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Irish insurance prices are ridiculous!

  • 16-05-2011 4:02am
    #1
    DonkeyRhubarb
    Registered Users, Registered Users 2 Posts: 534 ✭✭✭


    Hey all, little background. I'm Irish, but have lived in Korea for the last 9 months and just want to mention how high Irish insurance prices really are compared to the rest of the world!

    I drove bikes in Ireland for 4 years and paid a lot for my insurance every year on learner legal bikes. Always under that bloody 33bhp limit. About two months ago, I bought a Yamaha R6 145bhp here. I have no no-claims in Korea so technically I am a first time rider. I'm 25 years old. My insurance was equivalent to about 470 euro. 'No experience', no no-claims, 145bhp!!! 470 euro for the year.

    I love Korea:D


Comments

  • #2
    Alkers
    Registered Users, Registered Users 2 Posts: 6,868 ✭✭✭Alkers


    If you plan on coming back here later on, be aware that your Irish ncb can expire after three or five years. Would be **** to have to start again so can be worth getting a wrecked 50cc insured in your name just to keep the ncb alive


  • #3
    DonkeyRhubarb
    Registered Users, Registered Users 2 Posts: 534 ✭✭✭DonkeyRhubarb


    To be honest, I'm quite settled here now. I can't bring myself to go back to Irish prices and scraping the bottom of the barrel just to make ends meet.


  • #4
    positron
    Registered Users, Registered Users 2 Posts: 6,403 ✭✭✭positron


    DR, Congratulations on the new bike! So I guess you sold the FZ6 here?


  • #5
    DonkeyRhubarb
    Registered Users, Registered Users 2 Posts: 534 ✭✭✭DonkeyRhubarb


    I sold it, but I only got half of what I paid for it. I got it brand new, one year later I struggled to get half price :( My R6 is indescribable now though!!! :D


  • #6
    Cuddlesworth
    Registered Users, Registered Users 2 Posts: 13,995 ✭✭✭✭Cuddlesworth


    DonkeyRhubarb wrote: »
    Hey all, little background. I'm Irish, but have lived in Korea for the last 9 months and just want to mention how high Irish insurance prices really are compared to the rest of the world!

    I drove bikes in Ireland for 4 years and paid a lot for my insurance every year on learner legal bikes. Always under that bloody 33bhp limit. About two months ago, I bought a Yamaha R6 145bhp here. I have no no-claims in Korea so technically I am a first time rider. I'm 25 years old. My insurance was equivalent to about 470 euro. 'No experience', no no-claims, 145bhp!!! 470 euro for the year.

    I love Korea:D

    Equivalent to about 470 Euro? Can you elaborate?


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  • #7
    galwaytt
    Registered Users, Registered Users 2 Posts: 12,784 ✭✭✭✭galwaytt


    Simona1986 wrote: »
    If you plan on coming back here later on, be aware that your Irish ncb can expire after three or five years. Would be **** to have to start again so can be worth getting a wrecked 50cc insured in your name just to keep the ncb alive

    Correction: it will expire after TWO years. Not 3, not 5.

    Just so's you know.......

    Yep, keep a 50 insured here or something, from 2 years on, otherwise it's all for nought.......my SO lost 16 years claims-free over this, after coming back from maternity (x2). So much for C-N, then........ :rolleyes:

    OP - how much did/do bikes cost in Korea ? (particularly as you're riding an 'import' ! )

    Ode To The Motorist

    “And my existence, while grotesque and incomprehensible to you, generates funds to the exchequer. You don't want to acknowledge that as truth because, deep down in places you don't talk about at the Green Party, you want me on that road, you need me on that road. We use words like freedom, enjoyment, sport and community. We use these words as the backbone of a life spent instilling those values in our families and loved ones. You use them as a punch line. I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the tax revenue and the very freedom to spend it that I provide, and then questions the manner in which I provide it. I would rather you just said "thank you" and went on your way. Otherwise I suggest you pick up a bus pass and get the ********* ********* off the road” 



  • #8
    copeyhagen
    Registered Users, Registered Users 2 Posts: 4,528 ✭✭✭copeyhagen


    yep, 2 years it expires. had a 125 years ago for college. sold it on after college. bought a bike last year to get back into, ncb had expired. fookin bull**** country, why the fook should it expire, it was simply proof that i had driven for 2 years without claiming.


  • #9
    Pique
    Registered Users, Registered Users 2 Posts: 3,052 ✭✭✭Pique


    Cuddlesworth wrote: »
    Equivalent to about 470 Euro? Can you elaborate?

    Exactly.
    As the minimum wage here is 8.65 p/h and average industrial wage is (was?) 32k or summat, then 470 in ratio to those figures is what counts.
    55 hours on min wage will get you 470, or it's approx 1.5% of the average industrial wage.

    How do these figures compare to Korea ?


  • #10
    MikeC101
    Registered Users, Registered Users 2 Posts: 1,707 ✭✭✭MikeC101


    From memory, when I was there, average wage in Korea was about 30,000,000 Won, roughly 20k Euro at todays rates.

    Insurance was cheap sure, but if you're involved in an accident with a Korean driver, I'd suspect odds are high that it won't be decided in your favour, which would fit in with what I saw of how the police operated there.

    All the same, nice country to own a bike in, in my experience.


  • #11
    Cuddlesworth
    Registered Users, Registered Users 2 Posts: 13,995 ✭✭✭✭Cuddlesworth


    Pique wrote: »
    Exactly.
    As the minimum wage here is 8.65 p/h and average industrial wage is (was?) 32k or summat, then 470 in ratio to those figures is what counts.
    55 hours on min wage will get you 470, or it's approx 1.5% of the average industrial wage.

    How do these figures compare to Korea ?

    http://www.worldsalaries.org/korea.shtml

    Works out to 18k euro. I think we are at about 32k. That would work out at about 835. Now our cost of living is higher then most other countries even including wages. So you could add another 100 or so onto the price for operating costs. Then you have the involuntary payment into MIBA for un-insured drivers. Thats about 20% I believe. So lets say 1200. Then we would have a higher payout cost for the insurance company, better/more expensive vehicles driving around because of various things, VRT, import taxs, shipping costs, system set up for quicker removal of older vehicles. We also have a very clear and defined payout system for injuries which would be one of the highest in Europe. So in the case of a accident you are being insured for a much higher possible payout.

    All of a sudden we are not looking so uncompetitive.


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