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House Insurance - Impact of owners age on the premium price

  • 06-02-2024 7:02pm
    #1
    rob w
    Registered Users, Registered Users 2 Posts: 1,133 ✭✭✭


    Hi,

    I am researching home insurance quotes and have noticed that with an online quote if I change my date of birth by a couple of decades (making me older) I get a much cheaper quote, it's about 35% cheaper. This is the only change on the information provided to the form.

    Is this allowed or is it discriminatory?

    I found this on the Human Rights and Equality Commission website.....

    Source : https://www.ihrec.ie/your-rights/services/age/

    "The Equal Status Acts aim to make sure that people are treated equally when they access goods and services.

    You are using a service when a person or organisation does something for you, or supplies you with something.

    Goods are any moveable property. For example, goods are items that can be bought or sold.

    You are protected if you are using a facility or, service of any nature, including facilities for:

    • banking, insurance, grants, loans, credit or financing;"


    It also goes on to say that....

    "Difference in treatment on any of the grounds, except for the gender ground, in relation to the provision of annuities, pensions, insurance policies or any other matters related to the assessment of risk, is permitted if the difference in treatment is effected by reference to:

    • actuarial or statistical data, or other relevant underwriting or commercial factors; and
    • is reasonable having regard to the data or, other relevant factors."


    I'm sure they will just fob me off on the "actuarial or statistical data" point or "other factors", but is there anyway reasonable way to challenge this?...I could complain to the ombudsman but have to go through my 'provider' first....and this is not a company I am currently with, so they are not my provider.

    I am just sick of being shafted by all of these companies everytime a renewal comes through the letterbox for car, health, home insurance. The home insurance is increased 40% on last year, with no claims or changes to the policy

    Anyone else ever questioned anything similar?



Comments

  • #2
    Charles Babbage
    Registered Users, Registered Users 2 Posts: 5,868 ✭✭✭Charles Babbage


    No, it is not discriminatory, car insurance is the same. The behaviour of people is different, for instance a retired person may be in house most of the time, is less likely to have a wild party, is even less likely to buy a lot of new stuff.



  • #3
    deirdremf
    Registered Users, Registered Users 2 Posts: 1,929 ✭✭✭deirdremf


    https://www.boards.ie/discussion/2058335013/house-insurance-impact-of-owners-age-on-the-premium-price

    It's an interesting one, but as - unlike car insurance - house insurance is not obligatory you have the option of not insuring your house (providing it's yours, and not the banks that is!)



  • #4
    3DataModem
    Registered Users, Registered Users 2 Posts: 4,020 ✭✭✭3DataModem


    It's an interesting point.

    Back in the day when I worked in Life Assurance, we laughed about the fact that someone might go to the Equality Commission about car insurance premium differences by sex... and lo and behold it happened two decades later.

    So it's not inconceivable that what OP describes may not always be the case.



  • #5
    coylemj
    Registered Users, Registered Users 2 Posts: 25,482 ✭✭✭✭coylemj


    https://www.boards.ie/discussion/comment/121731124#Comment_121731124

    Drinking in a pub is also optional but a publican cannot discriminate against you on the basis of any of the prescribed grounds.

    Age is and always will be a factor in insurance - life and general. With life insurance, an older person will typically get a bigger annuity for a given amount of money simply because their life expectancy is lower. With general insurance, older people have a lower risk profile. They're less likely to drive into a ditch or a tree with drink or drugs on them at 2 a.m. and a carload of passengers (potential multimillion euro claim) and for house insurance, they'll typically be at home for a greater part of the day than a younger person.

    Post edited by coylemj on


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