Category: Motor Insurance

Motor theft is a serious problem in Ireland, in 2022, there were more than 4,000 vehicles reported stolen and the issue continues to show a significant increase year-on-year, with a 52% increase on 2021 and a 17% increase on 2019. This not only causes financial loss for car owners but also has a wider impact on society, including increased insurance premiums and the cost of policing. Combatting motor theft requires a coordinated effort from law enforcement, government, and individual car owners.

Stolen-to-order vehicles have become a growing concern in Ireland in recent years. Criminal gangs are known to steal high-end vehicles, such as luxury cars and vans, to order for export or resale. These vehicles are often dismantled for parts or shipped out of the country to be sold on the black market. Stolen-to-order vehicles are difficult to trace and recover, making them an attractive target for organized crime groups. The Irish government and law enforcement agencies are working to combat this issue by increasing public awareness and investing in new technology to better track stolen vehicles.

Mass market cars and vans are increasingly being targeted for parts by thieves in Ireland. Criminal gangs often steal these vehicles and dismantle them for valuable parts, such as engines and catalytic converters, which can be sold on the black market for a profit. This trend has caused concern among car owners and the wider community, as it not only leads to financial loss but also poses a risk to road safety. It is important for car owners to take steps to protect their vehicles and for law enforcement agencies to take a proactive approach to combatting this issue.

Keyless vehicles have become a popular target for thieves in Ireland. Criminals are using electronic devices to intercept the signals between the key and the car, allowing them to unlock and start the vehicle without the owner’s knowledge. This method of theft is known as “relay theft” and has become a growing concern for car owners. Thieves are able to steal high-end cars and luxury vehicles with keyless entry systems in a matter of seconds, making it difficult for law enforcement agencies to track and recover these stolen vehicles.

Here are some ways in which you can add extra protection to your vehicle:

1. Always lock your car: It may seem obvious, but it’s important to remember to lock your car, even when you’re only leaving it for a short time. An unlocked car is an invitation to thieves.
2. Park in a safe, well-lit area: Park your car in a well-lit area that is visible to other people. Avoid parking in isolated areas, especially at night.
3. Use an immobilizer or steering wheel lock: An immobilizer or steering wheel lock is an effective way to deter thieves. These devices make it difficult for a thief to start your car, which reduces the risk of theft.
4. Don’t leave valuables in your car: Don’t leave valuables in your car, such as wallets, laptops, or mobile phones. Thieves are more likely to break into a car if they can see something valuable inside.
5. Install a car alarm: A car alarm is a great way to deter thieves. Make sure the alarm is loud enough to be heard from a distance and that it’s installed by a professional.
6. Keep your keys safe: Don’t leave your car keys lying around or in an obvious place, such as on a hook by the front door. Keep them in a secure location.
7. Be aware of your surroundings: Be aware of your surroundings when you’re approaching or leaving your car. If you see anyone suspicious, stay in a safe location and call the Gardaí.
8. Consider installing a tracking device: A tracking device can help locate your car if it’s stolen. This can also help the police to recover your car quickly and increase the chances of catching the thief.

In conclusion, preventing motor theft in Ireland requires a multifaceted approach. While law enforcement agencies have a role to play in cracking down on criminal gangs and investing in new technologies, individual car owners can also take steps to protect their vehicles. By locking your car, parking in well-lit areas, and investing in security devices, you can minimize the risk of your car being stolen. It’s important to remain vigilant and aware of your surroundings, and to report any suspicious activity to the authorities. By working together, we can combat motor theft in Ireland.

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. Talk to your local Insurance Broker today.

Car insurance is an essential part of owning a vehicle, providing financial protection in case of accidents, theft, or damage. However, the cost of car insurance can sometimes put a strain on your budget. The good news is that there are numerous strategies you can employ to save money on your car insurance without compromising coverage. In this blog, we will share expert tips and insights on how to reduce your car insurance premiums and make smart choices that can result in substantial savings. Whether you’re a new driver or a seasoned one, these practical suggestions will help you navigate the world of car insurance and find ways to cut costs without sacrificing the protection you need on the road.

1.Use an Insurance Broker

These professionals have in-depth knowledge of the insurance market and can help you navigate the complexities of finding the right coverage at the best price. Insurance brokers work independently, representing multiple insurance companies, which gives them access to a wide range of policies and options. By understanding your specific needs and budget, an insurance broker can compare quotes from different insurers, negotiate on your behalf, and find the most competitive rates available. They have the expertise to analyse policy details, coverage limits, and excesses, ensuring that you get the right amount of coverage for your specific requirements.

2.Paying a Higher Excess

Paying a higher excess can lower your motor insurance premium by shifting a portion of the financial risk from the insurance company to you, the policyholder. The excess is the amount you agree to pay out of pocket before your insurance coverage kicks in to cover a claim. When you choose a higher excess, you are essentially telling the insurance company that you are willing to take on more financial responsibility in the event of an accident or claim. Since you are assuming a greater portion of the risk, the insurance company considers you a lower-risk policyholder, which can result in a reduced premium. Insurers often offer lower premiums for policies with higher excess amounts because they have a smaller liability in the event of a claim.

3.Driving Safely

Driving safely can significantly lower your motor insurance premium due to the positive impact it has on your risk profile as a driver. Insurance companies consider various factors when determining premiums, and one of the most influential factors is your driving history. By maintaining a clean driving record, free of accidents, traffic violations, and insurance claims, you demonstrate responsible and low risk driving behaviour. Insurance companies view safe drivers as less likely to be involved in accidents, resulting in fewer claims and lower costs for them. Consequently, insurers often reward safe drivers with lower premiums or discounts on their motor insurance policies.

4.Choosing a Car with a Lower Insurance Rate

Insurance companies assign vehicles to different insurance groups based on factors like repair costs, safety features, theft risk, and historical claims data. Cars in lower insurance groups generally attract lower premiums. By selecting a vehicle that falls into a lower insurance group, you demonstrate to the insurer that your chosen car is associated with lower risks. These cars often have more affordable parts and repairs, advanced safety features, and lower likelihood of theft.

5.Installing Additional Security Features

Insurance companies consider the level of security provided by your car when assessing risk and determining premiums. By enhancing the security of your vehicle, you reduce the likelihood of theft, vandalism, or unauthorised access, making your car a lower risk to insure. Installing features such as alarms, immobilisers, tracking devices, steering wheel locks, or window etching not only helps protect your vehicle but also demonstrates to the insurance company your commitment to safeguarding your investment. Insurance providers often offer discounts or incentives for vehicles equipped with these additional security measures.

6.Consider Your Coverage Needs

Considering your coverage needs carefully can play a crucial role in saving money on your motor insurance. It’s important to assess your specific requirements and evaluate the level of coverage you truly need. For instance, if you own an older vehicle with a lower market value, it may be more cost-effective to opt for a basic liability coverage rather than comprehensive coverage. Additionally, you can adjust your excess amount based on your financial situation. Choosing a higher excess can lower your premium but be sure to select an amount you can comfortably afford in case of an accident.

7.Taking Advantage of Discounts

Taking advantage of discounts can be a valuable strategy for saving money on your motor insurance. Insurance providers often offer a range of discounts that can help lower your premiums. For example, maintaining a clean driving record without any accidents or traffic violations can make you eligible for a safe driver discount. Installing safety features in your vehicle, such as anti-theft devices or anti-lock brakes, may also qualify you for a discount. Additionally, some insurers offer discounts to drivers who have completed advanced driving courses.

8.Drive Less

Insurance companies often consider the number of miles you drive annually as a factor in determining your premiums. By reducing your mileage and driving less, you present a lower risk of being involved in accidents or encountering other hazards on the road. This decreased risk can lead to lower insurance premiums. If you have the flexibility to use alternative transportation methods, you can demonstrate to your insurance provider that you’re actively taking steps to minimize your time on the road. Additionally, some insurers offer usage-based insurance programs that track your driving habits, such as mileage and driving behaviour, through telematics devices.

9.Pay Annually

When you pay your insurance premium monthly, the insurance company is essentially giving you a loan to cover the cost of your policy. They may charge interest or an administration fee for this service, which can increase the total cost of your policy. By paying annually, you are avoiding these extra fees and interest charges, and the insurance company may be willing to offer you a lower premium as a result.

10.Review Your Policy Annually

Reviewing your motor insurance policy annually is a proactive approach that can lead to significant cost savings. As your circumstances change over time, your insurance needs may evolve as well. By taking the time to review your policy each year, you can ensure that your coverage aligns with your current situation. During this process, you may identify areas where you can make adjustments to save money. For instance, you might discover that you no longer need certain optional coverages or that you can increase your excess to reduce your premium.

Conclusion

Saving money on your car insurance is within reach if you employ the right strategies and make informed choices. Remember, the key is to strike a balance between affordability and adequate coverage, ensuring that you have the peace of mind and financial security you deserve. By implementing these expert tips, you can confidently navigate the world of car insurance, optimise your savings, and drive with confidence knowing you have made smart choices to protect both your wallet and your vehicle.

Motor insurance is an essential aspect of vehicle ownership in Ireland. It provides financial protection and peace of mind to vehicle owners, covering potential risks and damage. However, navigating the world of motor insurance can be overwhelming, especially when encountering unfamiliar terminology. In this blog, we’ll demystify some important motor insurance terminology in Ireland, helping you understand the key concepts and make informed decisions.

1. Comprehensive Coverage:

Comprehensive coverage is the highest level of motor insurance protection available in Ireland. It covers a wide range of risks, including damage to your vehicle from accidents, theft, fire, vandalism, and natural disasters. Additionally, it provides coverage for third-party liabilities, medical expenses, and legal costs arising from an accident.

2. Third-Party Only Coverage:

Third-Party Only coverage is the minimum legal requirement for motor insurance in Ireland. It covers the cost of damage or injury caused to others involved in an accident caused by your vehicle. However, TPO insurance does not cover any damage to your own vehicle.

3. Third-Party, Fire, and Theft (TPFT) Coverage:

TPFT coverage offers protection against the same risks as TPO insurance but also includes coverage for fire damage to your vehicle or theft of your vehicle. While it provides more extensive coverage than TPO, it does not cover other forms of damage, such as accidental damage to your vehicle.

4. No Claims Bonus (NCB):

A No Claims Bonus is a reward system offered by insurance providers to policyholders who have not made any claims during their policy term. It is a significant factor in determining the cost of insurance premiums. The longer you go without making a claim, the higher the NCB you can accumulate, resulting in reduced premiums.

5. Excess:

Excess is the portion of any insurance claim that you agree to pay out of pocket. It can be either voluntary or compulsory. Voluntary excess is an additional amount you choose to pay, which can help reduce your premium. Compulsory excess is the amount set by your insurance provider and must be paid in the event of a claim.

6. NCD Protection:

NCD Protection, or No Claims Discount Protection, is an optional feature you can add to your motor insurance policy. It safeguards your NCB in case you need to make a claim. With NCD Protection, even if you make a claim, your NCB remains intact, reducing the impact on your future premiums.

7. Open Driving:

Open driving refers to a policy condition that allows drivers other than the policyholder to drive the insured vehicle. However, specific restrictions may apply, such as age limits or requirements for the additional driver to have a clean driving record. It’s important to carefully review the terms and conditions of open driving to avoid potential coverage issues.

8. Certificate of Insurance:

The Certificate of Insurance is a legal document issued by your insurance provider. It serves as proof that you have valid motor insurance coverage in Ireland. You must keep this document readily available as it may be required during vehicle registration, roadside checks, or in the event of an accident.

Understanding the key motor insurance terminology in Ireland is vital to ensure you make informed decisions when selecting coverage options. By familiarizing yourself with terms like comprehensive coverage, NCB, excess, and more, you can confidently navigate the world of motor insurance, secure appropriate protection for your vehicle, and enjoy a worry-free driving experience. Remember to consult with Insurance Broker or providers if you have any specific questions or concerns about your policy.

For most of us, buying a house will be the largest purchase in our lives. With that in mind, it’s only natural that we should want to protect our home from any danger that may befall it. Home Insurance grants us peace of mind knowing that we are covered in the event of an accident and that we won’t be left picking up the pieces if things go wrong.

However, like all things in life, home insurance is not ‘one size fits all’ and it’s important to know what is being covered and when – so that there are no unpleasant surprises in the event of a claim.  We have complied a list of top tips relating to Home Insurance so that you can be in the know regarding your own insurance.

Buildings Insurance

• Buildings Insurance is the minimum level of cover that you can have for your house.
• It covers the fundamental foundations of your house such as the roof, walls, windows, doors etc.
• If your home is damaged to the point you must seek temporary alternate accommodation, your insurance will usually also pay the cost of you having to rent or live elsewhere.
• For prospective mortgage applicants, obtaining Buildings Insurance is a requirement to receive your mortgage.
• This cover insurers your house for the amount it will cost to rebuild it and building costs will inevitably fluctuate; engage with your broker regarding rebuild costs and they will keep track of your house’s insured amount to guarantee that you are not overpaying for your cover or are underinsured should the worst happen.

Contents Insurance

• Contents Insurance covers (yes, you guessed it) the contents of your home. This ranges from your appliances to your furniture and includes the likes of cash being stolen from your home.
• Contents Insurance does not have to be included on the same policy as your Buildings Insurance; so ask your Insurance Broker to shop around as different insurers may quote better prices or cover certain valuables that others may not.
• Take the time to accurately assess the value of your belongings, as a miscalculation could lead to you not being compensated fully for their loss.

All Risks Cover

• This is an optional add-on to most home policies that will protect your belongings from theft or damage both inside and outside of the home. All Risks policies will also oftentimes cover your belongings for a specified amount of time abroad. 
• ‘All Risks Cover’ is divided into ‘Specified’ and ‘Unspecified’ cover where the former requires you to submit a list of items to be protected along with their individual value. The latter, which entails you submitting a total amount of cover for your belongings each year, allows you to insure your valuables without needing to specify them individually.

Motor trade insurance in Ireland typically provides coverage for businesses involved in the buying, selling, repairing, or servicing of vehicles. The specific coverage will vary depending on the insurance provider and the specific policy terms, but here are some common features and coverage options:

Road Risk Cover:

This is a fundamental aspect of motor trade insurance and provides coverage for vehicles in your possession or control. It usually includes three levels:

Third-Party Only:

Covers damage to third-party vehicles and property.

Third-Party, Fire, and Theft:

Provides additional coverage for fire damage and theft of vehicles.

Comprehensive:

Offers the highest level of coverage, including damage to your own vehicles as well.

Material Damage:

Covers damage to your premises, tools, and equipment caused by perils such as fire, theft, vandalism, or accidental damage. This includes coverage for buildings, stock, and contents.

Employer’s Liability:

If you have employees, this coverage protects you against claims for injuries or illnesses suffered by your employees while working for your business.

Public Liability:

Provides coverage for claims made by third parties for bodily injury or property damage that occurs in connection with your motor trade business premises or activities.

Product Liability:

Covers claims arising from defects in the vehicles or parts you sell or supply.

Business Interruption:

Offers protection for loss of income and additional expenses if your business operations are interrupted due to an insured event, such as fire or flood.

Tools and Equipment Cover:

Protects your tools, equipment, and machinery against loss, theft, or damage.

Stock-in-Trade Cover:

Provides coverage for the vehicles you have in stock for sale.

As ever with insurance, it is important to note that motor trade insurance policies can be tailored to suit the specific needs of your business, so it’s recommended to discuss your requirements with an Insurance Broker who can provide you with detailed information and options based on your circumstances.

Comprehensive motor insurance is a type of coverage that provides a wide range of protection for your vehicle in Ireland. It offers coverage for both third-party liability, which is compulsory for all drivers, as well as damage to your own vehicle. Here are some key features of the typical comprehensive motor insurance cover in Ireland:

Third-Party Liability:

Comprehensive insurance covers your legal liability for injury or damage caused to another person or their property due to an accident involving your vehicle.

Own Damage:

This policy covers the repair costs or replacement value of your vehicle if it gets damaged due to an accident, theft, fire, vandalism, or natural disasters such as storms or floods.

Personal Accident Cover:

Comprehensive insurance often includes personal accident cover, providing compensation for medical expenses or loss of life or limbs for the driver and passengers involved in an accident.

Fire and Theft:

It protects against loss or damage to your vehicle caused by fire, theft, or attempted theft.

Windscreen Cover:

Many comprehensive policies include coverage for windscreen damage or replacement.

Personal Belongings:

Some policies provide limited coverage for personal belongings inside your vehicle that are damaged or stolen.

No-Claims Bonus:

Comprehensive insurance allows you to earn a no-claims bonus for each claim-free year, which can lead to lower premiums in the future.

Additional Benefits:

Depending on the insurance provider, comprehensive policies may include additional benefits such as breakdown assistance, emergency accommodation, or alternative transport if your car is unusable.

It is important to note that policy terms and conditions may vary among different insurance companies in Ireland, so it’s advisable to review the specific policy details and coverage limits offered by your chosen insurance provider or speak to an Insurance Broker for advice on what your motor insurance policy covers.

Fleet and haulage insurance refers to insurance policies specifically designed for businesses that operate a fleet of vehicles for commercial purposes, such as transportation and haulage companies. These policies provide coverage for risks associated with the operation of multiple vehicles used for transporting goods or passengers.

Fleet insurance typically covers a range of vehicles, including cars, vans, trucks, and other commercial vehicles, all under a single policy. This approach simplifies insurance management for businesses with multiple vehicles, as they can be insured collectively rather than individually. Fleet insurance offers various levels of coverage, including third-party only, third-party fire and theft, and comprehensive coverage, allowing businesses to choose the level of protection that suits their needs.

Haulage insurance specifically caters to businesses involved in the transportation of goods. It covers the risks associated with the transportation process, including damage to goods in transit, theft, accidents, and liability for third-party claims arising from the haulage operations. Haulage insurance policies can also include coverage for legal expenses and breakdown assistance.

Both fleet and haulage insurance policies consider factors such as the number of vehicles in the fleet, the type of vehicles, the nature of the goods being transported, the driving history of the drivers, and other relevant risk factors. The cost of the insurance premium is typically determined based on these factors.

It’s important for businesses in Ireland engaged in fleet and haulage operations to consult with their Insurance Broker to ensure they obtain the appropriate coverage for their specific needs and to ensure compliance with legal requirements.

Third-party liability cover in motor insurance in Ireland refers to a specific type of coverage that protects the policyholder against claims made by third parties for damages or injuries resulting from an accident caused by the insured motor vehicle.

In Ireland, motor insurance is mandatory for all vehicles driven on public roads. Third-party liability cover is the minimum legal requirement for motor insurance and is included in all standard motor insurance policies. It provides financial protection to the policyholder in the event that they cause damage to another person’s property, or cause injury or death to another person while driving their vehicle.

If you are at fault in an accident, the third-party liability cover will pay for the damages, injuries, or legal expenses of the affected third parties. This could include the cost of repairing or replacing the other person’s vehicle, medical expenses, loss of income, or any other financial losses resulting from the accident.

It’s important to note that third-party liability cover only protects the policyholder against claims made by third parties and does not cover any damages or injuries to the policyholder’s own vehicle or personal injuries. To obtain coverage for your own vehicle, you would need to consider additional types of motor insurance such as comprehensive or third-party, fire and theft cover.

When purchasing motor insurance in Ireland, it’s advisable to carefully review the terms and conditions of the policy to understand the specific coverage provided and any exclusions or limitations that may apply.  Consult with an Insurance Broker, who will be in a position to advise you.