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 Post subject: Re: Motor Insurance - A Canary?
PostPosted: Wed Nov 02, 2016 2:23 pm 
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My insurance broker was trying to increase my motor insurance by 15% so I shopped around and found it a fair bit cheaper elsewhere. By playing the quotes off each other the broker came down to match the new quote but by then I was too annoyed to stay with him. I'm moving my business insurances too.


Last edited by Coles2 on Wed Nov 02, 2016 2:27 pm, edited 1 time in total.

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 Post subject: Re: Motor Insurance - A Canary?
PostPosted: Wed Nov 02, 2016 2:26 pm 
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ps200306 wrote:
Admiral are about to start setting premiums based on what you write in your Facebook posts! :shock:

https://www.theguardian.com/technology/ ... book-posts

BBC News reporting just now that Facebook aren't going to let Admiral do this. (Bit fuzzy as to how they're going to prevent it).

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 Post subject: Re: Motor Insurance - A Canary?
PostPosted: Thu Nov 24, 2016 4:05 pm 
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Motor insurance industry accused of cartel-like behaviour

http://www.irishtimes.com/business/tran ... -1.2880653

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 Post subject: Re: Motor Insurance - A Canary?
PostPosted: Thu Nov 24, 2016 5:47 pm 
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NegativeEquity wrote:
Motor insurance industry accused of cartel-like behaviour

http://www.irishtimes.com/business/tran ... -1.2880653

Oireachtas committee blames everyone but culprits shocker!

industry losing money hand over fist and they don't look at payouts properly ...


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 Post subject: Re: Motor Insurance - A Canary?
PostPosted: Sat Nov 26, 2016 7:14 am 
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slasher wrote:
NegativeEquity wrote:
Motor insurance industry accused of cartel-like behaviour

http://www.irishtimes.com/business/tran ... -1.2880653

Oireachtas committee blames everyone but culprits shocker!

industry losing money hand over fist and they don't look at payouts properly ...


This really annoyed me.

They assume that transparency on cost structures and pricing would increase competition.

It is perfectly reasonable to assume the opposite is the case. If all firms know each others' profit margins then there is very little incentive for them to undercut each other to gain market share. Prices would stay up via signalling and tacit collusion. You do not need to have CEOs calling each other up to discuss prices (which is illegal and I am certain is not happening here) to have weak or no competition in a market segment.

Ignorance can be a good thing.


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 Post subject: Re: Motor Insurance - A Canary?
PostPosted: Sat Nov 26, 2016 8:57 am 
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Skippy 3 wrote:
This really annoyed me.

They assume that transparency on cost structures and pricing would increase competition.

It is perfectly reasonable to assume the opposite is the case. If all firms know each others' profit margins then there is very little incentive for them to undercut each other to gain market share. Prices would stay up via signalling and tacit collusion. You do not need to have CEOs calling each other up to discuss prices (which is illegal and I am certain is not happening here) to have weak or no competition in a market segment.

Ignorance can be a good thing.


It could be made that only the Regulator (which one?) or Central Bank has access to this data as well as the TDs and any committees on the subject. No one else. Tho of course data has a way of leaking/being hacked...

Hence any of these should be able to ring up and say "Hey you are way out of line when compared to others, here is some proof"

Hell if they were smart they could name and shame rip off insurers to whip them into place.


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 Post subject: Re: Motor Insurance - A Canary?
PostPosted: Thu Dec 08, 2016 6:03 pm 
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I used Chill insurance for the last couple of years and they got me better deals than I was able to get myself directly. My renewal was in January and was only a single digit increase over the previous year so I thought I'd dodged the bullet on these 2016 increases others have been complaining about. I just got my notification for next month's renewal and it has gone up 44%. So I guess I need to try shopping around over the next few weeks. Anyone got any pointers on which insurers don't try to double your premium when you add a named driver in their early seventies to the policy?

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 Post subject: Re: Motor Insurance - A Canary?
PostPosted: Thu Feb 09, 2017 11:31 am 
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Renting a car for a year cheaper than the insurance alone? It is - according to this lady! I haven't done the figures but I've often thought about it. I'm in the market for a new car in the coming months and hate the idea of splashing out twenty-something thousand in one fell swoop. Anyone else doing this or are there any other options that make more sense than owning a car outright?

http://www.independent.ie/life/motoring ... 31512.html
Insurance premiums are so high that it can be cheaper to rent a car on a regular basis. That is certainly what education expert Sue Whyte discovered after she was quoted a huge figure following an accident.


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 Post subject: Re: Motor Insurance - A Canary?
PostPosted: Thu Feb 09, 2017 11:44 am 
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you will not get a hire car cheap over the two weeks xmas/new years, valentines, easter, paddy's day, any public holiday, mid july through first week september, Halloween.
if you don't have kids and live in a large city and need a car occasionally then renting a car as needed could be cheaper.

My car hire last week was €5 per day.


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