Principal Insurance - Broker fee

BronsonTB · 23-08-2021 3:07pm #1

With Principal Insurance - is the Broker fee a % of the insurance cost or do they have a set fee no matter what your insurance costs?

A 50% 'broker fee' seems on the high side but maybe it's not. Anyone else with principal confirm? Thanks.

myclist · 23-08-2021 6:08pm

https://www.boards.ie/discussion/2058205422/principal-insurance-broker-fee

Usually €50 broker fee with Principal in my experience.

Del2005 · 23-08-2021 10:39pm

Why does it matter what their broker fee is? If the policy has the cover you need at a cheaper price than the other companies are you not going to take it because of their broker fee?

BronsonTB · 24-08-2021 9:31am

https://www.boards.ie/discussion/comment/117795301#Comment_117795301

Because 100 broker fee for insurance of 200 seemed exceessive to me & I was just checking if this was norm for this company.

(First time renewal for this company)

I will always shop around for the best price!

gipi · 24-08-2021 10:59am

My broker fees were 74 euro last year and 70 euro this year. About one quarter of the total premium.

Henry Ford III · 24-08-2021 11:54am

Concentrate on the overall premium OP. The breakdown isn't that important.

I renewed with Principal recently - 650cc, full licence, model risk. Cost less than €220 for TPFT.

BronsonTB · 26-08-2021 4:04pm

For others interested - I rang & they reduced the broker fee to 25% instead of 50% so it can pay to question the renewal itself, unlike just accepting it as some suggested.

Colm17RvB · 02-09-2021 9:13am

Administration fee as percentage is illegal and is a thing of the past going back donkeys years, now they are set within a range.

Really isn't that hard to find:

https://www.principalinsurance.ie/regulatory-information/

https://www.libertyinsurance.ie/manage-my-policy/schedule-of-fees-and-charges

https://www.carolenash.ie/docs/librariesprovider7/tobs/2020-03-31-terms-of-business-cn-irl-final-.pdf

https://www.axa.ie/download/axa-transaction-charges-010518.pdf (OK that one was kinda hard to find...)

As Del2005 said, what do you care once the overall price of X is cheaper than the overall price of Y.

mgbgt1978 · 09-09-2021 12:21pm

Principal have gone up a bit so. Broker Fee was €80 last December. I asked him to if he could remove it (they still get a commission on the premium from the insurer) and he "whacked it down to €50"....his words, not mine 😁

Sir Galahad · 10-09-2021 6:12pm

They deleted the broker fee on mine after I insisted on getting a disclosure of commission payable to them. I pointed out that they could have either the commission or the fee but not both if they wanted my business. A disclosure of commission is required by the Financial Regulator and they have to give it to you. Imagine Arnotts charging you for jeans and then saying you have to pay a fee for selling them to you ?

BronsonTB · 13-09-2021 9:30am

https://www.boards.ie/discussion/comment/117873658#Comment_117873658

Thanks for the reply - that's good to know & may be useful too others at renewal time. Appreciate the response.

Colm17RvB · 24-09-2021 9:34am

https://www.boards.ie/discussion/comment/117873658#Comment_117873658

They 100% can charge both, however, they do have to disclose both! For disclosure of commission it is normally done on their website or in their office, as is required under Central Bank's CP116, it won't be done over the phone or in the documents themselves.

Whoever you spoke to probably just wasn't arsed putting up with you 🤣

Sir Galahad · 24-09-2021 9:41pm

https://www.boards.ie/discussion/comment/117931947#Comment_117931947

They "can charge both" but you shouldn't pay both. It's like paying for a pint in a bar then paying for the glass to drink it from.

Principal Insurance - Broker fee

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