Cost of car insurance on the rise?

Amtmann

I have a clean, full license with a two years no claims bonus.
My car is a modest 1.4.
My insurance last year was €595. This year, to renew it will cost me over €700 (with AA)! Quinn and three other companies are quoting me something similar. They've both said the price of insurance is on the rise. Has anyone else experienced this of late?

Random

Prices do appear to be going up yes. There's been talk of it over on the motors forum too.

anotherlostie

Would it be because insurance companies invest the premiums when they get them, and of late these investments have been going down, meaning they have to make up the shortfall by jacking up everyone's premium? And there's the additional factor that there are fewer people on the roads here than 12 months ago due to immigration and second cars being sold in families where only one car is needed now (for work reasons, or cutting back on spending).

FIRE

My policy in January for my car a 1.4, was €461. I have 2 year NCB. My policy is with One Direct.

It'll be next January before I get a renewal on that, but.....

on my Bike a 1000cc sports bike, 9 year+ NCB it was €402 last May with Adelaide and just got my quote in today and has gone up to €467, not too much.

And with any of the other Insurance companies for my bike I'd be paying into the thousands......

You might check One Direct for a quote Furet, I havent been with anyone else for my car Insurance, and they always come back with better quotes.

L1011

Most people in work are having increased quotes, but mine has gone down 900 quid... ~2800 to ~1900.

I've an extremely high risk class car rather than being 17 on a provisional with 11 points!

serfboard

Yes car insurance is going up - mine went up (but only by 20 EUR) earlier this year.

I'd agree that there's probably an element of this in it.

anotherlostie wrote: »

Would it be because insurance companies invest the premiums when they get them, and of late these investments have been going down, meaning they have to make up the shortfall by jacking up everyone's premium?

After all, most of the time insurance is just a license to print money, since (wild random guess) 99% of people probably don't use it in a given year.

In fairness, there is competition in the market though, so make sure you ring around.

thebman

Ring everyone and try all the websites to get a cheap quote then ring the others again and say what you have etc.. until they won't go any lower and then go to the person with the lowest number.

Amtmann

I was thinking of mothballing the car anyway. Then I heard the quotes and decided I'm definitely giving up the car. My driving days are coming to an end of the forseeable future.

Royale with Cheese

Insurance went up for me by €100, was in shock considering the price of everything else is going down, and had no claims for 3 years etc.

Rang up, gave out shít, got it lowered by €150. Am with Allianz.

Ham'nd'egger

anotherlostie wrote: »

Would it be because insurance companies invest the premiums when they get them, and of late these investments have been going down, meaning they have to make up the shortfall by jacking up everyone's premium? And there's the additional factor that there are fewer people on the roads here than 12 months ago due to immigration and second cars being sold in families where only one car is needed now (for work reasons, or cutting back on spending).

That is exactly it; policy monies are invested away to help cover for claims and to give a war chest when needed and as investments and interest is low, there is little scope to play the markets. There are also less people out there to cover (immigration, unemployment and less cars) and there is now a situation whereby some minor accidents and taps which would have not been claimed in the recent past are now being chased by punters, adding to the claims pool.

All you can do now is shop around and go for the best overall package to suit you but this is something that we all should do

Chris_533976

Furet wrote: »

I was thinking of mothballing the car anyway. Then I heard the quotes and decided I'm definitely giving up the car. My driving days are coming to an end of the forseeable future.

I'm tempted to add this to my sig for the day when we see a vid of the full M8 from you in 2010

Amtmann

Chris_533976 wrote: »

I'm tempted to add this to my sig for the day when we see a vid of the full M8 from you in 2010

Well, by mothballing it I do reserve the right to break it out for special occasions.

TestTransmission

The missus's insurance has gone down from 490 to 410,and thats with me included on the policy as a named driver.
Shes with Quinn

Capt'n Midnight

Hamndegger wrote:

) and there is now a situation whereby some minor accidents and taps which would have not been claimed in the recent past are now being chased by punters, adding to the claims pool.

deffo more chancers out there, but the insuracne companies seem to be investigating more , anyone else seem t think so ?

Ham'nd'egger

Capt'n Midnight wrote: »

deffo more chancers out there, but the insuracne companies seem to be investigating more , anyone else seem t think so ?

It isn't the chancers I'd be thinking of though you are right in saying that they are being caught out big time in the last few years. It is a rise in people claiming over smaller crashes in the last couple of years that they'd have otherwise covered from their pocket; the likes of taps in car parks and crawling traffic etc

Capt'n Midnight

But that's crazy as your premiums would go up for a few years, even if you were the person who was hit

Cleopatra12

ok, so this might be slighlty off topic, but if you have an Annual ticket with Dublin Bus, Allianz are offering a 10% discount on your car insurance. Its a new promotion

Ham'nd'egger

Capt'n Midnight wrote: »

But that's crazy as your premiums would go up for a few years, even if you were the person who was hit

I agree with you; just a question of can you afford to not claim or to claim I guess.

Capt'n Midnight

Hamndegger wrote: »

I agree with you; just a question of can you afford to not claim or to claim I guess.

no it's just a question of pay now or pay even more later