# Online insurance



## Cantona7 (4 Jan 2006)

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?


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## ClubMan (4 Jan 2006)

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.


 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..


 Well, they would wouldn't they? They have a vested interest in retaining your business.


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## Cantona7 (4 Jan 2006)

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..


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## ClubMan (4 Jan 2006)

Cantona7 said:
			
		

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


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.


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## Kevin (16 Jan 2006)

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!


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## Kevin (16 Jan 2006)

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!!


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## demoivre (16 Jan 2006)

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]


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## michaelm (17 Jan 2006)

Cantona7 said:
			
		

> They say its underwritten by a UK LLoyds underwriter and is regulated in Ireland.


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 )


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## kazbah (17 Jan 2006)

I had Motor insurance with 123.ie / Europa.
No complaints with them to deal with.


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## michaelm (20 Mar 2006)

It seems that 123.ie home insurance is now underwritten by AXA rather than the Wellington Syndicate at Lloyds.


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## Grizzly (23 Mar 2006)

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


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## orka (23 Mar 2006)

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.


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## Cahir (23 Mar 2006)

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.


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## ClubMan (23 Mar 2006)

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.


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## Cahir (23 Mar 2006)

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.




The terms and conditions are better than my previous insurance with Hibernian at €335.


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## Grizzly (25 Mar 2006)

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....


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## lynchtp (27 Mar 2006)

The AXA quote from 123.ie is for AXA uk, whereas the other AXA quote is form AXA Ireland.
AFAIK


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## orka (27 Mar 2006)

lynchtp said:
			
		

> The AXA quote from 123.ie is for AXA uk, whereas the other AXA quote is form AXA Ireland.
> AFAIK


 
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.


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## lynchtp (28 Mar 2006)

Well my policy says underwritten by AXA UK


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## CCOVICH (28 Mar 2006)

Grizzly said:
			
		

> How can 123 sell me this insurance at €290?


 
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.


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## Grizzly (28 Mar 2006)

I rang AXA and asked them why they were quoting me €800 but 123 were quoting me €290. for the same insurance.  He said that 123 are using a company called AXA Broker.  I rang AXA Broker and I was told that they do a fair bit of business with 123. So I really don't know about AXA U.K. and whether AXA Broker is anything to do with them. Is AXA U.K. insurance valid in Ireland?


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## CCOVICH (28 Mar 2006)

AXA Broker are just the broker sales channel of AXA.  It's common for insurance companies to have different channels, i.e. direct sales, brokers, tied agents and although they may all sell the same products, there may be different rates and offers available through each channel.  Nothing unusual there.

The whole AXA UK thing, I don't know that it's relevant.  People have been worried about products offered by 123.ie before because they were underwritten by UK based companies.  However, I would doubt that 123.ie are selling cover that is not applicable in the Irish market.

To allay any concerns you have, firstly go to 123.ie and see what they say, and if it is a UK company who are providing the cover, call the Financial Regulator and see what they have to say on the matter.


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## Grizzly (29 Mar 2006)

Back in the early 70's as a new driver I was looking around for cheap car insurance. I noticed an advert in the paper offering cheaper car insurance. The company was based in a rented office in an industrial estate just off the S.C.R. in Dublin. It was basically a guy sitting behind a desk in a fairly spartan office taking money and issuing insurance certificates. I was very suspicious contacted the fraud squad who paid them a visit. The whole thing was a scam. The next day it was headlines in the Evening Herald.
Ever since that day I am careful about insurance. I have also learned a valuable lesson...sell your story to the newspaper before the gardai!


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## CCOVICH (29 Mar 2006)

Well  have been around for a number or years now and are regulated here in Ireland.

If you are that concerned about them, why just not go with one of the other quotes?  I don't think anyone will be able to fully allay any concerns you have on this issue.

Of course there is no harm in being cautious-i.e. if it looks too good to be true etc.


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## ramble (31 Mar 2006)

I have house insurance with 123.ie, my premium dropped by 120 euro in year 2.


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## Buddha (31 Mar 2006)

I think 123.ie are fine -  they're an Irish based broker that has a good online presence.

Another good online irish broker is bestquote.ie.

I did my car insurance with them - they're actually based in Wexford.


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