My car insurance premium isn't afffected by car miles driven. Sloppy premium pricing?

Patslatt1

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I phoned my car insurer, an industry leader, to report a major reduction in car miles driven thanks to my increased use of a new train service. I was surprised to be told that this reduction would not be considered in setting the renewal premium.

This sounds like sloppy insurance pricing. No doubt the risk of car accidents increases with miles driven. Are insurers plucking premium figures out of the air based on hunches and guesswork instead of using indusrty wide statistical databases? Given the ongoing huge increases in premiums, they need to improve their pricing methods.

Otherwise, the government should nationalise the car insurance industry to achieve scale economies in this natural monopoly industry and lower prices. The province of Saskatchewan's car insurance in Canada could offer a model given its low prices compared to other Canadian provinces https://www.autotrader.ca/newsfeatures/20160315/car-insurance-differences-from-province-to-province/ and https://mysgi.sgi.sk.ca/afFeeCalc/feecalculation.do Of course, the absurdly generous Irish court awards also need to be limited by legislative guidelines.

A car is a necessity in most of Ireland, not a luxury, so the government needs to get the lead out of its arse and reform industry practices.
 
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firefly123

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I phoned my car insurer, an industry leader, to report a major reduction in car miles driven thanks to my increased use of a new train service. I was surprised to be told that this reduction would not be considered in setting the renewal premium.

This sounds like sloppy insurance pricing. No doubt the risk of car accidents increases with miles driven. Are insurers plucking premium figures out of the air based on hunches and guesswork instead of using indusrty wide statistical databases? Given the ongoing huge increases in premiums, they need to improve their pricing methods.

Otherwise, the government should nationalise the car insurrance industry to achieve scale economies and lower prices. Of course, the absurdly generous court awards also need to be limited by legislative guidelines.

A car is a necessity in most of Ireland, not a luxury, so the government needs to get the lead out of its arse.
Yeah but they call it actuarial studies


Also is the famous patslatt looking for the public sector to take control from the private sector?
It truly is the end times
 

paulp

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I phoned my car insurer, an industry leader, to report a major reduction in car miles driven thanks to my increased use of a new train service. I was surprised to be told that this reduction would not be considered in setting the renewal premium.

This sounds like sloppy insurance pricing. No doubt the risk of car accidents increases with miles driven. Are insurers plucking premium figures out of the air based on hunches and guesswork instead of using indusrty wide statistical databases? Given the ongoing huge increases in premiums, they need to improve their pricing methods.

Otherwise, the government should nationalise the car insurance industry to achieve scale economies in this natural monopoly industry and lower prices. The province of Saskatchewan's car insurance in Canada could offer a model. Of course, the absurdly generous court awards also need to be limited by legislative guidelines.

A car is a necessity in most of Ireland, not a luxury, so the government needs to get the lead out of its arse.
I guess it's very difficult police
 

William_O'Harris

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I phoned my car insurer, an industry leader, to report a major reduction in car miles driven thanks to my increased use of a new train service. I was surprised to be told that this reduction would not be considered in setting the renewal premium.

This sounds like sloppy insurance pricing. No doubt the risk of car accidents increases with miles driven. Are insurers plucking premium figures out of the air based on hunches and guesswork instead of using indusrty wide statistical databases? Given the ongoing huge increases in premiums, they need to improve their pricing methods.

Otherwise, the government should nationalise the car insurance industry to achieve scale economies in this natural monopoly industry and lower prices. The province of Saskatchewan's car insurance in Canada could offer a model. Of course, the absurdly generous court awards also need to be limited by legislative guidelines.

A car is a necessity in most of Ireland, not a luxury, so the government needs to get the lead out of its arse.
Statistics is based on measure theory which in the presence of the axiom of choice contains sets whose measure can sum to any number of the statistician's choice provided he/she is aware of where the non-measurable set came from. This is why some practitioners do not advocate private insurance but instead universal coverage by the state. One can debate this all one wants, the question remains what is in the best interests of the most responsible.
 

Patslatt1

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Analyzer

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A car is a necessity in most of Ireland, not a luxury, so the government needs to get the lead out of its arse.
There are multiple players in the market. And will do anything to take business off one another.

There is a problem with the underlying cost base. And in particular the role of the legal profession in driving up the costs of the insurance sector.

I blame greedy, market rigging lawyers for this one.
 

Spanner Island

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I phoned my car insurer, an industry leader, to report a major reduction in car miles driven thanks to my increased use of a new train service. I was surprised to be told that this reduction would not be considered in setting the renewal premium.

This sounds like sloppy insurance pricing. No doubt the risk of car accidents increases with miles driven. Are insurers plucking premium figures out of the air based on hunches and guesswork instead of using indusrty wide statistical databases? Given the ongoing huge increases in premiums, they need to improve their pricing methods.

Otherwise, the government should nationalise the car insurance industry to achieve scale economies in this natural monopoly industry and lower prices. The province of Saskatchewan's car insurance in Canada could offer a model. Of course, the absurdly generous court awards also need to be limited by legislative guidelines.

A car is a necessity in most of Ireland, not a luxury, so the government needs to get the lead out of its arse and reform industry practices.
Get a broker although I reckon premiums are only going up currently and they use every excuse they can think of to justify their bullsh!t...

Why should the age of any car that passes the NCT be an issue for example?

If it passes the NCT it's as safe as any car.

And as for women only insurance adverts etc... don't get me started...

The insurance industry is as bad as the w@nker banker industry imo.

And just like the w@nker bankers they never lose.
 

OrderoftheDragon

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Insurance companies in the Irish market will charge as much as they think they will get away with, that's about the limit of their actuarial studies.

It's outrageous that returning Irish emigrants in their 30's and 40's are being charged €000's with full licences and no claims history, definitely one for serious investigation !.
 

Franzoni

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The government and politicians in general have seemed to be reluctant to tackle this issue which led to the EU taking a lead role recently because of allegations of cartel like behaviour and price fixing.......

Taking unreasonable amounts of disposable income that could be spent elsewhere in society out of peoples pockets to give to an private sector industry which has a legal penalty attached for non compliance and which seems to be making over a Billion in profits a year without much transparency is a recipe for disaster IMO....
 

OrderoftheDragon

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The government and politicians in general have seemed to be reluctant to tackle this issue which led to the EU taking a lead role recently because of allegations of cartel like behaviour and price fixing.......

Taking unreasonable amounts of disposable income that could be spent elsewhere in society out of peoples pockets to give to an private sector industry which has a legal penalty attached for non compliance and which seems to be making over a Billion in profits a year without much transparency is a recipe for disaster IMO....
It's a bit like Rte.......
 

Half Nelson

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I'm looking forward to the Road Safety Authority and the insurance companies being hammered for the abuse of drivers' data.
 

Franzoni

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Get a broker although I reckon premiums are only going up currently and they use every excuse they can think of to justify their bullsh!t...

Why should the age of any car that passes the NCT be an issue for example?

If it passes the NCT it's as safe as any car.

And as for women only insurance adverts etc... don't get me started...

The insurance industry is as bad as the w@nker banker industry imo.

And just like the w@nker bankers they never lose.

Good point....

Apparently the NCT is only a 'snapshot' of your car at a point in time...or at least that is how i understand their reasoning on the issue for older motors.......

A newer car harder used could be equally as bad if not worse if not properly maintained ( tyres,brakes etc) and there is four year hiatus from NCT checks on newer cars...and then only two yearly until a certain age so their reasoning is BS....
 

silverharp

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Cosy cartel , there ought to be a gap in the market where you get a quote based on mileage but maybe it wouldn't work unless they had realtime information and could amend your premium each month so maybe the tech isn't there yet?
In our house neither of us commute using a car so our annual mileage is low but some insurance company is pocketing the difference.
 

enuffisenuff

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Insurance companies move the goalposts when it suits them..its as simple as that....complete shower of c*nts...
 

Spirit Of Newgrange

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and you still think the 'compensation culture' is a victimless crime ?
 

Orbit v2

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Some companies charge young drivers based on the amount of mileage they do, but they install a box to monitor it. They aren't going to just take your word for it.
 

Gin Soaked

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Why should the age of any car that passes the NCT be an issue for example?

If it passes the NCT it's as safe as any car..
Crash in a 20 year old car versus something registered in 2014 which was a new model in the same year. At 50kph.

Then come back to me.

Ditto, make an evasive manouver on the motorway at 100kph without ESP and the other myriad of controls now standard....

I get how it is very annoying, but there have been massive leaps in standards .

A 5 star NCAP car from 2000 is a 2 star car now. If lucky. And less than 5 stars means it fails current best practice.
 

gerhard dengler

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Good point....

Apparently the NCT is only a 'snapshot' of your car at a point in time...or at least that is how i understand their reasoning on the issue for older motors.......

A newer car harder used could be equally as bad if not worse if not properly maintained ( tyres,brakes etc) and there is four year hiatus from NCT checks on newer cars...and then only two yearly until a certain age so their reasoning is BS....
Just one point. Some years back I got into a long winded process with my car insurance company.

An "act of God" accounted for car damage to my car. My insurer sent me an exhaustive list of stuff to answer. One question was, is the car within it's NCT period ie. had the car been NCT'd at the due date.
The car was due to be NCT'd 7 days after the accident happened. The insurance company hymned and hawed. I had to obtain proof that I had scheduled the car for NCT. This became a debating point. I told the insurer that my car was still within the scope of the existing NCT period, and that the new period was due 7 days hence. They argued that I had to prove intent of having my car NCT'd. It was a new one on me. Luckily I had documentation from the NCY confirming my appointment 7 days hence.

So my advice is just make sure that you have your car NCT'd because if there is an accident, these shysters will do anything they can not to pay out.
 

irish_bob

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Insurance companies move the goalposts when it suits them..its as simple as that....complete shower of c*nts...
absolutely

any idea how much more expensive it is to insure a BTL property if you have social welfare tenants living in it ?

double , 100% more expensive , now i know social welfare tenants are more likely to be less responsible but thats taking the p1ss

anyone selling a product where its compulsory to purchase is inherently profitable , insurance companies are always sh1tting on about how the high claims culture in ireland squeezes there margins , loada b0ll0cks
 


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