Recession and increasing price for car insurance

rai555

My insurance is for renewal, i was shopping around more than a month, just sourcing the best quote, i've noticed the prices grown up for about 10% in a month and insurers confirming same. Can't understand - there's still no competition between companies, apparently national consumers agency and consumers association won't help us

randypriest

Insurance companies are Satan's spawn. Well if you are a young male driver anyway.

bladebrew

well all they have to say is that claims are up therefore insurance prices will go up,i think they warned people that prices would go up earlier in the year,
the thing is they are still a business,some people think insurance companies should feel sorry for them because they are only 18 and only have a micra etc etc,they wont its all about the money:)

Henry Ford III

Hardening insurance market will price contracts with little or no reference to the world economic situation.

stevenmu

Part of the reason is that insurance companies pump a lot of the money they get into fixed assets, property being the major one. With the recession/property slump they've taken a huge hit on their finances and the premium hikes are a way to compensate for that.

The rest of the reason is of course that they're thieving bast*rds.

Gumbo

insurance everywhere is up, even house insurance has risen this year and ive been told it will rise next year too due to the amount of claims being made.

Zonda999

kceire wrote: »

insurance everywhere is up, even hose insurance has risen this year and ive been told it will rise next year too due to the amount of claims being made.

Yep, insuring your garden hose is a must, no matter what the economic climate is like!:P

I know though, its sh*t about the insurance. I think Quinn, though, to be fair are getting their act together in the last couple of months. Judging from their quick online quotes, they seem to be way cheaper than some of the others. Got my insurance renewed a couple of weeks ago and Quinn were by far and away the cheapest

RLJ

mine went up a few euros. I got a cheaper quote by shopping around but on closer inspection i saw that with the cheaper quote there was no windscreen cover and in one case an online quote was contradictory. The offline branch of the company could not comment or advise me so i left it be. It is OK to shopa round but be careful you get the same level of insurance/windscreen/roadside asst if that is important

Wertz

Zonda999 wrote: »

Yep, insuring your garden hose is a must, no matter what the economic climate is like!:P

I know though, its sh*t about the insurance. I think Quinn, though, to be fair are getting their act together in the last couple of months. Judging from their quick online quotes, they seem to be way cheaper than some of the others. Got my insurance renewed a couple of weeks ago and Quinn were by far and away the cheapest

I had the opposite experience...after reading about price hikes I did some onine quotes just to see what prices were like (my insurance isn't up till feb).

Current quote with FBD/123 was for €680 TPFT...that was after moving from Quinn who wanted €830 for the same year, for the same policy (they covered me for €960 with no NCB the previous year)...now with 2yrs NCB on the same car, same details, no points, they wanted €1130...so not taking into account 2yr NCB, the original QD quote has increased by ~18% (+ the 2yr NCB discount) so maybe 35% increase.

I can't wait to see how much motor tax goes up...