Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Getting insured from other EU countries

Options
  • 26-09-2017 7:40pm
    #1
    ayatollah
    Registered Users Posts: 1,234 ✭✭✭


    Hey just looking to get back on the old road after a spell on inactivity
    Got the licence sorted (well a learner one anyways )
    Just looking for advice regards insurance
    I hear more and more people are going outside Ireland due to the rip off situation here

    Wondering if anyone has done it yet
    Any suggestions advice etc..

    Thanking all in advance

    Eoin


Comments

  • Options
    #2
    whomitconcerns
    Registered Users Posts: 4,367 ✭✭✭whomitconcerns


    it cant be done...forget about it and just go calling all of the insurance companies in ireland till you get a best price


  • Options
    #3
    ayatollah
    Registered Users Posts: 1,234 ✭✭✭ayatollah


    whomitconcerns wrote: »
    it cant be done...forget about it and just go calling all of the insurance companies in ireland till you get a best price

    hey thanks for your reply

    is it just too expensive or what you think?


  • Options
    #4
    whomitconcerns
    Registered Users Posts: 4,367 ✭✭✭whomitconcerns


    They won't insure you for underwriting issues as I understand it. Some insurance expert could explain in more depth.


  • Options
    #5
    coylemj
    Registered Users Posts: 25,457 ✭✭✭✭coylemj


    Writing motor policies here is regulated, it isn't a market that someone can just dip their toes into. The nature of the business makes it ideal for 'fly by night' fraudsters as you will be cash-positive for the first few years after you enter the market while the first of your big (personal injury) claims are working their way through the system. When the outflows start for real, you can do a runner.

    An example of the 'smash and grab' strategy that the business lends itself to is what Quinn tried to do in the UK when he was desperate for cash after his gamble on Anglo-Irish shares went down the toilet. He started to undercut the UK insurance companies by giving away motor policies for ridiculously low premiums. It would have worked for him had the UK regulator not asked the regulator here to put a stop to it and he was ordered to pull out of the market. If he had been allowed to get away with it, there would have been a serious deficit after a few years because of under-provisioning for claims and the UK would have had their own version of the PMPA debacle.


Advertisement