AIB 75% car insurance discount

Problem Of Motivation

So when I was at the bank recently I was asked if I drive a car. I was then told that I could get a discount by going through AIB car insurance. I said "what's the catch?". She just said "I wouldn't imagine there would be any"!

So if you're claims free for 5 or more years, you can get a 75% discount by insuring your car through AIB with AXA. So that means my car insurance would be less than €150. What's the catch with these things? I asked if you get tied into a contract with AXA and she said that you don't. So I agreed that they could give me a call a week before my insurance is up for renewal.

Or do they just up the price by 75% and then take 75% off it?

rash

Did you get a quote, no way will it be less than 150.

No doubt, somewhere in the small print there will be a "subject to a minimum of €???"

phildin

The numbers they provide are fairly meaningless, it seems to be very common practice to quote a large number, then knock 75% off it leaving you with a figure somewhere in the ballpark of what you have been quoted elsewhere (you won't be getting 75% off what you normally expect to pay). Of course, if you have a claim, you'll likely be quoted an even larger number with no 75% off.

Like I said, its at the bottom of the page on their site:

"All discounts are applied on a reducing balance basis and are subject to a minimum premium of €333. Some discounts are mutually exclusive."

Gooser14

Problem Of Motivation wrote:

Or do they just up the price by 75% and then take 75% off it?

It will be 75% off the basic cover premium which is not what you pay if you have accumulated no claim bonus years. Effectively they seem to be offering a greater NCB discount than other insurance companies. The max NCB discount I get with my insurance company is 52%.

28064212

https://aib.ie/our-products/insurance/car-insurance

All discounts are applied on a reducing balance basis and are subject to a minimum premium of €333. Some discounts are mutually exclusive.

Also, all insurers have substantial no-claim discounts. Aviva's is 50%, Liberty 64%, Axa 75%. Since the base premium will vary substantially, the % figures are meaningless. I'd rather have a quote from Aviva with a premium figure of €700 over a quote from AIB where the premium is €1600

Ten Pin

The 75% is just the max level on Axa's no-claims-discount scale which is reached after 5 years claim free driving.

Compare the quote you get with a quote from Axa's own website and see what the difference is.

It's definitely not 75% off your current policy price. But if it's cheaper than any other quote then happy days.

Eggs For Dinner

Never deal with a bank for any class of insurance. Just my advice after nearly 40 years in the business. In this instance, as others have pointed out, 75% off what??

killbillvol2

Problem Of Motivation wrote: »

So when I was at the bank recently I was asked if I drive a car. I was then told that I could get a discount by going through AIB car insurance. I said "what's the catch?". She just said "I wouldn't imagine there would be any"!

So if you're claims free for 5 or more years, you can get a 75% discount by insuring your car through AIB with AXA. So that means my car insurance would be less than €150. What's the catch with these things? I asked if you get tied into a contract with AXA and she said that you don't. So I agreed that they could give me a call a week before my insurance is up for renewal.

Or do they just up the price by 75% and then take 75% off it?

As my father used to say, "" they saw you coming ".

Anyone who thinks this is going to be a good deal needs to get out more.

Problem Of Motivation

phildin wrote: »

The numbers they provide are fairly meaningless, it seems to be very common practice to quote a large number, then knock 75% off it leaving you with a figure somewhere in the ballpark of what you have been quoted elsewhere (you won't be getting 75% off what you normally expect to pay). Of course, if you have a claim, you'll likely be quoted an even larger number with no 75% off.

It's a very unusual sales ploy. First of all, no one will flat out fall for it. If they said 20%, the some people might fall for it.

Problem Of Motivation

killbillvol2 wrote: »

As my father used to say, "" they saw you coming ".

I don't get it?

Problem Of Motivation

Eggs For Dinner wrote: »

Never deal with a bank for any class of insurance. Just my advice after nearly 40 years in the business. In this instance, as others have pointed out, 75% off what??

I believe you, but I'd be interested in hearing a few stories!?

killbillvol2

Problem Of Motivation wrote: »

I don't get it?

You might get it if you read /quoted my post in full.

In any case I think you've proved my point.