and I'm sure a lot of insurance companies received a few cancellations.

    Anyone know if this is the case? Just interested!:P



    Slight decrease, in October there was a huge rush to cancel policies when the new laws were announced. But it was explained to customers that they were still covered regardless of the laws.

    Interestingly there is a HUGE increase in the amount of people taking out their first policy on a Full lic. This will eventually mean that the idea of a money saving full licence (in Insurance terms) will soon become a thing of the past. i.e insurance companies could very likely hike rates so that the saving may not be as much as it once was...certainly for "first time drivers".


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    #4
    ssmith6287
    Registered Users Posts: 1,341 ✭✭✭ssmith6287


    I got quoted as 1400 on my permit, 1st car. I then changed permit to full Irish and the premium was decreased a staggering 8 euro :eek: think of the savings, theyll be doin insurance adds like the asda adds now


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    #5
    jhegarty
    Registered Users Posts: 6,440 ✭✭✭jhegarty


    donegalfella wrote: »
    This post has been deleted.



    I think it may have more do with the dropping prices of insurance...

    kids these days don't know how good they have it , €4,500 when I started driving back in 2001....


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    #6
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    ssmith6287 wrote: »
    I got quoted as 1400 on my permit, 1st car. I then changed permit to full Irish and the premium was decreased a staggering 8 euro :eek: think of the savings, theyll be doin insurance adds like the asda adds now
    Was this midway through your policy though ?


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    #7
    ssmith6287
    Registered Users Posts: 1,341 ✭✭✭ssmith6287


    nope, went onto www.insure.ie , now 1400 is very reasonable, not complaining about that. But I did the whole process again, just changed the licence and a drop of €8, bit crazy. Like what would the avg for 1st time driver on a full licence be


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    #8
    John Mason
    Hosted Moderators Posts: 10,661 ✭✭✭✭John Mason


    My insurance dropped by nearly €400 when i received my full licence. It is down to €500 from €900

    which i thought was a bit mental it might have something to do with my age and no claims bonus - but i am not complaining.


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