Quinn charging 3% on top of premium for installments

M

money man

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I have my private health cover (&partners) with Quinn. It will be coming up for renewal soon. I was disappointed to see that they are introducing this charge. The terms & conditions of this new credit agreement we need to sign are unbelievable. They charge almost 10% for this on motor insurance . Its disappointing and i hope that i can switch to VHI without similar conditions and for much the same price. As a pair of 24/5 years olds that dont smoke were getting a raw deal as it is!. I heard on a radio show Jill Kerby saying that given the age profile of the population that community rating has only 20 years or so to run due to the ever increasing proportion of elderly people. this means that as a25year old i am subsidising this greater risk category and by the time payback comes around it will be done away with. Why should elderly people not pay more? I pay a fortune for my car insurance and i dont see my neighbours asking to subsidise me...nor do i expect them to. How can community rating last in the long term?
 
money man said:
I have my private health cover (&partners) with Quinn.
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Don't most insurers levy a charge for monthly rather than annual payment of premiums? Why not pay the annual premium in advance to avoid such charges?
What has this got to do with the title and main purpose of your post?!
 
sorry went off on one towards the end!! no they have just introduced this. They are the only health insurer doing this and it will no longer be installments but will from now on be a credit agreement you sign similar to a loan application and i presume carrying the same controls if you miss an installment. Most car insurers dont even levy this charge. Most services are paid for after consumption so i would have thought it couldnt be taken for granted that people should pay in full up front for insurance for a 12 month period.
 
money man said:
They are the only health insurer doing this
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But plenty of other insurance products have a similar levy for payment in installments.
Most services are paid for after consumption
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That is certainly not the case with insurance! And perhaps other services - e.g. my management company require payment in advance (unless I pay by DD). UTV charge me in advance for broadband. And so on...
 
Do you have the choice to pay up front or by direct debit ? Is there an additional fee to be paid if by DD? Can you not pay sky monthly etc?
 
I am charged in advance for 2months broadband also (not for a full 12 months though) and the terms of this are not similar to a loan agreement.
 
money man said:
Do you have the choice to pay up front or by direct debit ? Is there an additional fee to be paid if by DD?
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You mean in the examples I gave? If so then the management company allow payment in full in advance (which I do since it suits me) or by quarterly (I think) DD for which they do not charge anything extra. That's just their policy. With UTV I think the only way is monthly DD which is what I do. I am aware of many other insurance providers who levy a charge for monthly DD rather than advance payment in full. Again there is nothing untoward/illegal about this and it's just their policy. If you don't believe me then as the NCA (www.consumerconnect.ie).
Can you not pay sky monthly etc?
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Don't know about SKY. I know that ntl: will charge an additional fee if you choose to pay monthly but not by DD.
 
money man said:
I am charged in advance for 2months broadband also (not for a full 12 months though) and the terms of this are not similar to a loan agreement.
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It is certainly not unusual for insurance policies to be sold on the basis of payment in full in advance for the full year.
 
there was also a mention of a credit agreement being introduced by quinn, and this could effect your credit rating if you DD does not go through for any reason
 
Just got this letter-dont meind paying more for instalments but the key point is they are changing the agreement to incorporate a loan of the full annual fee to you which you can pay up front or in monthly instalments.
The loan period is fixed and if you wish to switch you must pay the full amount of the loan back, no matter what stage of the period you are.
All said a pretty shrewd move on Quinns behalf, but unfair to its customers freedom to switch insurers-as is their right, and advertised extensively by the insurer watchdog/ombudsman (not sure which).
 
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