Consumers Should Fight Insurance Hike

06 September 2011 - Which Way to Pay

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Consumers Should Fight Insurance Hike

Chief executive of the Consumer Association, Dermott Jewell told consumers yesterday that they do not have to accept another round of hikes in home insurance rates. Jewell advised on a range of things that consumers are able to do to avoid crippling rises including; shopping around for a better quote and changing the way you pay your premiums.

The news comes as insurance brokers have warned that premiums may rise by 15% as a result of the earthquakes in Japan and New Zealand. Jewell has challenged consumer acceptance of this forecast on the grounds that premiums have already risen by at least 10% for each of the last three years. Indeed, according to the Central Statistics Office it seems premiums have already risen by 7% this year.

Mr Jewell said: "Consumers should not accept further increases. This is especially the case as the cost of renovating, repairing and rebuilding a house has gone down."

He added that consumers should get tough with their insurers and seek out better rates:

"Never automatically renew your insurance and instead check with other insurers to see if you can get a better value quote," he added.

It is often cheaper to pay in a lump sum instead of paying by installment, the Consumers Association said.

It is worth noting that consumers who are due to renew their policies in the next two-to-three months should escape the latest rises.

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