Online insurance

C

Cantona7

Registered User
Messages
120
HAs anyone got experience of using online brokers? my renewal for home insurance comes in at €600 but there is an online company offering €410 for like cover. They say its underwritten by a UK LLoyds underwriter and is regulated in Ireland.

when i contacted my current insurers they said it was "impossible" to renew at this price level..

any advice?
 
Cantona7 said:
HAs anyone got experience of using online brokers? my renewal for home insurance comes in at €600 but there is an online company offering €410 for like cover. They say its underwritten by a UK LLoyds underwriter and is regulated in Ireland.
Click to expand...
I renewed with www.123.ie last year at a significant discount on my existing arrangement and with a policy that offers the level of cover that I need. Check the terms & conditions of any insurance policy to make sure that it suits your needs. Don't shop for insurance on price alone. Make sure to insure for the accurate [broken link removed] (not market value!) of the premises and for any contents level that you need.

when i contacted my current insurers they said it was "impossible" to renew at this price level..
Click to expand...
Well, they would wouldn't they? They have a vested interest in retaining your business.
 
Interesting, they are the site i found to be the cheapest. Take your point about the terms + conditions..

How can they undercut so much! surely its not just about commissions..or is it.

Another example, holiday home renewal for €200 v €490 with high street insurance company. Thought it could be too good to be true but just shows if you shop around etc..
 
Cantona7 said:
How can they undercut so much! surely its not just about commissions..or is it.
Click to expand...
I'm not sure but there are significant price disparities between comparable insurance policies from different providers so don't assume that there's something dodgy when you get a good quote (once again with the caveat of reading the Ts&Cs to make sure that the policy is suitable). See IFSRA's home insurance [broken link removed] for example. And, yes - shop around as widely as possible. Your broker should be doing this for your but if they are restricted to a specific set of providers then they may not get you the best deal.
 
Hi Cantona, yes I did exactly the same with an online broker who had Lloyds as the underwriter and made a big saving on my previous insurer. However just got the renewal letter today and it's jumped up almost 20% from last year's price. It's probably still a good price but will try again to see if it can be beat!
 
Tried out recommended by Clubman and found their online quote service very easy to use and at a very good price. Think I'll be using them!!
 
I have had my house insurance with 123.ie for a few years now and have had no problems in my dealings with them. You could also try or or [broken link removed]
 
Cantona7 said:
They say its underwritten by a UK LLoyds underwriter and is regulated in Ireland.
Click to expand...
I got a good quote from 123.ie underwritten by the Wellington Syndicate at Lloyds. 123.ie was the only quote to beat FBD but did so by more than 25%. I was concerned about switching, as I like that I can walk into an FBD office if I have an issue. I emailed IFSRA who told me that '123.ie are authorised by the Financial Regulator' and 'Wellington Syndicate 2020 is not regulated by the Financial Regulator'. Ultimately I'm sticking with FBD as I think I'll be able to sleep easier at night.:) (FBD do quick quotes online at )
 
I had Motor insurance with 123.ie / Europa.
No complaints with them to deal with.
 
It seems that 123.ie home insurance is now underwritten by AXA rather than the Wellington Syndicate at Lloyds.
 
Got quote for house insurance as follows. Figures rounded.

Ulster Bank €800
AXA €800
Quinn Direct €690
Hibernian €560
Allianz €540
FBD €520
123 €290

When I contacted 123 I was told that they could arrange this for me with AXA yet a direct quote from AXA was coming in at €800!!!!

How can 123 sell me this insurance at €290?

Griz
 
Roughly what sums insured for buildings and contents were you looking for Grizzly? Was accidental damage included/excluded in each quote? It's hard to believe 123 could organise the exact same cover for just over a third of the price.
 
I got a quote from 123.ie for €250 and when I rang AXA directly they quoted €395 with the same details. I asked the AXA bloke if there was a difference in cover and he said no and I should go for the 123 quote - so I did.
 
You should not take the word of the AXA bloke on this matter. You need to read the terms & conditions of the policy documents yourself to make sure that there are no major differences in the cover offered by the individual brokers/underwriters.
 
ClubMan said:
You should not take the word of the AXA bloke on this matter. You need to read the terms & conditions of the policy documents yourself to make sure that there are no major differences in the cover offered by the individual brokers/underwriters.
Click to expand...


The terms and conditions are better than my previous insurance with Hibernian at €335.
 
I insured buildings and contents for the same amount in both quotes without all risks cover. I still cannot figure out why there is such a difference in the quotes. Incidentally, does insuring for all risks make much sense? especially when an excess applies to most policies...I can understand items of Jewellery or laptops but when you ask most insures they usually say its there in case you drop your television or spill paint on your carpet. Now I don't know about you but I generally leave my television in the one spot for years....
 
The AXA quote from 123.ie is for AXA uk, whereas the other AXA quote is form AXA Ireland.
AFAIK
 
lynchtp said:
The AXA quote from 123.ie is for AXA uk, whereas the other AXA quote is form AXA Ireland.
AFAIK
Click to expand...

This is really unlikely. AFAIK AXA UK is not licensed to underwrite in Ireland. And in AXA's global structure, AXA Ireland is part of AXA UK so there wouldn't be any point in them doing this.
 
Grizzly said:
How can 123 sell me this insurance at €290?
Click to expand...

Could be due to broker discount. The premium in year 2 could be significantly higher (e.g. the same as what Axa are quoting directly for year 1), but you are under no obligation to stay for more than one year.

When renewing you should still shop around every year if you feel it is worth the time and effort.
 
You must log in or register to reply here.
Back
Top