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There are a number of issues.What evidence is there to simply write this down as corporate greed without any background analysis of the industry. It may be excessive profiteering but where is the analysis?
Have the insurance companies rewarded their workers with pay rises for instance?
Has the overall profitability increased?
Have claims increased?
Interest rates are low this environment tends to increase insurance costs.
Was it not insurance companies greed, that got them involved in the stock markets in the first place?The above issues along with the stock market woes have left Insurance companies with insufficient reserves to deal with their risk and as such they have to increase those reserves. The easiest way to do that is increase premiums. This situation is not down to imprudence or greed, it's simply a market situation that needs to be addressed.
Having sufficient reserves is in the interest of the customer, as when it does come to dealing with a claim, either for or against you, there is enough there to cover it.
They have always been involved in investments in some way or another. They do it to lower premiums for their customers, which are based on the risk they pose and their reserve levels.Was it not insurance companies greed, that got them involved in the stock markets in the first place?
To make more profit!!!
I've had basically the exact same experience (although in fairness, this year I do get 24 hour breakdown cover which I didn't have with the same company last year)5%?!! Yeah, and the rest!
I just renewed my insurance, which in 12 months has risen from 430 to 595! Despite having no claims, an extra yrs NCB and the same car (the resale value on which has decreased by a massive 40% due to the economic difficulties!)
And just to make it clear, thats the price i got after phoning a LOT of companies and haggling the cheapest one down from 700... (the previous years price was straight off a website with no haggling etc) Absolutely crazy. The feckers must be price fixing. Every company i tried were coming in at between 40 and 60% higher than their respective quotes from last year...
Can I buck the trend then and say that my existing company came in at 458 (a month ago). I shopped around using 123dotie and insuredotie and got it down to 396. Rang my existing company and offered them the deal at 396 - they offered 410 so I said goodbye and left them. No point in threatening to leave if you don't carry through.I've had basically the exact same experience (although in fairness, this year I do get 24 hour breakdown cover which I didn't have with the same company last year)
The reasons for the increases are 2 fold.
1. losses from investments need to be covered
2. Increased fraudulant claims as people try to get out of ill advised car loan deals with their credit rating intact The number of cars catching fire has increased massively (despite our wet miserable weather)
Even if they matched it I'd have left anyway because of the fact that they were trying to fleece me in the first quote.Can I buck the trend then and say that my existing company came in at 458 (a month ago). I shopped around using 123dotie and insuredotie and got it down to 396. Rang my existing company and offered them the deal at 396 - they offered 410 so I said goodbye and left them. No point in threatening to leave if you don't carry through.
There are, as such, no uninsured drivers in Ireland. The third party damage caused will either by covered by the insurer concerned or if none exists then by the MIBI.This will result in more uninsured cars driving around and a further collapse ( if possible ) in the motor trade as couples less the 2nd car.