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Liberty Insurance increased by 65% on 2013

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  • 17-01-2014 5:12pm
    #1
    Walker34
    Registered Users Posts: 425 ✭✭


    Hi,
    my quote for Liberty household insurance increased by 65% since Jan 2013 and I had no claims (ever), and no changes to insured property details. I asked them to requote and recalculate and the shaved a full €18 off the quote (from €508 to €490) Whats the hustle, what excuse are they using this year for exorbitant inflation busting increases. :mad:


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    #2
    maximoose
    Registered Users Posts: 9,202 ✭✭✭maximoose


    Have you got any quotes elsewhere?

    From my experience, insurers don't give a crap about your loyalty. They bump up the prices knowing that a lot of people will stay with them anyway to avoid hassle of switching, and it's no biggie if they lose your custom.


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    #3
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    maximoose wrote: »
    Have you got any quotes elsewhere?

    From my experience, insurers don't give a crap about your loyalty. They bump up the prices knowing that a lot of people will stay with them anyway to avoid hassle of switching, and it's no biggie if they lose your custom.

    +1 This is the kind of question they ask in Maths exams where the answer is worked out using differential calculus e.g. 'for every 10% rise in the renewal premium we estimate we will lose 5% of existing customers. Calculate the rise in renewals which will maximize revenue.'

    Clearly in the OP's case the answer was 65%. In the example quoted above it's 50%.

    As the poster above has pointed out, it's nothing to do with loyalty, while they're advertising all sorts of goodies to entice new customers, they will royally screw the existing customers who don't either walk away or phone up quoting better quotes from the competition.


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    #4
    Walker34
    Registered Users Posts: 425 ✭✭Walker34


    In the process of getting quotes, but the hustle here (among those quoted by others) is that if you take out car insurance with us we will do a better package deal. All they are doing is forcing you to take out car insurance as well, with the same company, otherwise suffer the consequences come car insurance renewal time.


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    #5
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    Walker34 wrote: »
    In the process of getting quotes, but the hustle here (among those quoted by others) is that if you take out car insurance with us we will do a better package deal. All they are doing is forcing you to take out car insurance as well, with the same company, otherwise suffer the consequences come car insurance renewal time.

    Don't fall for that nonsense, they're using excuses to justify the attempt to rip you off on the household renewal. Even if you do take out a car policy, they will still try it on next year. The call agent you're dealing with is probably on a bonus if they can get new business, they are simply holding back their discretionary discount on the household renewal to get you to sign up for a Liberty motor policy. No way is there any justification for that hike in the premium.

    Just tell them what other companies are quoting. Make up low quotes if necessary, this is not the time to be timid or honest, screw them as they are trying to screw you.


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    #6
    No Pants
    Closed Accounts Posts: 3,347 ✭✭✭No Pants


    My missus got Zurich to knock €98 off her renewal quote on the basis of an online quote from 123.ie that took five minutes. My renewal arrived today. I haven't taken a serious look at it yet, but I will over the weekend and if it's higher, I'll be taking a similar approach.


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    #7
    Sarn
    Registered Users Posts: 3,076 ✭✭✭Sarn


    My renewal was up over 50% this year (Tesco), again no change in circumstances. After shopping around the best I could do was a 20% increase on last year. Most of the places I contacted were in line with my original quote. Saying that, this year's policy has some extra benefits so it more or less covers the increase.

    Edit: That's what I get for only half reading a thread. I was referring to car insurance.


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    #8
    Teagwee
    Registered Users Posts: 371 ✭✭Teagwee


    Sarn wrote: »
    My renewal was up over 50% this year (Tesco), again no change in circumstances. After shopping around the best I could do was a 20% increase on last year. Most of the places I contacted were in line with my original quote. Saying that, this year's policy has some extra benefits so it more or less covers the increase.

    In general, I despise the so-called extra benefits. I want bare bones insurance, as I'm not going to claim for frills like freezer food and have a) a definite and substantial premium increase for years and b) no option to go elsewhere having made that claim.

    I'd ideally like to be able to choose what I'm covered for, which is basically fire only - we live on top of a hill and won't be flooded unless the rest of Ireland is swallowed up. There's no point in covering extra things that you will never realistically claim for IMO.

    In terms of theft, we have done what we can to reduce that possibility and know that unless all our wordly goods are stolen in one fell swoop, there's little chance that claiming will not lead to an unprofitable combination of a) and b) above anyway.


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