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Passed driving test-meager Insurance refund

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  • 31-08-2008 6:10pm
    #1
    coco85
    Registered Users Posts: 153 ✭✭


    Hi,

    I passed my driving test this week.Yippee!:)

    I rang my insurance company to see how much of a refund i was due on my annual insurance. Only renewed policy two months ago...

    Refund due only 70 euro!!!?? Is it just me or does anyone else think that this refund is tiny?

    Anyone else with the same experience?

    Thanks


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    #2
    Bluetonic
    Registered Users Posts: 7,588 ✭✭✭Bluetonic


    People might be able to tell you if it's tiny if you let them know how much the original policy is.

    70 euro refund on an original policy of say 500 euro seems quite reasonable, whereas 70 euro refund on an original policy of say 5,000 euro wouldn't be quite so reasonable.

    Did you quote for your insurance now using the same details with your full license for 0 years with the same insurer and work out the differences?


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    #3
    coco85
    Registered Users Posts: 153 ✭✭coco85


    Just tried getting an online quote but after filling out all the details i get a polite message saying to contact them via telephone for best quote they can give me and no online quote!

    Original policy was 580 euro..so maybe its not so bad, but i was expecting more!.. Thanks for the advice:)


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    #4
    UrbanFox
    Registered Users Posts: 472 ✭✭UrbanFox


    coco85 wrote: »
    Just tried getting an online quote but after filling out all the details i get a polite message saying to contact them via telephone for best quote they can give me and no online quote!

    Original policy was 580 euro..so maybe its not so bad, but i was expecting more!.. Thanks for the advice:)

    You could take this one step further.

    Get a few on-line quotes from competitors to see how your present insurers rate for premium. (Be sure that you are getting quotes for similar cover) If you get more favourable quotes goad your present insurers to match their competitors onpremium and see if they bite. Don't be surprised though if you get the "so what" that typifies some insurance companies !

    With motor insurance it does seem to pay to shop around as different insurers seem, in different years, to be more or less competitive in cycles and your loyalty to them may actually cost you money.


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    #5
    bills
    Registered Users Posts: 952 ✭✭✭bills


    coco85 wrote: »
    Just tried getting an online quote but after filling out all the details i get a polite message saying to contact them via telephone for best quote they can give me and no online quote!

    Original policy was 580 euro..so maybe its not so bad, but i was expecting more!.. Thanks for the advice:)

    that seems pretty good. Your policy total wasnt vey high so i wouldnt expect too much. I remember i didnt get much of a refund for mine either at the time.


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    #6
    Greenmachine
    Registered Users Posts: 5,063 ✭✭✭Greenmachine


    That is definately pretty good. I remember on a bike policy worth 2,200 with CN. I got back something like 60quid three months into my policy after getting my full license.


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    #7
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    Some peoples policys go up when they get their full license so there's no sure fire way to tell really.


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    #8
    pow wow
    Closed Accounts Posts: 5,288 ✭✭✭pow wow


    Random wrote: »
    Some peoples policys go up when they get their full license so there's no sure fire way to tell really.

    ...because the risk is deemed to be greater because you're now driving 'unaccompanied' :cool: Without going into the ins and outs of whether learners really drive accompanied anyway...it does make sense...in a way.


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    #9
    GerardKeating
    Registered Users Posts: 7,650 ✭✭✭GerardKeating


    coco85 wrote: »
    Hi,

    I passed my driving test this week.Yippee!:)

    I rang my insurance company to see how much of a refund i was due on my annual insurance. Only renewed policy two months ago...

    Refund due only 70 euro!!!?? Is it just me or does anyone else think that this refund is tiny?

    Anyone else with the same experience?

    Thanks


    Depends how young you are ?


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    #10
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    ellscurr wrote: »
    ...because the risk is deemed to be greater because you're now driving 'unaccompanied' :cool: Without going into the ins and outs of whether learners really drive accompanied anyway...it does make sense...in a way.
    I wasn't complaining or querying (although I hate the way insurance works) - I was just trying to put things in perspective for the OP.


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    #11
    pow wow
    Closed Accounts Posts: 5,288 ✭✭✭pow wow


    I didn't say you were complaining, apologies for thinking it was appropriate to explain the reason behind the process for people who perhaps were curious about it :rolleyes:


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    #12
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    Dam right! Don't do it ever again. Anyways, I'm not getting into an overcomplicated mess of words. Grand so, you were adding to the thread and not correcting me :)


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    #13
    January
    Closed Accounts Posts: 23,862 ✭✭✭✭January


    I don't know who you're insured through, but some insurance companies do not give anything back mid year for a change in license they wait untill next renewal.

    It can be standard process sometimes.


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    #14
    Colonel Sanders
    Closed Accounts Posts: 7,669 ✭✭✭Colonel Sanders


    ellscurr wrote: »
    ...because the risk is deemed to be greater because you're now driving 'unaccompanied' :cool: Without going into the ins and outs of whether learners really drive accompanied anyway...it does make sense...in a way.

    some companies don't rate up prrovisional drivers above a certain age (not sure which ones, I've worked for 2 and it was mooted in both at one stage or another but thankfully rejected) . However licence age is a rating factor with most companies (probably all companies). Your licence age goes back to zero after passing and your premiu goes up.

    OP your premium went down by almost 15% if you take 70 divided by the unearned portion of the original 580 (580*(10/12) = 483.33). Thats a fair discount (also taking into account what i said about licence age above)


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    #15
    NiSmO
    Closed Accounts Posts: 1,670 ✭✭✭NiSmO


    This post has been deleted.


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    #16
    suppafly
    Registered Users Posts: 3,055 ✭✭✭suppafly


    coco85 wrote: »
    Just tried getting an online quote but after filling out all the details i get a polite message saying to contact them via telephone for best quote they can give me and no online quote!

    Original policy was 580 euro..so maybe its not so bad, but i was expecting more!.. Thanks for the advice:)

    that sounds very decent. Yur premium was very low the first time. Mine was like 1240 the first time and i got €110 back. My premuim is now €693 which i thought was still a bit high for the small car i have and being over 25.


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