Category: General News

Congratulations on obtaining your driver’s licence! As a first-time driver in Ireland, it’s important to understand the basics of motor insurance, to ensure you have adequate coverage to meet your needs and to ensure that you comply with the law. This handy guide will provide you with essential information about motor insurance for first-time drivers in Ireland.

Insurance is a contract between you and an insurance company, where you pay a premium in exchange for coverage in case of an accident or damage.

Types of Motor Insurance

1. Third-Party Only (TPO): This is the minimum legal requirement in Ireland. TPO covers damages caused to others (third parties) in an accident but does not cover your vehicle.
2. Third-Party, Fire, and Theft (TPFT): This policy covers damages caused to others and also includes coverage for fire damage and theft of your vehicle.
3. Comprehensive Insurance: This is the most extensive coverage and covers damages caused to others as well as your own vehicle. It also includes additional benefits such as windscreen cover and breakdown assistance.

Factors Affecting Insurance Premiums

1. Age and Experience: First-time drivers generally face higher premiums due to their lack of driving experience. Ensure that you inquire with your Insurance Broker about available discounts. It might also be an option to complete a driver’s education course, or advanced driving course, which may also make you eligible for discounts.
2. Vehicle Type: The make, model, engine size and value of your car affect your insurance premium.
3. Location: Insurance premiums may vary depending on where you live in Ireland, as areas with higher rates of theft or accidents can result in higher premiums.
4. Annual Mileage: The more you drive, the higher the risk, which can impact your premium.
5. No Claims Discount (NCD): Building a claims-free record can earn you a discount on your premium each year.
6. Consider Telematics or Usage-Based Insurance: Some insurers offer telematics or usage-based insurance programs, particularly for new or young drivers. These involve installing a device or using a mobile app to monitor your driving habits. Good driving behaviour can result in lower premiums.
7. Improve Your Driving Record: Maintain a clean driving record to build a positive insurance history. Avoid traffic violations and accidents, as they can increase your insurance premiums.

Steps to Obtain Motor Insurance

1. Research: We highly recommend that you go to your Insurance Broker if you need to take out motor insurance. They will search the market, saving you a big job. They will gather information from different insurance providers to compare coverage and premiums.
2. Provide Accurate Information: Ensure you provide accurate details about yourself, your vehicle, and your driving history to get an accurate quote.
3. NCD Protection: Consider paying extra for NCD protection, which allows you to make a certain number of claims without losing your no claims discount.
4. Voluntary Excess: Opting for a higher voluntary excess can help reduce your premium, but ensure you can afford it in case you need to make a claim.
5. Additional Drivers: Adding an experienced driver with a good record to your policy, such as a parent, can sometimes help reduce your premium.
6. Payment Options: Check with your Insurance broker if the insurance provider offers flexible payment options, such as monthly instalments, to make it more manageable.

Other Important Considerations

1. Policy Renewal: Make a note of your policy renewal date to avoid any gaps in coverage.
2. Driving Habits: Practice safe driving habits to maintain a good record and avoid claims, as this can lead to lower premiums in the future.
3. No Insurance, No Driving: Driving without insurance in Ireland is illegal and can result in severe criminal penalties, including fines and disqualification.
4. Add Additional Drivers: If you’re sharing the vehicle with family members, consider adding them to your policy. However, be aware that adding high-risk drivers may increase your premium.
5. As you gain experience and your circumstances change, regularly review your insurance coverage to ensure it meets your needs. Update your policy if you purchase a new vehicle, or move to a different location. Over time, as you establish a good driving record, maintain coverage, and gain experience, your rates may decrease.

Additional Coverage Options

1. Breakdown Assistance: Consider adding breakdown assistance coverage for peace of mind in case your vehicle breaks down.
2. Windscreen Cover: Protect yourself against the cost of repairing or replacing your windscreen in case of damage.
3. Personal Accident Cover: This coverage provides compensation for injuries sustained by you or your passengers in an accident.

Remember, it’s crucial to read and understand the terms and conditions of your motor insurance policy before purchasing. If you have any questions or need further clarification, don’t hesitate to contact the insurance provider directly.

Safe driving and enjoy the open road!

Congratulations, you have just passed your driving test after successfully completing a series of hurdles involving theory testing, rules of the road, acquiring a learner licence, completing the twelve lesson training, taking pre-tests and finally walking away from the driving test centre with your coveted Certificate of Competency proudly in hand. Your driving licence is a well-earned document and now that you have the difficult part completed, the next challenge is getting your car on the road.

First Cut is the Deepest

As having car insurance is a legal requirement to drive in Ireland, young drivers need affordable and reliable car insurance especially when getting your first policy. Typically, car insurance for young drivers is more costly as the risk of being involved in a road accident tend to be higher with younger drivers.   Shopping around for car insurance can seem daunting, especially when you start delving into the assortment of policy types and associated ‘jargon’ being advertised in the marketplace. Even more alarming, are the costs associated with first time policy holders, which can vary considerably depending on factors like vehicle age and value; location; driving experience; and profession.

That is why your starting point, should be with your local Insurance Broker who will help you navigate through the minefield of car insurance policy types and provide some balanced advice and direction in helping you secure a policy that is right for you.

Cutting Through the Jargon

Third Party/Third Party ‘Fire & Theft’ Insurance

Generally, third party including third party fire and theft insurance is cheaper than comprehensive insurance because it offers less protection for your car.  Third party insurance covers the damage caused to a third party, but not your own vehicle.  In the event of an accident, third party will offer additional cover to the costs of any damage or injury you cause to someone else or cover your vehicle against accidental fire or theft. 

Although third party insurance is usually the lowest and cheapest option of cover available, its cover is basic and as a rule of thumb, should only be used for drivers with older/lower value vehicles.  However, if you have an older car, have low annual mileage or are new to driving, then third party cover might be the right option as it could be cheaper than replacing your vehicle in the event of an accident than it would be to purchase the higher level of cover.  Its’ also worth noting that not many insurance companies offer third party insurance.

Comprehensive Insurance

Comprehensive car insurance provides a greater level of cover and protection and includes the same level of insurance while also covering damage incurred to your car.  Depending on your insurance provider, comprehensive cover often includes a range of additional benefits like windscreen repair and protection; loss or damage to personal items and breakdown assistance which are often included as standard features.   

Comprehensive insurance is usually the most expensive option as it provides the highest level of cover. The difference between Third Party and Comprehensive is simply the level of cover you get. Very  often when you compare the benefits of both types of cover, the difference in cost can be minimal especially when you consider the additional assurance and peace of mind that a comprehensive policy provides  .

Telematics Insurance

Another affordable car policy route is Telematic Insurance which is available through some Insurers and is typically geared toward first time policy and young drivers.  A box is fitted into your car which reports your driving data to your insurance company. Using a GPS, driving behaviour is monitored and reported for safeness and based on this tracked data, you are awarded a score by your insurer which determines your premium price at renewal time.   Although it can be considered a slightly more restrictive option, it is a cost effective option which encourages and rewards young drivers to establish safe driving habits.  

Insurance Brokers – Steering You in the Right Direction

Doing your homework on car policies, can be eased if you talk to your local Insurance Broker who will happily steer in the right direction and take the stress out of shopping around for car insurance by using their extensive knowledge of the market to find you the right cover at the best price. An Insurance Broker has access to the entire marketplace and can offer you an extensive product choice from various insurers.

Business owners tend to be born optimists who are preoccupied with keeping their businesses successfully up and running but often have little inclination and time to think about what could go wrong. Let’s face it, you’re taken the ingenuity and risk to get your business up and running and are 100% focused on the business at hand, doing what you know and love best. Insurance cover is often the least important thing on ‘to do’ list and that’s why it’s so important have your local Insurance Broker in your corner to safeguard what you’ve worked for. As a business owner, you may think you know what can go wrong but you never realise how much adverse effect a disruption or event on your business can impact your functionality.

In Your Corner

Your Insurance Broker will help to take the difficulty out of choosing the right commercial cover for your business by arranging the required protection in a clear-cut and manageable way. Whether you are a landlord looking to insure a property, a local business owner who is operating out of one office or an office protecting sensitive IP or data, your Insurance Broker can provide you with an insurance package specifically for your business requirements. Because of their market knowledge, experience and expertise, they have the ability to negotiate the best deal on your behalf in terms of price and policy cover.

Anyone who has taken time and effort to compare car, home or health insurance policies to try to find the best deal knows how time consuming it can be. Choosing the right business insurance package is even more intricate because of the range and complexity of risks that require cover.

Working On Your Behalf

An Insurance Broker will not only save you time sourcing the right policy, they can also save you money if you need to make a claim. As they work on your behalf and not the insurer provider, your Broker can prove invaluable if a claim needs to be made, by efficiently co-ordinating the claims process through knowing what is and isn’t covered under your policy.

An Insurance Broker will also help to keep your business ahead of new trends and changing requirements and keep your business up-to-date when new policies become available advising when insurance assets need upgrading. They will help identify the risks your business faces and secure the right insurance package to match your specific operational risks.

From One Expert to Another

You’re the expert in your commercial field, so it’s worth investing some time and effort into finding an Insurance Broker who you can trust and rely upon as the professional expert in commercial insurance. Their market expertise and professional know-how will help to steer your business insurance risks in the right direction and help you to save on time, money and effort to focus on what you do best.

Consumer Awareness Campaign to tackle ‘Ghost Broking’

Liberty Insurance has launched a new public awareness campaign in conjunction with Brokers Ireland to raise awareness of the illegal practice of ghost broking. This places Irish motorists at risk of insurance fraud and invalid insurance cover.

New research, conducted among 1,000 consumers by Core Research, shows that 70% of motor insurance customers in Ireland are unaware of the practice.

What is a Ghost Broker?

Ghost brokers are professional fraudsters who sell forged or falsified documents to unsuspecting motorists. In the event of a claim arising, these policies leave the motorist liable. Liberty’s research suggests they disproportionately target immigrant communities, many of whom don’t speak English as a first language or are unfamiliar with Irish insurance practices. “At Liberty we live by our value of ‘Putting People First’. We were the first insurer in the Irish market to publicly call out this practise in 2017, and since then we have sought to work with An Garda Siochana, the Department of Finance, Brokers Ireland and other industry peers to tackle this growing problem. ” says María Eugenia Mugueza, Claims and Operations Leader for Liberty Seguros, the company that operates as Liberty Mutual Global Retail Markets in Europe.  “Ghost broking is a form of insurance fraud that needs to be tackled to not only to protect consumers, of whom almost 40% of those aware of the practice report having been approached, but also legitimate insurance providers and legitimate brokers.”

‘Too Good To Be True’

The survey found that among motorists aware of the practice, 21% are either unsure or unaware that policies purchased via Ghost Brokers may be invalid.

Identifying a Ghost Broker is the first step; warning signs include broker contact details that neglect to include a physical business address or business landline number. Also, if the offer appears too good to be true, this should serve as another red flag.

Cathie Shannon, Director of General Insurance at Brokers Ireland says: “Consumers always need to be alert and this research shows that a large proportion of consumers don’t even know they need to have their guard up. We urge consumers to think twice before purchasing insurance from sources such as social media sites and carefully check any insurance documentation for accuracy.”

Identifying Legitimate Insurance Brokers 

According to the survey, 43% of consumers have searched for their Broker online but 32% have not taken any steps to verify that their Insurance Broker is fully regulated.

Liberty advises all motorists to always check the authenticity of any person or company selling or administering insurance policies.

There are some easy and cost-free steps consumers can take to locate a genuine Broker:

• Brokers Ireland website (https://brokersireland.ie/)
• Brokers Ireland’s new consumer facing website, (https://insurancebroker.ie/), which has a useful search tool, providing details of local member Insurance Brokers.
• Central Bank of Ireland online register (http://registers.centralbank.ie).

“This is a much-needed resource for consumers,” according to Seán Fleming TD, Minister of State with Responsibility for Insurance, who has welcomed this awareness campaign, “not only to identify genuine brokers, but also to identify the types of insurance that brokers may provide.”

María Eugenia Mugueza welcomes this governmental support, saying that “Liberty shares the government’s goal of bringing greater transparency to the insurance market and tackling ghost broking is a key part of this effort.”

 Online Security 

According to the survey, almost 40% of those aware of the practice have been directly approached by a Ghost Broker, either in person or via social media, and a further 3% know someone who has.

“While conducting business over the web is now the norm, the web is also an easy marketplace for fraudsters.” says Brokers Ireland’s Cathie Shannon.

As part of this campaign, Liberty is also calling on online platforms such as social media outlets to verify that any person or company advertising insurance policies on their website is verified as being legitimate

*Research commissioned by Liberty Insurance and carried out by Core Research as part of an online survey. 1,000 adults in Ireland aged 18 and over were interviewed as part of the nationally representative research between 23 – 30 September 2020.

The first known insurance policy was written in 1347 in Genoa, Italy. It provided coverage for the risk of ships being lost at sea.

The concept of insurance can be traced back even further, to ancient civilizations such as the Babylonians and Chinese, who had systems in place to distribute and manage risk.

The largest insurance market in the world is Lloyd’s of London, which has been in operation since the 17th century. It is not an insurance company, but rather a marketplace where multiple insurers come together to underwrite risks.

The most expensive insurance policy ever sold was said to be a life insurance policy worth $201 million. It was allegedly purchased by an unnamed billionaire in 2014.

The insurance industry plays a significant role in the global economy. It employs millions of people worldwide and contributes to economic stability by helping individuals and businesses manage risk.

Some unusual insurance policies have been taken out by celebrities and companies to protect their assets. For example, actress Jennifer Lopez reportedly insured her famous curves for $27 million, and a wine collector allegedly insured his nose for $8 million.

Insurance fraud is a significant concern for the industry. It is estimated that insurance fraud costs insurers billions of dollars each year, leading to higher premiums for policyholders.

The insurance industry has embraced technology in recent years, with the rise of Insurtech (insurance technology) companies. These companies use data analytics, artificial intelligence, and digital platforms to streamline processes and offer innovative insurance solutions.

Insurance companies use actuarial science to assess risks and set premiums. Actuaries use mathematical and statistical models to analyse data and predict the likelihood of future events, such as accidents or property damage.

Insurance plays a crucial role in disaster recovery and rebuilding efforts. After natural disasters like hurricanes, floods, or earthquakes, insurance pay-outs help individuals and businesses recover and rebuild their lives.

Mobile home insurance in Ireland typically provides coverage for various risks and perils that may affect mobile homes, which are also known as static caravans. The exact coverage may vary between insurance providers, so it’s essential to review the specific policy details. However, here are some common coverage areas included in mobile home insurance in Ireland:

Buildings Coverage:

This covers the structure of the mobile home itself, including its walls, roof, floors, and fixtures. It provides protection against events like fire, storm damage, vandalism, theft, and accidental damage.

Contents Coverage:

This includes coverage for the contents inside the mobile home, such as furniture, appliances, electronics, clothing, and personal belongings. It typically protects against risks like fire, theft, vandalism, and accidental damage.

Accidental Damage:

This coverage protects against accidental damage to both the structure of the mobile home and its contents. It may include incidents like spills, breakages, or accidental damage caused by children or pets.

Theft and Vandalism:

Mobile home insurance usually covers theft or attempted theft of belongings from the mobile home, as well as damage caused by vandalism or malicious acts.

Fire and Smoke Damage:

Coverage is provided for damage caused by fire and smoke, which can be particularly devastating for mobile homes.

Storm and Weather Damage:

Insurance policies typically cover damage caused by severe weather conditions such as storms, high winds, hail, or lightning.

Flood Damage:

Depending on the location of the mobile home, coverage for flood damage may be included or available as an optional add-on. Flood coverage is particularly important in areas prone to flooding.

Public Liability:

This coverage protects the policyholder against claims for accidental bodily injury or property damage that may occur to third parties while on the insured property.

As ever with insurance policies, it is important to read the policy wording, terms, and conditions provided by the insurance company to understand the full scope of coverage, any exclusions, deductibles, and limits that may apply. Additionally, some insurers may offer optional extras or additional coverage options, such as legal expenses coverage or emergency accommodation coverage in case the mobile home becomes uninhabitable due to an insured event. Speak with your Insurance Broker to ensure that your mobile home insurance provides the cover that you need it to.

Reducing the risk of accidents and losses and ensuring proper protection for your home and business involves a combination of proactive measures and security precautions. Here are some helpful steps you can take to achieve that:

1. Home Safety Measures:
   • Install smoke detectors and carbon monoxide detectors on each level of your home.
   • Maintain fire extinguishers in easily accessible areas, such as the kitchen and garage.
   • Regularly inspect and maintain electrical wiring, outlets, and appliances to prevent electrical hazards.
   • Keep hallways, staircases, and walkways well-lit and free from clutter to prevent trips and falls.
   • Secure windows and doors with sturdy locks, and consider installing a security system.
   • Keep a list of emergency contacts readily available, including local police, fire department, and poison control.
2. Business Safety Measures:
   • Conduct regular safety inspections to identify potential hazards and address them promptly.
   • Train employees on safety protocols, including proper handling of equipment, emergency procedures, and fire safety. Comply with all applicable health and safety legislation.
   • Install security cameras, alarm systems, and access controls to deter theft and monitor activities.
   • Secure valuable equipment and merchandise in locked areas, and consider using safes or lockboxes for sensitive items.
   • Regularly backup important data and store it off-site or in the cloud to protect against data loss.

1. Insurance Coverage:
   • Assess your home and business insurance policies to ensure they adequately cover potential risks and liabilities.
   • Speak with your Insurance Broker to review your policies periodically and make updates as needed, especially after significant changes to your property or operations.
   • Consider additional coverage options, such as flood insurance, earthquake insurance, or business interruption insurance, depending on your specific needs and location.
2. Risk Assessment and Management:
   • Conduct a thorough risk assessment of your home and business to identify potential hazards and vulnerabilities.
   • Develop and implement risk management strategies to mitigate identified risks, such as installing safety devices, implementing safety procedures, or making structural improvements.
   • Regularly review and update your risk management plan to stay proactive and adapt to changes in your environment.
3. Emergency Preparedness:
   • Create emergency plans for both your home and business, including evacuation procedures, meeting points, and communication strategies.
   • Educate family members and employees on emergency protocols and ensure everyone knows what to do in case of a fire, natural disaster, or other emergencies.
   • Keep emergency supplies readily available, including first aid kits, flashlights, batteries, non-perishable food, and water.

Remember, it’s essential to consult with professionals, such as your Insurance Broker, or a health and safety expert, or security consultants, to get personalized advice and recommendations based on your specific circumstances.

Starting and running a small business can be an exhilarating endeavor filled with dreams of success and financial independence. However, amidst the excitement, it is crucial for entrepreneurs to recognise the importance of mitigating risks and protecting their ventures. One of the most valuable shields in this regard is insurance. In this blog, we will delve into the significance of insurance for small businesses and explore the ways it can help safeguard their success.

1. Protection against Liability:

Small businesses, regardless of their industry, face a multitude of risks. Accidents happen, and unfortunately, they can result in legal claims that could jeopardise the future of a business. Liability insurance provides a safety net by covering legal expenses, settlements, and damages resulting from third-party claims. Whether it’s a slip-and-fall accident on business premises or a product defect, liability insurance offers financial protection and peace of mind.

2. Business Interruption Coverage:

Disruptions to business operations can occur unexpectedly, often due to events beyond our control. Natural disasters, fires, or even a prolonged illness of a key employee can all impact a business’s ability to generate revenue. Business interruption insurance helps compensate for lost income and covers ongoing expenses during these challenging periods. It provides the necessary financial resources to maintain cash flow and stay afloat until normal operations can be resumed.

3. Asset Protection:

Small businesses rely on a range of physical and non-physical assets to function effectively. These assets include equipment, inventory, intellectual property, data, and more. Insurance policies such as property insurance and commercial auto insurance help protect these assets against theft, damage, or loss. By safeguarding these essential resources, insurance ensures that the business can recover and continue operations, minimising financial strain and downtime.

4. Employee Protection:

The backbone of any successful business is its employees. Offering a safe and secure work environment is not only a moral responsibility but also a legal requirement. Workers’ compensation insurance provides coverage for medical expenses, disability benefits, and lost wages if an employee suffers an injury or illness related to their work. By having this insurance in place, small businesses demonstrate their commitment to their employees’ well-being and protect themselves from potential lawsuits.

5. Professional Liability Coverage:

Service-based businesses, such as consultants, accountants, and healthcare providers, face the risk of professional liability claims. Errors, omissions, or professional negligence can lead to costly lawsuits that could cripple a small business. Professional liability insurance provides financial protection in such situations. It covers legal costs, settlements, and damages arising from claims of professional negligence, ensuring that small businesses can bounce back from setbacks caused by human error.

Insurance is not an unnecessary expense for small businesses; it is an investment in their long-term success and survival. By obtaining appropriate insurance coverage, entrepreneurs can protect their businesses from various risks, mitigate financial liabilities, and ensure continuity in the face of adversity. While no policy can prevent all disasters, insurance provides a crucial safety net that allows small businesses to navigate challenges with resilience and confidence. As the saying goes, “It’s better to be safe than sorry,” and insurance is the key to keeping your small business safe in an unpredictable world.

Self-build insurance in Ireland typically provides coverage for various aspects of a self-build project. While specific policies will vary, here are some common features that are typically covered by self-build insurance in Ireland:

Site and Construction Works:

This coverage protects against loss or damage to the building site and any ongoing construction works, including materials, tools, and equipment.

Public Liability:

This coverage provides protection in case someone is injured or their property is damaged as a result of your construction activities. It helps cover legal costs and compensation claims.

Employer’s Liability:

If you hire subcontractors or employ workers for your self-build project, employer’s liability insurance is usually required. It provides coverage for claims from employees who suffer injury or illness while working on your project.

Structural Insurance:

This coverage protects the structure of the building during the construction phase and may extend to cover the completed building against structural defects for a specified period after completion.

Loss or Damage to Building Materials:

Self-build insurance typically covers loss or damage to building materials on-site or in transit.

Tools and Equipment:

This coverage insures your tools and equipment against theft, loss, or damage.

Professional Fees:

Self-build insurance may cover professional fees, such as architect or engineer fees, in the event of damage to the property that requires remedial work.

Alternative Accommodation:

If your self-build project is delayed due to an insured event, such as fire or flood, and you cannot live in the property during repairs, self-build insurance may cover the cost of alternative accommodation.

As ever with insurance policies, it is important to note that coverage will vary between insurance providers, so it is advisable to carefully review policy details and consult with an Insurance Broker to understand the specific coverage offered by a particular self-build insurance policy and to ensure that the policy meets your specific needs.

Research Your Destination:

Before you travel, gather information about the safety of the area you plan to visit. Understand the common scams, crime rates, and areas to avoid.

Secure Your Accommodations:

Choose accommodations that have reliable security measures such as good locks, safes, and surveillance systems. Consider staying in reputable hotels or vacation rentals with positive reviews.

Lock Your Belongings:

Always lock your hotel room or rental property when you leave. Use the provided safes to store your valuable items like passports, cash, and electronics. Consider using additional locks or security devices for added protection. Consider keeping your credit card in the safe in your hotel room in case your wallet or handbag were to be snatched.

Keep A Low Profile:

Avoid drawing unnecessary attention to yourself or displaying your wealth. Don’t wear expensive jewellery or carry large amounts of cash. Use a money belt or hidden pouch to keep your money and important documents safe.

Be Cautious In Public Areas:

Stay alert in crowded places, tourist attractions, and public transportation. Keep your bags and personal belongings close to you and never leave them unattended.

Use Secure Transportation:

Opt for reputable transportation services, official taxis, or rideshare services. Be cautious of unmarked or unofficial taxis. If you rent a car, keep it locked and park it in well-lit areas.

Be Careful With Your Electronics:

Avoid flashing your expensive electronics like smartphones, tablets, or cameras in public. Keep them securely stored when not in use.

Beware Of Scams:

Be wary of strangers offering unsolicited help or trying to distract you. Common scams include fake police officers, unwanted assistance with luggage, or distractions while someone steals your belongings.

Use Secure Payment Methods:

Try to use credit cards instead of carrying large amounts of cash. Notify your bank about your travel plans to avoid any issues with your card being blocked.

Stay Connected:

Inform a trusted friend or family member about your travel plans and regularly update them on your whereabouts. Consider using a reliable tracking app on your mobile device.

Secure Your Documents:

Make copies of your important travel documents like passports, visas, and identification cards. Keep the copies separate from the originals, either digitally or in a safe place. This will be helpful in case of theft or loss. Email them to your email account so that you know where they are.

Purchase Travel Insurance:

Invest in travel insurance that covers theft, loss, or damage to your belongings. This can provide some financial protection and assistance in case of an unfortunate event. Ensure that your destination is covered.

Remember, while these precautions can significantly reduce the risk of theft, it’s essential to stay vigilant and use common sense throughout your vacation.