New report on car insurance cost - do you expect it to work?

NIMAN

So Junior Minister Eoghan Murphy released his report into the cost of car insurance and what could be done to reduce it.

There are apparently 71 actions in total, with the main ones being databases of claim amounts, fraudulent claims and uninsured drivers.

So do we think it will work?

Personally, I ain't holding my breath. The insurance industry seems to operate under a law of its own. I heard a guy on the radio tonight saying that the firms operate and price based on risk. No they don't, at least not individually they don't.

Otherwise someone who is getting older, driving longer, and continues to not lodge any claims would have insurance costs going down. And they aren't.

He also said that insurance companies should be able to tell you why your premium is rising if you aren't claiming. When I asked I was told they are rising for everyone...Not a great answer.

Special Circumstances

NIMAN wrote: »

He also said that insurance companies should be able to tell you why your premium is rising if you aren't claiming. When I asked I was told they are rising for everyone...Not a great answer.

I've been told it's because we are genetically and intellectually inferior to the Germans who only need €500 and half a paracetamol as compensation and zero Zero ZERO other compensation or treatment.

ShadowHearth

"what could be done". That's where it ends.

Insurance companies won't do ****, unless someone will get a whip and tell them: No, stop that! Fooo!

I bet all of insurance companies had a great laugh and out up annual insurance hike again.

Zaph

NIMAN wrote: »

So do we think it will work?

The findings would have to be implemented first before they could work. I have no faith in them being implemented any time in the next ten years at least.

Water John

The report won't have any major effect for the simple reason is that there was no insurance reason for the recent hike in premiums.

With the demise of Setanta and FBD under presssure, they all saw easy pickings, us.

Special Circumstances

Is this the report?

http://www.finance.gov.ie/sites/default/files/161121%20Emerging%20recommendations%20guide%20-%20Final%20to%20go%20to%20MoF_0.pdf

They are a 1000 miles behind insurers and the gap is widening.

Zero mention of any "code of practice" for general social/domestic/pleasure/commuting policies.

Zero mention of people with good driving records (never mind those with perfect records) being refused cover on perfectly average roadworthy cars due to arbitrary age limits.

Zero mention of the new condition creeping in everywhere - We will not quote you unless you or any named driver have not been involved in any accident or loss, or had any claims in the last 5 years. WTF is this sh1t? Nip it in the bud. As a DRIVER, you will not be quoted for insurance, or your insurance will be void, if you were COMPLETELY NOT AT FAULT in an accident, even as a PASSENGER, CYCLIST, or PEDESTRIAN? Who comes up with these conditions and pretends they are justifiable for a legally required product?

Nip this in the bud for general everyday policies for people with good driving records.