A car insurance Protest in Dublin in 2016
Road Safety Authority, Insurance Ireland and the Department of Transport won’t give me answers to these questions, so maybe a Broadsheet reader can help?
Q.1 Level of cover
With the minimum level of insurance required in the European Union Third Party cover, why do most of the major insurance companies in Ireland not offer the minimum cover without the extra benefits e.g fire, theft, that are not required by law? 123.ie, AXA and Allianz were only offering TPFT as the minimum cover on their websites.
Source From the Dept of Transport
“Motor third Party liability insurance is the minimum level of compulsory insurance in Ireland and throughout the European Union from mechanically propelled vehicle. Fire, theft and comprehensive cover are additional benefits which motor insurance companies offer for an increased premium.”
Q.2 Fire+theft and comprehensive claims
In cases of fire, theft, damage (incl windscreen) and write offs. Do the losses incurred with this “optional product” to the insurers in these claims have any load bearing on the renewals of other drivers?
Example: A riot breaks out tomorrow afternoon in Liberty Square, Thurles and over 40 cars with full comprehensive cover are torched in Parnell Street car park. Would any losses incurred here through comprehensive or TPFT claims be loaded on to the policies of other drivers, or does this come out of the pockets of the insurance companies? Remember that this cover and benefit is optional and not mandatory.
Q.3 according to the European Union
“The risk-assessment scheme Typically use by the vehicle insurance in Ireland is called no-claims system and is based on the following criteria
• Type, size and age of car
• age of driver
• Value of the car <——
• profession and use
• Where the car is kept <——-
• Excess and Extras
• No claims discount
• Accidents, claims and convictions
With the minimum mandatory cover being third party liability, why would the above highlighted be taken into account when third party liability doesn’t cover theft or damage?