Insurance premium costs

Dazack

Hi,

So I have been driving for 4 years not however in May (2 and a half years ago) I crashed my micra into another party and he went through insurance. I dented his read passenger door and it racked up to €1200 worth of expense. I was on my mothers policy at the time however that changed last april when I opened my own policy with AxA. I'm a young driver (22) so of course insurance companies are out to get me anyway (for obvious reasons) and I'm currently paying €2200 for my policy now. I'm wondering will this change alot after 3 years? When I got to renew I will have 1 yrs NCB but I'm just wondering should I wait the month before renewing so I have 1 yr NCB and 3 yrs No crash. I know some companies won't insure you if you had a crash in the last year.

Also I currently drive a 1 litre petrol and I'm very eager to get a 1.6 diesel or bigger. I'm a fool to even look for quotes in my situation or should I be alright.

Nody

Seeing how insurance prices are going up your 1 year of NCB is most likely still going to net you a increased premium overall (i.e. 1 year NCB = 10% discount, average rate increase 15%).

As for looking for a 1.6 diesel it's all about picking the right model that's not driven by young people a lot or likely to be involved in a crash and ask for a quotation. Do expect some eye watering results though.

Dazack

Thanks Nody. I found 1.6L Diesel Focus estates weren't absurd. However my pet fantasy of a nice Audi A4 1.9 TDI are in the dream book.

"Seeing how insurance prices are going up your 1 year of NCB is most likely still going to net you a increased premium overall (i.e. 1 year NCB = 10% discount, average rate increase 15%)."

Would you reckon the 3 years from the crash would have any difference? It's a wreck the head about the rising prices.

Stheno

Dazack wrote: »

Thanks Nody. I found 1.6L Diesel Focus estates weren't absurd. However my pet fantasy of a nice Audi A4 1.9 TDI are in the dream book.

"Seeing how insurance prices are going up your 1 year of NCB is most likely still going to net you a increased premium overall (i.e. 1 year NCB = 10% discount, average rate increase 15%)."

Would you reckon the 3 years from the crash would have any difference? It's a wreck the head about the rising prices.

Any VAG TDIs seem to be bad news insurance wise for young drivers.

Have a look at the renewals thread on here, people with no claims are setting massive jumps in insurance.

Also be aware that some insurers will look for three years history, others for five, and others will just ask if you've ever had a claim.

The average increase that is touted in the press is currently 25%

http://www.irishtimes.com/business/car-insurance-premiums-to-jump-by-further-25-industry-warns-1.2352457

galwaytt

Stheno wrote: »

Any VAG TDIs seem to be bad news insurance wise for young drivers.

Have a look at the renewals thread on here, people with no claims are setting massive jumps in insurance.

Also be aware that some insurers will look for three years history, others for five, and others will just ask if you've ever had a claim.

The average increase that is touted in the press is currently 25%

http://www.irishtimes.com/business/car-insurance-premiums-to-jump-by-further-25-industry-warns-1.2352457

25% my arse.
I paid €302 last year. Cheapest quote I could get this year was €527. That's 75%. Nearest other prices were 787 & 987 .

Did I mention it's a 2001 Audi?
I'm 48, full NCB etc etc, rural East Galway.

There's something fundamentally wrong with insurance company behaviour here imho.

ASOT

galwaytt wrote: »

25% my arse.
I paid €302 last year. Cheapest quote I could get this year was €527. That's 75%. Nearest other prices were 787 & 987 .

Did I mention it's a 2001 Audi?
I'm 48, full NCB etc etc, rural East Galway.

[b)] There's something fundamentally wrong with insurance company behaviour here imho.[/b]

What's wrong is they offered to low a premiums for to many years.

Liam McPoyle

ASOT wrote: »

What's wrong is they offered to low a premiums for to many years.

Exactly, the unsustainable 123.ie business model is beginning to reap what it sowed.

However I will say that the average premium today is still 20 to 25% cheaper than it was 10 years ago.

smash

Business Cat wrote: »

Exactly, the unsustainable 123.ie business model is beginning to reap what it sowed.

123.ie is owned by Royal and Sun Alliance and solely supply insurance from them. It's been years since it was any different and even back then they were only a broker.

5W30

I'm getting decent quotes on a 1.8 TDCI Focus at 20 years old with 1 year NCB. Renewal last September was 1500.

The same can't be said for a 1.9 TDI VAG car.

Liam McPoyle

smash wrote: »

123.ie is owned by Royal and Sun Alliance and solely supply insurance from them. It's been years since it was any different and even back then they were only a broker.

I know that, they were previously owned by Travellers and started aggressively marketing way below safe levels, RSA bought them out before the claims costs were fully realised hence there been a £200,000,000 hole in their - 123's - reserves 2 years ago.

dr.fuzzenstein

Business Cat wrote: »

I know that, they were previously owned by Travellers and started aggressively marketing way below safe levels, RSA bought them out before the claims costs were fully realised hence there been a £200,000,000 hole in their - 123's - reserves 2 years ago.

I think they fixed that. i was quoted €1400 with them (other quotes around the 4-500 mark). So their current business model seems to be to ask 3-4 times as much as anyone else and recap their losses that way.
Seems like a genius business plan to me, losing money? Triple prices. Fixed. :pac:
We'll see how that plays out.

Dazack

5W30 wrote: »

I'm getting decent quotes on a 1.8 TDCI Focus at 20 years old with 1 year NCB. Renewal last September was 1500.

5W30, Can I ask who that is with? I've never received good qoutes from 123.ie due to my crash. I'm with AxA atm but the "student deal" drive save policy is a wreck the head. However it saves 20% of €2200 so can't complain to much.

One of my friends is always singing the praises of Liberty Insurance. He is 21 and paying under €1000 for a 1.3L and has open driver.

Toyotafanboi

5W30 wrote: »

I'm getting decent quotes on a 1.8 TDCI Focus at 20 years old with 1 year NCB. Renewal last September was 1500.

The same can't be said for a 1.9 TDI VAG car.

I'm paying nearly double at 26 what I was paying at 20 on a glanza. Seems unfair. I'm coming around to the idea that premiums were artificially low back then perhaps, but it still leaves a bad taste that my policy has been increasing year on year not falling.

dr.fuzzenstein

Dazack wrote: »

5W30, Can I ask who that is with? I've never received good qoutes from 123.ie due to my crash. I'm with AxA atm but the "student deal" drive save policy is a wreck the head. However it saves 20% of €2200 so can't complain to much.

One of my friends is always singing the praises of Liberty Insurance. He is 21 and paying under €1000 for a 1.3L and has open driver.

It's not just a crash. 123 operates a secret lottery where they pull random names from a hat and put it on the PFO quote list.
But I also heard that their online quoting system is broken and it quotes people random phone numbers as premiums. That is why they will hound you to the ends of the earth if you ever got an online quote off them.

ToxicPaddy

I'm currently shopping for a motor insurance quote at the moment and the cheapest I can find is €808 fully comp which is just under €300 up on last year :mad:

I have over 10 years claims free driving, no penalty points, my car is alarmed, has an immobiliser, I have a full irish drivers license, I'm 40 yo and I do less than 10k kms a year, probably lucky to do that to be honest as I live a 5 min walk from my office and spend about a third of the year outside the country with work.

I haven't changed my car since 2007, I'm living at the same address for the last 6 years.

WTF is possibly going on that my insurance has gone up that much?

The only thing I can think of is that the car is a 2001 model but the 15 year old car thing wont kick in until next year.

I've had quotes from 808 to 1358, 4 insurance companies wont even quote me and I'm sitting here wonder what the hell went wrong

newacc2015

Business Cat wrote: »

Exactly, the unsustainable 123.ie business model is beginning to reap what it sowed.

However I will say that the average premium today is still 20 to 25% cheaper than it was 10 years ago.

According to insurance companies, their real premium are half of what they were about 12 years.

If people want to see how much insurance companies are creaming it in. Read RSA and FBD financial reports. You will see they are losing huge sums of money in Ireland. When a loss making business is trying to break even, they arent ripping people off

€302 IMO is a ridiculous price for insurance. It doesnt cover the risk of a possible crash at all

ToxicPaddy

ToxicPaddy wrote: »

I'm currently shopping for a motor insurance quote at the moment and the cheapest I can find is €808 fully comp which is just under €300 up on last year :mad:

I have over 10 years claims free driving, no penalty points, my car is alarmed, has an immobiliser, I have a full irish drivers license, I'm 40 yo and I do less than 10k kms a year, probably lucky to do that to be honest as I live a 5 min walk from my office and spend about a third of the year outside the country with work.

I haven't changed my car since 2007, I'm living at the same address for the last 6 years.

WTF is possibly going on that my insurance has gone up that much?

The only thing I can think of is that the car is a 2001 model but the 15 year old car thing wont kick in until next year.

I've had quotes from 808 to 1358, 4 insurance companies wont even quote me and I'm sitting here wonder what the hell went wrong

Just got a quote from one direct for €593, not as cheap as last year but damn better than what I've received from anyone else.

declan123

ToxicPaddy wrote: »

Just got a quote from one direct for €593, not as cheap as last year but damn better than what I've received from anyone else.

In somewhat similar position to yourself with my renewal with Aviva doubling renewal from previous years cost. After getting quotes from all over One direct is coming out on top. Policy is underwritten by AIG BTW. Strange that AIG were quoting me over 1100 on same car 2 years ago, today less the 500 for comparable policy.

You would have to wonder how these guys calculate risk.

ToxicPaddy

declan123 wrote: »

In somewhat similar position to yourself with my renewal with Aviva doubling renewal from previous years cost. After getting quotes from all over One direct is coming out on top. Policy is underwritten by AIG BTW. Strange that AIG were quoting me over 1100 on same car 2 years ago, today less the 500 for comparable policy.

You would have to wonder how these guys calculate risk.

AIG quoted me €1112 for the same policy with less benefits

5W30

Dazack wrote: »

5W30, Can I ask who that is with? I've never received good qoutes from 123.ie due to my crash. I'm with AxA atm but the "student deal" drive save policy is a wreck the head. However it saves 20% of €2200 so can't complain to much.

One of my friends is always singing the praises of Liberty Insurance. He is 21 and paying under €1000 for a 1.3L and has open driver.

I'm with NoNonsense

ASOT

newacc2015 wrote: »

According to insurance companies, their real premium are half of what they were about 12 years.

If people want to see how much insurance companies are creaming it in. Read RSA and FBD financial reports. You will see they are losing huge sums of money in Ireland. When a loss making business is trying to break even, they arent ripping people off

€302 IMO is a ridiculous price for insurance. It doesnt cover the risk of a possible crash at all

Basically hit the nail on the head, since I started working in the industry iv seen some of the reports and it's mad how companies could possible be In any way secure with the low premiums they were offering, it's fairly mental.

quadrifoglio verde

Toyotafanboi wrote: »

I'm paying nearly double at 26 what I was paying at 20 on a glanza. Seems unfair. I'm coming around to the idea that premiums were artificially low back then perhaps, but it still leaves a bad taste that my policy has been increasing year on year not falling.

Surely you can get that covered on a classic policy at this stage

galwaytt

newacc2015 wrote: »

€302 IMO is a ridiculous price for insurance. It doesnt cover the risk of a possible crash at all

Like all insurance company apologists you're making an assumption without assessing the ACTUAL risk I present. €302 is one car. €500 is the other. €300 for my 'bike. I have yet to master bi-, let alone tri - location and I do not present as a 3x risk, but rather the opposite. So it should actually be the premium / factored. €100 would be more accurate .
And you conveniently ignore low annual mileage, advanced driving courses, and then whinge about claims, but when I offer a large excess don't want to know. Or remove any own- vehicle risk by offering to take TPO or TPFT cover. But no, you miraculously tell me they cost the same as full Comp? Do you really think the informed motorist is that dumb ??

And you wonder why motorists don't believe a word from the insurance companies.

frozenfrozen

How do other countries do car insurance? Is it as high as here everywhere or are we getting taken for a ride or were we really at an artificially low rate before?

Nermal

frozenfrozen wrote: »

How do other countries do car insurance? Is it as high as here everywhere or are we getting taken for a ride or were we really at an artificially low rate before?

They don't pay out ridiculous amounts to malingerers with soft necks and their solicitors.

Dazack

Eeek, Didn't think this would be quite so controversial. However I can't see insurance companies changing their mind on fees anytime soon so I think I'm best off saddling up for another yr or 2 of my 1Litre.

While we are on other countries I think Germany does Road tax ridiculously well. Rather than having a flat rate based on your car they have it as a fuel tax. Ie the more you use the roads the more you pay. If you do 5,000km why should you pay the same as someone who does 20,000km.

Liam McPoyle

frozenfrozen wrote: »

How do other countries do car insurance? Is it as high as here everywhere or are we getting taken for a ride or were we really at an artificially low rate before?

Nermal wrote: »

They don't pay out ridiculous amounts to malingerers with soft necks and their solicitors.

^^^

Thats pretty much the major issue. Average payout in other EU countries for something like whiplash is €2000 to €4000. In Ireland its the guts of €20,000.

That sure as hell isnt down to the insurance industry so people can bash the industry and say its all the companies fault - they aren't blameless, far from it - however those that lay the blame at the feet of the companies or their "apologists" are clueless.

dr.fuzzenstein

Business Cat wrote: »

^^^

Thats pretty much the major issue. Average payout in other EU countries for something like whiplash is €2000 to €4000. In Ireland its the guts of €20,000.

That sure as hell isnt down to the insurance industry so people can bash the industry and say its all the companies fault - they aren't blameless, far from it - however those that lay the blame at the feet of the companies or their "apologists" are clueless.

That I completely agree with.
The question is, why are payouts so stupidly large? The only answer has to he an inbred legal system run by cronies and relatives of the government who have gradually turned the wheel to full steam on their gravy train and their buddies certainly won't interfere.
Why does the legal system not get uprooted and completely made over? Too much power and politicians in their back pockets.

Liam McPoyle

dr.fuzzenstein wrote: »

That I completely agree with.
The question is, why are payouts so stupidly large? The only answer has to he an inbred legal system run by cronies and relatives of the government who have gradually turned the wheel to full steam on their gravy train and their buddies certainly won't interfere.
Why does the legal system not get uprooted and completely made over? Too much power and politicians in their back pockets.

My personal opinion is because its a massive cash cow for solicitors. They have to do virtually no work and get a nice piece of any settlement figure. The government tried to stem the flow of solicitors creaming it from insurance claims by introducing the injuries board but something like 90% of injuries board cases are now represented by solicitors. Couple that with an archaic legal system (in general) in this country and a massive backlog of cases, aswell as inexperienced judges happy to throw money around as its easier for them to clear the case load than actually look at the incident objectively. Its going to get worse too and I can see it reaching critical mass in the next couple of years. At this stage the only way I see anything changing is if one of the major players in the market - Aviva, Axa or similar - pull the plug on motor insurance in this country.

smash

Anyone ever used 25plus.ie? I just got a good quote from them. €334 cheaper than my previous best quote.

ToxicPaddy

smash wrote: »

Anyone ever used 25plus.ie? I just got a good quote from them. €334 cheaper than my previous best quote.

Tried them, over €1k