Explain Publically: €3,500 jump to €10,000 premium | Cover refused after 6+ years?

cormie

Fleet policy for furniture removal:


2010 - 2015: €3,500 per year
2016: €7,200

Phone call the other day "we're not renewing your policy direct, you'll have to go via a broker, oh and the minimum will be €10,000"

This policy has never had any claims.

I've also been told the broker you recommend people is owned by you?

So can you please tell me why you're telling me "We regret to advise that having reviewed this policy we shall not be offering renewal terms as the risk falls outside
our risk appetite"

Regards, your loyal customer you call Shane in your letters

Liberty Insurance: Sean

cormie wrote: »

Fleet policy for furniture removal:


2010 - 2015: €3,500 per year
2016: €7,200

Phone call the other day "we're not renewing your policy direct, you'll have to go via a broker, oh and the minimum will be €10,000"

This policy has never had any claims.

I've also been told the broker you recommend people is owned by you?

So can you please tell me why you're telling me "We regret to advise that having reviewed this policy we shall not be offering renewal terms as the risk falls outside
our risk appetite"

Regards, your loyal customer you call Shane in your letters

Hi Cormie 
Can you PM me with your policy details and I will arrange for our Fleet Department to look into this for you.
Regards 
Seán

cormie

PM Sent, but I'll also be looking for a public explanation as to how you have arrived at the above figures and why you have now refused to continue the cover for me.

cormie

No word back from anyone yet.

Have just tweeted to @LibertyIRL too:

https://twitter.com/VanTasks/status/784014904558809088

Liberty Insurance: Sean

cormie wrote: »

No word back from anyone yet.

Have just tweeted to @LibertyIRL too:

https://twitter.com/VanTasks/status/784014904558809088

Hi Cormie 
We can confirm your query has been referred to our Fleet Department and someone will be in contact with you as soon as possible.
Seán

Henry Ford III

You aren't entitled to one cormie. They can quote whatever premium they want or even decline.

cormie

Thanks Seán, I've also emailed them and waiting to hear back.

@Henry Ford III, I understand that alright, but after giving me cover for the last 6 years and then jacking up the price like they have and also refusing to continue to cover me, some kind of detailed explanation would, from a business to customer relationship, be the decent approach.

Riva10

You are wasting your time.  Liberty or for that matter, any other Insurance Company will not explain how they justify demanding extortionate premiums from us punters. 

ted1

Riva10 wrote: »

You are wasting your time.  Liberty or for that matter, any other Insurance Company will not explain how they justify demanding extortionate premiums from us punters. 

Don't forget that liberty were caught with their hand in the till and we are all laying a 2% levy in every insurance policy in the state to bail them out

uck51js9zml2yt

ted1 wrote: »

Don't forget that liberty were caught with their hand in the till and we are all laying a 2% levy in every insurance policy in the state to bail them out

That was Quinn insurance. Liberty are a different company.

ted1

Addilyn Helpful Quitter wrote: »

That was Quinn insurance. Liberty are a different company.

Same company , different name.

Liberty picked it up cheap ad they would not take on the debt so we picked it up. It should have folded

Mongfinder General

We're all being rode up the hole to cover the simple fcuks who've bought houses in flood plains. That and regulatory requirements to set aside more capital

cormie

I've had no reply yet other than a letter saying my complaint has been received?

Liberty Insurance: Sean

cormie wrote: »

I've had no reply yet other than a letter saying my complaint has been received?

Hi Cormie 
We can confirm your query is still under review by our Fleet Department. Someone will be in touch with you as soon as possible.
Regards Seán

cormie

Thanks Seán!

Riva10

Liberty Insurance: Sean wrote: »

cormie wrote: »

I've had no reply yet other than a letter saying my complaint has been received?

Hi Cormie 
We can confirm your query is still under review by our Fleet Department. Someone will be in touch with you as soon as possible.
Regards Seán

But we will make sure that it is after your renewal date. 

cormie

Riva10 wrote: »

Liberty Insurance: Sean wrote: »

cormie wrote: »

I've had no reply yet other than a letter saying my complaint has been received?

Hi Cormie 
We can confirm your query is still under review by our Fleet Department. Someone will be in touch with you as soon as possible.
Regards Seán

But we will make sure that it is after your renewal date. 

So this was indeed the case, the new cover wasn't sorted until after my renewal date and through a broker, the price is €13,400 or so. What a joke, also pretty much impossible to get cover for the type of work without having a fleet policy. So those operating illegally will continue to be able to cut prices and take jobs from those operating legitimately and pumping up their insurance prices at the same time. Horrible horrible position legitimate operators are in due to insurance.

Liberty Insurance: Una

cormie wrote: »

Riva10 wrote: »

Liberty Insurance: Sean wrote: »

cormie wrote: »

I've had no reply yet other than a letter saying my complaint has been received?

Hi Cormie 
We can confirm your query is still under review by our Fleet Department. Someone will be in touch with you as soon as possible.
Regards Seán

But we will make sure that it is after your renewal date. 

So this was indeed the case, the new cover wasn't sorted until after my renewal date and through a broker, the price is €13,400 or so. What a joke, also pretty much impossible to get cover for the type of work without having a fleet policy. So those operating illegally will continue to be able to cut prices and take jobs from those operating legitimately and pumping up their insurance prices at the same time. Horrible horrible position legitimate operators are in due to insurance.

Hi Cormie,
We understand you remain unhappy with the quote provided however as explained this is the best price that we can offer. We value your custom and would like to take this opportunity to thank you for your business.
Una

cormie

I think this would be an accurate translation of the above:

We pulled a price out of our ass and decided it's the best price we can do. We know since you've come back to us, you've probably been refused elsewhere so we know we have you by the balls and can squeeze... and squeeze... and squeeze just that little bit more out of you. We don't care if you can't afford it and have to fold the business, it's worth extorting 9 customers who are forced to pay it and lose 1, than have 10 customers paying an affordable rate. We don't care about your actual usage of the vehicles on the policy, we don't care how you explained in detail how the risk appetite is nothing like we assumed it to be, all we care about is getting as much money as possible from you. We knew we'd get your business and we're thankful to the rest of the insurance industry for allowing us to do this to you, to allow us to simply refuse to cover you and then demand you go through a broker, to say it'll be a minimum of €10,000, just for the sake of it, and it ends up being €10,000 PLUS what I paid for the exact same policy for 5 years running @ 3.5K per annum, so now we have you by the balls paying c€13,500, and it IS the exact same policy, the same number, the same cover, the same everything. We know if you have to pay it this year to avoid operating illegally, you'll probably pay it again next year, and the year after and the year after that, so now if we can keep you for another 5 years of no claims, we get €67,500 from you instead of €17,500, an extra €50,000 for our corporate fingertips and **** your business, **** your livelihood and **** you, we just care about money and this is all we value and because your custom equals your money, we pretend we value you.

minterno

I think it's time to get Joe Duffy on the case, he might be able to shame them or at least embarrass them publicly. yes were all aware Insurance companies have to turn a profit and don't have to give quotes if they don't want to but when profit becomes extortion it's time to spread the muck

Riva10

Joe Duffy will have the same effect on the insurance companies as the goverments investigation into their rising premiums and profits.  All this investigation has managed to do was to get another announcement from the insurance companies stating that they are again going to rise their premiums next year.  And remember the higher the premium the more the goverment levy increases

cormie

Another update:

1st November email from Liberty:

[font=Garamond","serif]Direct debit would not be available on this policy.[/font]
[font=Garamond","serif] [/font]
[font=Garamond","serif]Regards[/font]
[font=Garamond","serif] [/font]
<snip>
[font=Garamond","serif]Commercial Motor Senior Underwriter[/font]
[font=Garamond","serif]Liberty Insurance[/font]

This is kinda odd as I've had no problem getting DD on my policy with Liberty over the last few years. So my broker sets me up with Premium Credit to handle the D/D. I get insurance documents from Liberty and they've included their usual D/D schedule which struck me a little strange after they denied it for the policy.

It turns out they've taken two DD's from my account, one on the 18th November and the other the 28th, over €1,189 each. This is on top of Premium Credit taking their arranged DD too.

NewApproach

Think you're being unreasonable here Cormie - certainly in demanding a public explanation for the premiums quoted. 

Think of it this way - you were vastly underpaying for insurance for 5 years. Its a known fact that Irish insurance companies severely under-quoted for many years and as a result their reserves were wholly insufficient. 

I'm surprised that as a business you seem so willing to get into a public spat.

Drumorig

Ye he's being unreasonable. Its nothing to do with billions lost betting on contracts for differences.

cormie

NewApproach wrote: »

Think you're being unreasonable here Cormie - certainly in demanding a public explanation for the premiums quoted. 

Think of it this way - you were vastly underpaying for insurance for 5 years. Its a known fact that Irish insurance companies severely under-quoted for many years and as a result their reserves were wholly insufficient. 

I'm surprised that as a business you seem so willing to get into a public spat.

Thanks for the input. With the only explanation I was getting from them being that it was outside their risk appetite, even though they continued the same policy, just via a broker, which they give 10% of the premium to, I thought I'd ask the question here as it would have the benefit of people like yourself explaining about reserves being insufficient. I never heard anything like this in an explanation from Liberty. I'm not demanding the information, just requesting and venting a little frustration at the same time as it has greatly affected me and my business.

kavanada

+1 for cormie, imo.

It's a greater insult to us when insurance companies come out with their cut&paste answers about risk appetite, legal fees, rising costs of claims, etc. but thank you for your custom all in the same breath.

They made their money on the stock market in years gone by. That doesn't happen enough anymore because of returns.
Quinn and his sticky fingers blew a hole so big, it could only be plugged by making the little people chip in.

2% levy on a rising insurance premium means Enda doesn't have to raise headline Income Tax rates. Win-win for FG.
The government are sanctioning this cartel industry. They are not our friend in this despite what they'd have us believe.

Upstream

I suppose you don't know if you were under paying for years, or you are just being ripped off now.
How much would cover cost in another country, say the UK, for a similar fleet in a similar location?

If you knew that, at least you would have some idea where you stood.

listermint

NewApproach wrote: »

Think you're being unreasonable here Cormie - certainly in demanding a public explanation for the premiums quoted. 

Think of it this way - you were vastly underpaying for insurance for 5 years. Its a known fact that Irish insurance companies severely under-quoted for many years and as a result their reserves were wholly insufficient. 

I'm surprised that as a business you seem so willing to get into a public spat.

I think your wrong.

Im suprised that you think he is able to value insurance quotes himself not being in the industry at all, and is given the cold shoulder by their so called B2B department.

Acceptable?  i dont think so.

There would be no back lash from a business perspective putting these questions out there because you can be dam sure the people using his services are suffering from the same profit shareholder driven antics of insurance companies here.

Under quoting? i dont think so, i think the issue is solely about growth, that all consuming word that is murdering companies and customers globally. 

If your not growing your dead, wall street mantra. These cash grabs on customer bases are solely to appear as if growth is happening for shareholders they have zero bearing on the ability of the company to meet requirements for claims. Thats smokescreen nonsense.

NORMARHAN

Hi

Maybe try contacting the financial ombudsman, you have proof you requested an explaination for the hike in the premium but did not receive it. 
htt ps://w ww. financial ombudsman.i e/

Kitsunegari

NewApproach wrote: »

Think you're being unreasonable here Cormie - certainly in demanding a public explanation for the premiums quoted. 

Think of it this way - you were vastly underpaying for insurance for 5 years. Its a known fact that Irish insurance companies severely under-quoted for many years and as a result their reserves were wholly insufficient. 

I'm surprised that as a business you seem so willing to get into a public spat.

How have you managed to summaries that we're underpaying for so long? Prices have increased due to the failure to share data, mismanagement and our poor legal system which allows people to make a life from insurance and liability claims.

flutered

a family member changed their car the same make etc, from 06 to 08, the insurance co added on 300 lids, when asked, well you have a new car, thats facts, if the change was two years back to 04 i guess it would have risen and be given the same answer