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US no claims bonus

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  • 12-11-2021 6:17pm
    #1
    Saladin Ane
    Registered Users Posts: 90 ✭✭


    Hi, does a US no claims fit into the Irish Insurers' algorithm? Returned 4 months ago and am insured as a named driver.



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    #2
    coylemj
    Registered Users Posts: 25,428 ✭✭✭✭coylemj


    Will have no value here.



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    #3
    galwaytt
    Registered Users Posts: 12,776 ✭✭✭✭galwaytt


    'fraid not.....unless you were in the Forces, I believe there's an insurer here that covers ex-servicemen

    Ode To The Motorist

    “And my existence, while grotesque and incomprehensible to you, generates funds to the exchequer. You don't want to acknowledge that as truth because, deep down in places you don't talk about at the Green Party, you want me on that road, you need me on that road. We use words like freedom, enjoyment, sport and community. We use these words as the backbone of a life spent instilling those values in our families and loved ones. You use them as a punch line. I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the tax revenue and the very freedom to spend it that I provide, and then questions the manner in which I provide it. I would rather you just said "thank you" and went on your way. Otherwise I suggest you pick up a bus pass and get the ********* ********* off the road” 



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    #4
    Saladin Ane
    Registered Users Posts: 90 ✭✭Saladin Ane


    Rang around and got the lowest quote from 123.ie. Fully comp for just over a grand but they are going to fit some sort of speed yoke (three strikes and you're out). Also, they asked how many miles per annum, so I picked 10K.

    It would have been less if I had been a named driver for a year. The car is a 10 yr old Skoda Octavia 1.3, hatchback.



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    #5
    Saladin Ane
    Registered Users Posts: 90 ✭✭Saladin Ane


    https://www.boards.ie/discussion/comment/118176321#Comment_118176321

    It should have read just over Eu2000. Plus increments of 5000 kms @ E230. As I did a lot of driving the total cost was over E3,500

    They asked for over E1600 plus the added kms for my renewal. Before shelling out I rang CHILL.They gave me the same fully comp (without the added kms) for under E800. The insurers are a well known company. How the hell do these figures add up?

    Watching the Sean Quinn drama few weeks ago,he stated that when he entered the insurance business his profits went stratospheric.

    Pierce Doherty did some fine work in addressing this issue but where were the two main parties when these excessive profits were being squeezed out of the voters pockets?



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    #6
    coylemj
    Registered Users Posts: 25,428 ✭✭✭✭coylemj


    Watching the Sean Quinn drama few weeks ago,he stated that when he entered the insurance business his profits went stratospheric.

    I bet he did. Quinn wrote uneconomic motor policies that were destined to bring his company down, it was just a matter of time. He urgently needed a cash injection to shore up his debts and writing cheap motor policies was a way of quickly bringing in lots of cash. The problem with his business model was that they delayed taking large claims onto the books and then understated them so the accounts always said that they were making lots of money and premium income was more than enough to cover the claims backlog. Which was not the case.

    Motor insurance involves taking in bucketloads of money in premiums and in the early days, it can appear that you're making huge profits. Quinn's statement shows that that's what happened once he started in the business. But with motor insurance, the high level of profitability early on is an illusion because large personal injury claims don't work their way through the system for several years and they need to be accounted for with significant reserves that are carried forward from year to year.

    Quinn's insurance company stuck it's head in the sand by delaying putting prospective large claims on the books and when they did, they understated the probable size of the claim. He never employed an actuary so there was nobody in the company capable of accurately evaluating the backlog of personal injury and death claims. So he helped himself to a measure of 'plausible deniability' when it came to claims. It was just a matter of time until either the company collapsed under the weight of claims that couldn't be paid or (what actually happened), the regulator stepped in and put a stop to his game.

    If he was making 'stratospheric' profits, how come he left us with a deficit that we are still paying for by a surcharge on our motor policies?

    Post edited by coylemj on


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    #7
    Eggs For Dinner
    Registered Users Posts: 2,967 ✭✭✭Eggs For Dinner


    Quinn also created (IMO), the compo culture in Ireland. Any little tip caused by one of their drivers and they were on your doorstep with the chequebook to try and avert solicitors getting involved. The word on easy money soon spread



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    #8
    Saladin Ane
    Registered Users Posts: 90 ✭✭Saladin Ane


    Any newspaper stories regards this?



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    #9
    coylemj
    Registered Users Posts: 25,428 ✭✭✭✭coylemj


    Lawyers for the Irish regulator told the (UK) court in Dublin the insurance subsidiary had moved from a position where it had an excess of assets over liabilities of more than €200m to a position where it had €200m of liabilities over assets.

    https://www.theguardian.com/money/2010/mar/30/quinn-car-insurer-administration

    A further €300 million of the increased costs relates to adverse provisions for potential claims on liabilities in Ireland and the UK, while €152 million is to cover actual and possible write-downs of the value of the insurer’s assets.

    https://www.irishtimes.com/business/financial-services/quinn-culture-led-to-208m-of-extra-costs-to-state-1.532580

    Quinn Insurance liability may surpass €1.65 billion

    https://www.irishtimes.com/news/quinn-insurance-liability-may-surpass-1-65-billion-1.729402



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