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Car Insurance

  • 22-12-2015 10:57am
    #1
    Ratzo Rizzo
    Registered Users, Registered Users 2 Posts: 230 ✭✭


    I recently moved from a 2002 1.6 saloon to a 2004 1.8 estate and my insurance quote is a whopping €160 more than it was last year! Is this normal for such a small change in engine size...?


Comments

  • #2
    statto25
    Registered Users, Registered Users 2 Posts: 3,858 ✭✭✭statto25


    Ratzo Rizzo wrote: »
    I recently moved from a 2002 1.6 saloon to a 2004 1.8 estate and my insurance quote is a whopping €160 more than it was last year! Is this normal for such a small change in engine size...?

    It probably has more to do with the ever increasing cost of insurance rather than the change in engine size. I have not changed my car in 2 years and my renewal quote was over €250 more than last year.


  • #3
    ytpe2r5bxkn0c1
    Closed Accounts Posts: 32,688 ✭✭✭✭ytpe2r5bxkn0c1


    1.6 is often the cut off point for insurance bands.


  • #4
    Ratzo Rizzo
    Registered Users, Registered Users 2 Posts: 230 ✭✭Ratzo Rizzo


    Arya Tart Column wrote: »
    1.6 is often the cut off point for insurance bands.

    Really? Well... I just put in the details of my previous car through Chill.ie's website and was quoted €545 Third Party, Fire & Theft!!
    Looks like the insurance companies are operating their 'let's keep insurance costs high' cartel again...


  • #5
    ytpe2r5bxkn0c1
    Closed Accounts Posts: 32,688 ✭✭✭✭ytpe2r5bxkn0c1


    Ratzo Rizzo wrote: »
    Really? Well... I just put in the details of my previous car through Chill.ie's website and was quoted €545 Third Party, Fire & Theft!!
    Looks like the insurance companies are operating their 'let's keep insurance costs high' cartel again...

    Yes really!

    Just giving you one reason. Sorry!


  • #6
    dudara
    Registered Users, Registered Users 2 Posts: 33,518 ✭✭✭✭dudara


    Moved to Banking, Insurance & Pensions

    dudara


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  • #7
    newacc2015
    Closed Accounts Posts: 2,379 ✭✭✭newacc2015


    Ratzo Rizzo wrote: »
    Really? Well... I just put in the details of my previous car through Chill.ie's website and was quoted €545 Third Party, Fire & Theft!!
    Looks like the insurance companies are operating their 'let's keep insurance costs high' cartel again...

    Well they are all losing money. Look at FBDs share price and you will see that "cartel" is a losing money like no tomorrow. We can keep having low insurance. But in a few years there will no insurers to buy insurance from, as they will have all gone out of business


  • #8
    ssmith6287
    Registered Users, Registered Users 2 Posts: 1,341 ✭✭✭ssmith6287


    I went from an 03 1.4 megane valued at about 800€ to a 06 1.6 octavia valued around €3000 and my insurance dropped about 90 quid. 29 m louth


  • #9
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,921 Admin ✭✭✭✭✭Toots


    When my husband was changing his car we got a few odd variations in quotes, and the agent on the phone told me that they also use BHP as a loading factor. Some cars that you wouldn't think would be considered 'high' are considered 'high' by insurance companies. For example an 08 1.4 ford fiesta was €98 dearer to insure for the year than an 08 1.6 renault grand scenic.


  • #10
    Ratzo Rizzo
    Registered Users, Registered Users 2 Posts: 230 ✭✭Ratzo Rizzo


    Most of the quotes I received recently when searching for a cheaper quote were all in and around the same mark suggesting that the cartel that operated previously is back with a bang. And if they're all losing money then how come they stay in the business of motor insurance??? Looks like yet again we are subsidising them just so they can stay in business. It makes no sense to have so many companies in the market when we could have 2 or 3 charging lower rates but I guess that'll never happen...


  • #11
    newacc2015
    Closed Accounts Posts: 2,379 ✭✭✭newacc2015


    Ratzo Rizzo wrote: »
    Most of the quotes I received recently when searching for a cheaper quote were all in and around the same mark suggesting that the cartel that operated previously is back with a bang. And if they're all losing money then how come they stay in the business of motor insurance??? Looks like yet again we are subsidising them just so they can stay in business. It makes no sense to have so many companies in the market when we could have 2 or 3 charging lower rates but I guess that'll never happen...

    That is economics for you. Its an oligopolistic market. When you see same variations in prices of diesel and petrol. Do you consider that a cartel? No it is the nature of the market petrol stations operate in

    They have poured so much money into their business, that they arent going to leave. Do you seriously think after spending tens of millions on advertising, wages etc. So they will just quit the market, as they are losing money? They will do what any rational business will do which is increase prices.

    Are you serious? Less companies means lower competition and higher prices. When we only had a single telecoms company. The service was horrific and the prices were high. Yet you dont think basic economics applies to insurance companies. Look how the lack of competition in banking has resulted in the highest mortgage interest rates in Europe and serious lack of lending.

    If you do a quick google search you will see that car insurance isnt on par with OPEC manipulating and taking advantage of the vulnerable. They are all making heavy losses


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