Motor 123.ie Overcharges 8,000 Motor Customers

Leo said:
On what basis? A refund is a refund.
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From the indo article, they are refunding the error plus 5% of the premium price by way of compensation.
I'd be happy with that, particularly given that they spotted the error themselves and raised their hands to the central bank.
 
Anybody know what "vehicle history information" error is and how it effected premiums ??
 
trasneoir said:
From the indo article, they are refunding the error plus 5% of the premium price by way of compensation.
I'd be happy with that, particularly given that they spotted the error themselves and raised their hands to the central bank.
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Yeah, that was my point. Presumably all those affected shopped around and decided to give 123 their business based on the price they were quoted which included this error. To describe the refund as paltry when it is in fact a 105% refund isn't fair, particularly when no one would ever be aware of the error if they hadn't chosen to come clean themselves.
 
It sounds like they were doing something under the covers - checking a third party list of something (hire purchase, previous crashes) - and applying a hidden loading based on that.
 
The additional 5 per cent compensation is unacceptable. They should at least get double the total refund. Alternatively individually people should complain to company and then to FSO. 123 would spend more than 80 euro processing each complaint!
 
Jumpstartdublin said:
The additional 5 per cent compensation is unacceptable.
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Anyone who took out a policy were obviously happy with the deal they were getting. No one forced them to choose 123. So now 123 find an issue and decide to come clean and refund people, plus give a little more on top. Well done 123.

Jumpstartdublin said:
Alternatively individually people should complain to company and then to FSO. 123 would spend more than 80 euro processing each complaint!
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Who exactly should complain, and on what grounds?

Don't see where the indignation is coming from here, but complaints to the FSO is hardly likely to encourage any other company to be so honest and come forward with such an offer in future. Remember, they broke no rules here, they offered people insurance at a price they were willing to pay.
 
Big deal. The did wrong and fessed up, the minimum any consumer should expect from a business. The extra 5% bought a lot of good will for €32,000 ((8,000 X €80) X 0.05)), less than some of their litter-generating junk-mail campaigns.
 
Leo said:
Don't see where the indignation is coming from here, but complaints to the FSO is hardly likely to encourage any other company to be so honest and come forward with such an offer in future. Remember, they broke no rules here, they offered people insurance at a price they were willing to pay.
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I don't think it necessarily tracks "broke no rules" v "price willing to pay". For example, one could break gender neutral age rating rules and offer people insurance at a price people are willing to pay.

In this specific case, treating a customer fairly, which is a requirement under CPC, would entail correctly charging them based on the information supplied, and also accurately displaying the the premium breakdown on any policy documentation. They did not do that here due to an error on their part. So based on the limited information we have available here, they have breached CPC.
 
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odyssey06 said:
In this specific case, treating a customer fairly, which is a requirement under CPC.... So based on the limited information we have available here, they have breached CPC.
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I don't think there is a single insurance company in the country that complies fully with CPC.
 
Each individual affected should complain. I am very confident one will receive more than the advertised compo offered currently. One can bring me to lunch with the extra. The company will offer more at an early stage in FSO process and case will most likely not advance to full adjudication stage.
 
How does an individual know if they're affected? You still haven't clarify under what grounds or provision are they entitled to compensation, let alone more than what's being granted?
 
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