# 123.ie home insurance renewal - caveat emptor



## ClubMan (12 Sep 2006)

Just received our annual home insurance renewal notice from _123.ie_ and I noticed that the cover provided had been increased slightly, as had the premium and also included was a €15 "broker charge". I went to their website and selected the same level of cover as if I was a new customer and the premium came out about €30 lower. Worth noting when your renewal comes around and may be relevant to other brokers/underwriters and their automatically issued renewal notices.


----------



## gotsomenow (12 Sep 2006)

I would always check the web for quotes from my insurance companies at renewal time.

Interestingly enough, I got a great quote for home insurance through 123.ie for AXA, but when I went to AXA with the quote, they told me that 123.ie do not use that actual AXA and that certain things may not be all that they seem.  I was frightened off by that statement and went elsewhere!


----------



## ClubMan (12 Sep 2006)

Agreed - I always shop around but _123 _were still the best value for the level of cover that we needed and even more so when I checked as a "new" customer rather than a renewing one.

What do you mean by _"that actual AXA"_? My renewal included some form from _AXA _and it looked like the real one. In any case the terms & conditions of the insurance policy clarify what's covered and what's not and it all looks fine to me.


----------



## r0nn13 (12 Sep 2006)

123.ie get the thumbs down from me 

  They delayed our mortgage by 2 weeks and thankfully the vendor didn't mind waiting otherwise we could of lost the house due to them. We rang them every day and go tot know all the operators who answer the phones and we were given a different story every day, except for 1 operator who told us the truth straight away.

Cheap price *CAN *sometimes mean cheapness in service in my experience with 123.ie

BUYER BEWARE, but I hope if you go with them they serve you better than I.

Next year I will phone each of the companies directly and get the best price with the best cover myself.

Previous experience with a mortgage broker  (basically wasted nearly 6weeks of our time with delays, excuses and generally shoddy work) should of taught me to stay away from brokers, but I have learnt now...


----------



## ClubMan (12 Sep 2006)

r0nn13 said:


> They delayed our mortgage by 2 weeks


How come? When you apply online the cover starts from the date specified and you just have to pay them to make sure that this happens. 


> and thankfully the vendor didn't mind waiting otherwise we could of lost the house due to them.


Really? Why could you not simply have gone to another insurer and taken cover immediately? Why did you persist with them if you were having problems arranging the cover?


----------



## gotsomenow (12 Sep 2006)

Sorry, when I said that actual AXA, I mean the one based in Ireland, AXA Insurance Ltd.  The one you get quotes from on 123.ie are not from AXA Insurance Ltd, but another AXA, don't know the full details because I didn't go into it with her.  She just said warned me off, which worked, and I used neither of them.


----------



## claremcafee (12 Sep 2006)

gotsomenow said:


> I would always check the web for quotes from my insurance companies at renewal time.
> 
> Interestingly enough, I got a great quote for home insurance through 123.ie for AXA, but when I went to AXA with the quote, they told me that 123.ie do not use that actual AXA and that certain things may not be all that they seem. I was frightened off by that statement and went elsewhere!


 
123.ie don't use AXA Ireland, but AXA UK.  Unfortunately you were misinformed.  Despite what you may have been previously advised, all of our administration, including claims, is handled in Dublin.

Clubman - Dropped you a PM.


----------



## gotsomenow (12 Sep 2006)

claremcafee said:


> 123.ie don't use AXA Ireland, but AXA UK.  Unfortunately you were misinformed.  Despite what you may have been previously advised, all of our administration, including claims, is handled in Dublin.
> 
> Clubman - Dropped you a PM.



Slight contradiction in your first and second sentence?  If your first sentence was correct, then I was informed correctly by AXA Insurance Ltd when I called them.

Why do you use AXA UK, and not AXA Ireland then?  I am presuming it's price, but what are the differences in the policies both offer.  
123.ie quoted me two hundred and something euro (AXA)
AXA Insurance Ltd quoted me three hundred and something.  How can they justify the two massive prices, if they are both offering the same policies?

G


----------



## ClubMan (12 Sep 2006)

From previous experience underwriters can quote higher premiums than brokers for the same or similar cover. I found this with _Royal & Sun Alliance_ direct versus via the _AA _a few years back. Ultimately what matters is the terms & conditions of the policy and that they suit your needs for a price that you are happy with. For the moment I'm happy with _123/AXA (UK) _based on the policy document and premium quoted but I'm just confused as to why the renewal premium would be higher than the premium quoted as if I was a new customer. Note that the difference was not as high as I originally suggested as it happens - a difference of c. €15 albeit with an additional €2.5K contents cover for the cheaper premium!


----------



## Geoff123 (13 Sep 2006)

I'd like to take this opportunity to explain a little about 123.ie and our Home Insurance offering. Please don't take this as an advert for 123.ie or a criticism of AXA Ireland. They provide an excellent home insurance policy and their motor policy is one of the best on the market.

Our home insurance product is underwritten by AXA (UK) part of the AXA Group of companies which includes AXA Ireland. Our policy was written by us and has no connection with AXA Ireland. The UK and Irish companies are different companies and as such can and do compete for business. One reason we deal with the UK is that we are not subject to any local pressures due to existing relationships.
As Clare points out, claims are handled here in Ireland by a third part claims handling company which also happens to handle claims for some of the larger Irish Insurance companies.

If you were to ask AXA Ireland about a product offered by AXA UK their response might reasonably be the same had you asked them about RS&A, Allianz, Hibernian or Quinn Direct. We are directly competing with AXA Ireland.

As an analogy, how might Mercedes Ireland react if you suggested to them that you could go to Mercedes in the UK to buy your new car ?

We do have a letter of apointment from AXA Ireland and in fact have an excellent relationship with them, we sell AXA Ireland Motor policies. 

As regards renewal premiums, we do charge a €15 admin fee at renewal time. Our rates are extremely competitive in part because our margins are so low. Of course, if you're unhappy with anything we do, please tell us ! We want you to go away happy with the service we offer. If you're not, then I want to know about it which is why Clare keeps an eye on relevant threads here at AskAboutMoney. 

ClubMan mentioned that his cover and premium had increased at renewal. It is market practice to increase sums insured at renewal to provide some degree of index linking. Rebuilding costs have increased in excess of inflation in recent years and it's important for you to have adequate levels of cover. Having said that, it's your policy, if you don't feel the need to increase cover, you don't have to. 

I'd really welcome any further comments, good or bad, about 123.ie and what we do.

Geoff Boyle
Director - 123.ie


----------



## ClubMan (13 Sep 2006)

Geoff123 said:


> ClubMan mentioned that his cover and premium had increased at renewal. It is market practice to increase sums insured at renewal to provide some degree of index linking. Rebuilding costs have increased in excess of inflation in recent years and it's important for you to have adequate levels of cover. Having said that, it's your policy, if you don't feel the need to increase cover, you don't have to.


Yes - but my substantive point was that for the same (actually slightly higher) level of cover on the same terms I was able to get a cheaper quote by going online as if I was a new customer compared to the renewal premium quoted to me in the letter from _123_. The difference was about €15 (c. 6% discount on the renewal premium) which is, perhaps coincidentally or perhaps not, the same as the additional "broker fee" charge which was added to the renewal premium and which was not explicitly mentioned when I originally took out the policy last. Some people might consider this slightly sharp practice. At the very least I consider it something worth warning others about. On the other hand perhaps you or _Clare _have a reasonable explanation? At the moment I have two letters -one with the renewal premium of €237.14 (including €15 broker fee) and one with a new business premium (for slightly higher contents cover) for €222.57 - a difference of €14.57. Obviously it's a no brainer which one I will choose if I do renew with _123_.


----------



## gianni (13 Sep 2006)

> Cheap price *CAN *sometimes mean cheapness in service in my experience with 123.ie
> 
> BUYER BEWARE, but I hope if you go with them they serve you better than I.


 
I'm in the process of taking out a home insurance policy with 123.ie. So far I've found them very efficient in all my dealings with them... e.g. responding to e-mails within 1 hour, only 4 mins holding to speak to a rep...etc

I've now parted with money for the policy - hopefully their good service won't disappear now that they have their hands on my cash! 

I suppose I should stress that I have no connection whatsoever with the company and only chose them based on their price and level of cover. For what I required they were coming in approx €100 cheaper than other brokers...

Time will tell if I have made a sound choice, but so far so good...


----------



## gotsomenow (13 Sep 2006)

Geoff,

Thanks for taking the time to explain that.  I only wish I had known at the time of getting my home insurance.  AXA Ireland in the words they used put me off buying my insurance with 123.ie, but I suppose I know where to look next year.

Thanks

G


----------



## daveirl (14 Sep 2006)

What i heard was that AXA UK bought a company who had an existing relationship to cover 123.ie house insurance policies. When AXA bought this company they then became underwriters of these policies. AXA Ireland were never involved.

I've got one of these policies myself but should I make a claim I know there's no point in ever going near an AXA office in Ireland.


----------



## paul32 (3 Oct 2007)

just after making my first claim with 123.ie.very helpfull on the phone the lady is sending out form to me to day to fill in,i will see how it goes and will let you know


----------



## Guest127 (7 Oct 2007)

my home insurance is up on 22/10 and I am now going to try and find the best offer. Currently Hibernian through One Direct. No renewal notice yet. will report when I have a few quotes.


----------



## Thirsty (8 Oct 2007)

Different company, but similar issue.  I recently added an expensive item (> €7k) to my all risks policy.  

Additional premium charged, which was fine, but also charged €25 for 'administration'!  

Made several calls but despite promises no one got back to me, eventually wrote and told broker I would be voting with my feet at next renewal date if they didn't respond.   Charge refunded that day; happy customer.

But....what is really getting to me these days is that not a day seems to go by where I don't have to chase, ring, follow up, email or write to someone about some incorrect charge, over-charging, mistake or whatever you're having yourself.  

Today's one is my mortgage company applying a new rate 2 weeks before the expiry of my fixed rate; still waiting on that one to be sorted.

Am I just getting old and cantankerous or are companies these days relying on consumer inertia to make their money?


----------



## paul32 (9 Oct 2007)

still waiting for 123.ie insurance to send out form,she told me on the phone that she was going to send it straight away,,,,,,,,,,,,,,,,,,,still waiting


----------



## ClubMan (9 Oct 2007)

Shopped around as usual before renewal in September and, after a bit of haggling, www.simplymortgages.ie offered the best quote *for the level of cover that suited our specific needs *and _123.ie _could not match/better it (in spite of their radio ads claiming that they would!) and were charging a higher premium for a lower level of cover so bye bye _123.ie _for this year at least.


----------



## Guest127 (9 Oct 2007)

renewal today from one direct/hibernian-€395. Minimum * all risks. quote from 123 with €5500 all risks around €371. 
* mrs cu refuses to leave engagement ring into valuers overnight hence we have only every been able to cover it with specified items which fall under the limit cover for such items without a valuation.

 Kildrought: couldn't agree more. my best case so far is having 4 competely different p21's for the years 2003, 2004, 2005 and 2006. In total 16 p21 end of year balances for 4 years. And the income figures etc are unchanged on them all. its how the allowances are allocated that changes the calculations.

for what its worth 123 now use Eagle Star for their home insurance policys not Axa.


----------



## ClubMan (9 Oct 2007)

cuchulainn said:


> Kildrought: couldn't agree more.


Agree with what?!


----------



## Thirsty (9 Oct 2007)

I suspect cuchulainn means my mini-rant further up this thread, Clubman!


----------



## ClubMan (9 Oct 2007)

Kildrought said:


> I suspect cuchulainn means my mini-rant further up this thread, Clubman!


Yes - but that was about companies over(?)charging which has nothing to do with _Revenue _issuing more than one _P21 _p.a.


----------



## Guest127 (10 Oct 2007)

Kildrought said:


> But....what is really getting to me these days is that not a day seems to go by where I don't have to chase, ring, follow up, email or write to someone about some incorrect charge, over-charging, mistake or whatever you're having yourself.


 
exactly! Not everything does what it says on the tin and this was certainly the case with those p21's. in the end I got back the €1,000 I was due but only after querying how each year was assessed.

will give simplymortgages a go and see result. cheers


----------



## ailbhe (17 Oct 2007)

What I think is pretty sharp practice with 123.ie is the way their excess automatically is set at 500 euro which is very high in comparison with normal policies (usually 120 - 250). It isn't really something people pay attention to (unless they know what they are looking for) and we (as brokers) have had many people come back with a cheaper quote when really the cover is not the same. 
BTW went online to try and get a quote and it was refusing to quote online for me. Not sure why. New build, smoke larms, no claims, average sums insured. Sigh.


----------



## Happy Girl (2 Nov 2007)

paul32 said:


> still waiting for 123.ie insurance to send out form,she told me on the phone that she was going to send it straight away,,,,,,,,,,,,,,,,,,,still waiting


 
Just contacted 123.ie and have given me a very competitive quote (100 euro cheaper) than 3 others companies I have contacted on a like-for-like basis. Just wondering, before I part with money, if you ever got sorted out and how you found this company to deal with in the event of a claim.


----------



## dublinli (7 Nov 2007)

i tried getcover.com today, seems pretty competitive


----------



## badgambler (17 Nov 2007)

When I got my Allianz renewal this year, I check their website and got a higher price as a new customer.

Same was truefor the Mrs motor insurance with Hibernian.

Loyalty is starting to pay...


----------



## ClubMan (18 Nov 2007)

badgambler said:


> When I got my Allianz renewal this year, I check their website and got a higher price as a new customer.
> 
> Same was truefor the Mrs motor insurance with Hibernian.
> 
> Loyalty is starting to pay...


Did you see if you could get a cheaper premium for similar cover with another underwriter? Inertia may still be paying rich picking for some insurance companies.


----------

