Friday 22 November 2019

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Cork Independent

Motors

McCarthy Insurance Group has you covered

Wednesday, 30th October, 2019 4:33pm

Paul Kavanagh McCarthy Insurance Group



Although premiums, in general, have reduced over the last 24 months, many of you may not have seen these reductions. This article attempts to help you achieve such reductions.

The main reason you may not be seeing these reductions is that insurers have changed the way in which they calculate your annual premium. Premiums are calculated using statistics and calculations and are now accompanied by ‘risk intelligence’, but more about that later.

At McCarthy Insurance Group (MIG) we have 20 motor insurers, offering close on 50 different products. Less than ten of these are available directly to you, so if you don’t use a broker, you are only covering a fraction of the total market.

Also, when you go to an insurer directly, they are only obliged to answer questions on their own product, whereas a broker must advise you on the market in general.

So do you settle on one quote or do you look for a complete view? That is where MIG come in.

We analyse all the markets available to us, to get you the best premium and the exact cover you need, based on your exact circumstances. We save thousands of people money every month.

*Use your exact address, ideally using an Eircode.

*If you own the property, then say so, there are discounts for being a property owner and bigger discounts if you put the property with the same motor insurer. * Make sure to use your correct licence number.

*Some insurers give an over 25 per cent discount for having no penalty points.

*Garaged or gated vehicles can give a better rate.

*Know your vehicle's security, most cars now have an alarm and immobiliser as standard.

*Know the market value of your vehicle - it's not really a problem for vehicles in their first year, but after that, value can drop drastically, with most insurers.

*How many kilometres will you drive in the coming 12 months of your policy? There are discounts with some insurers for low mileage.

*Is there a second vehicle at your permanent residence, owned by you or your spouse/partner living there? Are your named drivers necessary or infrequent users or not at all? Do they live with you? These are all rating factors and differ from insurer to insurer.

An excess is the amount you pay first, in the event of accident and you’re at fault, usually circa €300. If you are willing to take a bigger excess of €500, €750 or €1,000, then you will receive up to ten per cent discount.

A lot of people consider moving from comprehensive cover to third party, fire and theft.

This is all well and good, but weigh up the amount you save versus the benefit differences, such as windscreen cover.

The advantages of having proper cover and advice came to the fore on 31 August 2019 when the innocent victims of the Douglas Village Shopping Centre fire, were looking for advice on replacement vehicles, cover and what they were entitled to.

MIG’s 24 hour helpline kicked into action and started assisting effected clients.

The MIG claims team were working to get people other vehicles and get it covered, in addition to the vehicle they still had in the car park.

Temporary additional vehicles are not normally allowed by insurers but we negotiated these and covered them for free. This was done very efficiently with the assistance of our insurers and service providers.

Then we arranged professionals, on site, to take our clients' recovered vehicles to authorised repairers so that they could be examined professionally and get a deep clean valet, as well as having all glass and seals examined by Mr Windscreen, before being handed back to their owners.

Now, back to ‘Risk Inelegance’. This is data available to insurers instantaneously as you seek a quote. This is similar to car tell which anyone can access for a fee.

Insurers rate positively on the following being answered positively:

* Has my vehicle a current NCT/DOE certificate? If not, how long is it out? Same goes for tax and licence!

* Ownership of the vehicle, how many owners, when purchased and if it was ever crashed or written off.

* Details of penalty points and convictions - any negative answer could lead to one or a number of insurers not quoting at all.

So do your homework and then contact a broker, like MIG, to give you all the quotes and benefits analysis. For a list of all registered brokers go to BrokersIreland.ie/members.

Call us locally or call into one of our offices for an impartial and private chat on how you can reduce your annual costs.

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