Bike insurance increases

rivermansteve

I got my bike insured with blue insurance last year. Never claimed. It was something like 13.50 a month. Got an email a month ago to say because of bike thefts the insurance will increase to 16.50 a month i didnt mind. But just this week i get another email to say because of bike theft the insurance would be increased to 25 per month.
Anyone find this unfair?

Arcade_Tryer

rivermansteve wrote: »

I got my bike insured with blue insurance last year. Never claimed. It was something like 13.50 a month. Got an email a month ago to say because of bike thefts the insurance will increase to 16.50 a month i didnt mind. But just this week i get another email to say because of bike theft the insurance would be increased to 25 per month.
Anyone find this unfair?

Not really. If you own a bicycle you feel is worth insuring, then you should be able to afford the insurance. Ireland's high insurance costs are well known; it's common knowledge and you should not be surprised when things like this occur. It's unfortunate but not unfair.

Wildly Boaring

Arcade_Tryer wrote: »

Not really. If you own a bicycle you feel is worth insuring, then you should be able to afford the insurance. Ireland's high insurance costs are well known; it's common knowledge and you should not be surprised when things like this occur. It's unfortunate but not unfair.

About 80 a year to add to house insurance. Of course may be more for dearer bike

magicbastarder

How much is the bike worth?

Paddy_Irishman

Arcade_Tryer wrote: »

Not really. If you own a bicycle you feel is worth insuring, then you should be able to afford the insurance. Ireland's high insurance costs are well known; it's common knowledge and you should not be surprised when things like this occur. It's unfortunate but not unfair.

That's a poor attitude and the reason companies can charge what they like. Much like our mortgage rates being nearly 2% higher than our counter parts on main land Europe. But we should just accept higher rates because they say so? It's just to keep the profits high and pass on any loss or potiental loss to the customer. They can't lose in this scenario.

That many increases does sound unfair but the only option you have is to browse the market and see who is offering the best rate. Nothing affects the market price more than people shopping around forcing companies to remain competitive.

ted1

Wildly Boaring wrote: »

Arcade_Tryer wrote: »

Not really. If you own a bicycle you feel is worth insuring, then you should be able to afford the insurance. Ireland's high insurance costs are well known; it's common knowledge and you should not be surprised when things like this occur. It's unfortunate but not unfair.

About 80 a year to add to house insurance. Of course may be more for dearer bike

Only 20 Euro with my insurer

Chiparus

How often would you expect your bike to be robbed in Dublin, probably once in 4-5 years?
€300 a year would be reasonable.
Until bike theft is taken seriously and not treated as a misdemeanour this will just continue to rise.

uck51js9zml2yt

Did my house insurance last night. Bike cost me 20 Euro

jon1981

Is it insured outside the home when added to house insurance?

ted1

Yes it’s covered every where

Paul_Mc1988

Paddy_Irishman wrote:

That's a poor attitude and the reason companies can charge what they like. Much like our mortgage rates being nearly 2% higher than our counter parts on main land Europe. But we should just accept higher rates because they say so? It's just to keep the profits high and pass on any loss or potiental loss to the customer. They can't lose in this scenario.

I feel dumber after reading that post as it contained so much miss-information.

There are many reasons why we pay higher rates. Repossession times in Ireland are 4X times the european average meanwhile people live in houses they are not paying for. The banks are left with the debt and an asset they cannot sell. That loss is passed onto their customers in the form of higher interest rates.

This is the reason why big European banks dont try enter a market they could dominate with their low interest rates. The risk is too high.... anyway back to bike talk N+1 and all that

Paddy_Irishman

Paul_Mc1988 wrote: »

I feel dumber after reading that post as it contained so much miss-information.

There are many reasons why we pay higher rates. Repossession times in Ireland are 4X times the european average meanwhile people live in houses they are not paying for. The banks are left with the debt and an asset they cannot sell. That loss is passed onto their customers in the form of higher interest rates.

This is the reason why big European banks dont try enter a market they could dominate with their low interest rates. The risk is too high.... anyway back to bike talk N+1 and all that

I didn't state anything which isn't true. However as you seem to know it all I'll not waste my breath. You keep paying the higher rates and reassure yourself that it's for good reason which you know so much about.

Also unlike you, I did actually have input to the OP and didn't just stop in to try insult somebody with a nonsense reply.

Indeed back to bike talk, be off on yours.

Lusk_Doyle

Children, let's be nice to each other. It's the insurers whom our dissatisfaction should be directed.

harringtonp

rivermansteve wrote: »

I got my bike insured with blue insurance last year. Never claimed. It was something like 13.50 a month. Got an email a month ago to say because of bike thefts the insurance will increase to 16.50 a month i didnt mind. But just this week i get another email to say because of bike theft the insurance would be increased to 25 per month.
Anyone find this unfair?

To be honest I only have problems with high insurance when it is compulsory.