Insurance - Looks Ok

[Sean]

Hi all, I just stumbled across this site 123.ie and noticed that you can now get fully comp for just over €1k if you are prepared to pay €4k excess on any claim. Now for those of us with no garage policies in place it looks good. Is there a catch..other than ahving to pay the first €4k






Motor Insurance for only €1,123 ???





You qualify if...

• You are at least 25 years old OR if under 25 hold a 5 year No Claims Bonus
• Your car is valued at less than €100,000 with an engine size of less than 3,000cc (I put in a 1996 993 and got a quote of €1058)
• You have no convictions other than parking offences and up to 2 penalty points
• You have made no more than 2 claims in the past 5 years totalling less than €20,000
• You hold a full driving licence (add €400 to premium for a provisional licence)

If the above statements apply to you then your premium is a remarkable €1,123

 

[penfold944]

4k excess is a bit steep. I noticed the same when I went and got a quote the same way. I dont know which insurance company is underwriting the policy - as 123.ie is only a broker. I'd want to know who was underwriting it ( I suspect uk based company underwritten by lloyds syndicate ).

I know I had no problems with my boxster with Allianz - well under 2k per annum with normal excess, limited business use, living in Dublin, no garage and its a convertible.

Any broker worth his or her salt should be able to source a good quote for you. I've been told Allianz insure Porsche AG, so they have good rates for their cars - probably dog manure...

My 2c worth anyway

Alan

 

[Keggers]

I remember reading an article on this a couple of months back. Just found it again here. The insurer is a company called XS Direct. No mention of who is underwriting though.

http://archives.tcm.ie/businesspost/2005/06/19/story5815.asp

Their website refers to someone called Wrightway Underwriting Ltd though.
http://www.xsdirect.ie

 

[penfold944]

A quick search around shows that the policy seems to be underwritten by a self-underwriting company call Probus. They are a subsidary of Hertz.

The 4k excess seems tempting though.....

I did a quick check on my boxster - 1100 euro with a 4k excess. Thats with one named driver. I got an open driving quote from Hibernian for 1650 euro with just 300 euro excess.

What is intriguing is that with the 4k excess policy it only applies to male drivers. For female drivers there is a 2k excess.. Silly discrimitation...

 

[Sean]

Yes, I noticed the 4K v 2K gender bias. The excess is high, however should you be fortunate enough to have something like a Turbo, GT3 RS the quote would certainly be tempting.

 

[m bannon]

drop the insurance thread please , its making me angry !!!!!!
try paying insurance for this lot.. and im lookin at another 911, OH and probably a divorce if i do, but hell you got to have your priorities right

 

[Guest]

Good to know.
Regards

 

[m bannon]

insured a jeep grang cherokee with xs-direck for about 50% less than everyone else was looking for.
in wifes name with 2k excess

 

[Keggers]

Mark, do they put any restrictions on business use? Also assume the excess is still €4000 when your driving the car?

Very tempted with this myself when I renew in December as €2,300 with St Pauls doesn't seem worthwhile against €1,100 regardless of the difference in excess.

 

[Guest]

Apparantly 123.ie is online only. Xsdirect works in a similar manner and has an agency with Wrights in Wexford, so you can talk to a human!

FBD quoted me €2,700 to renew my policy on a 2000 Boxster S (I'm 34 with full no claims). St Paul through Frank Glennons brokerage offered €1,500 to €1,700 depending on the type of no claims protector policy I chose.

123.ie quited €1,018 and xsdirect (Wrights) offered €1,040. With both of these you assume the risk of a €4,000 excess. When I asked the guy in Wrights if he could beat the 123.ie quote he went to €1,010. On reflection I should have tried to get it under the ton, but I suppose you can't have it all ways.

Note that this policy also covers my wife as a named driver, not just me.

http://www.wrightgroup.ie/

The downside is of course the excess, but each person has to weigh up the value of thier no claims status, thier probability of needing to make a claim and thier ability to take a hit of up to €4k if necessary.

 

[m bannon]

the 2k excess applies to us both. policy in wifes name. me as name driver