I can't get insurance on my old Honda!

Hi,

Is it legal to increase the price of an insurance premium times five? I was paying €400 last year (seven years NCB plus for 55 per cent discount) for a 1999 Honda Accord. I've got letter from my current insurer (AIG), with a new quote for €1,998. When I rang them, they told me the reason was that my car is too old! Car passing NCT every year, no problems whatsoever, no convictions either. Another two broker companies and three individual insurers have declined me for the same reason.

Any ideas?

Joe Black (Dublin 18)

Jan 2016 Filed under: insurance

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Expert answer

Hi Joe,

This is a serious issue at the moment and the Government is, typically, sitting on its hands over the matter. Insurers, beginning with Aviva, decided last year that, actuarially speaking, ten-year-old cars and their drivers were at higher risk of accident than average, and so decided to either (a) refuse to quote altogether, or (b) issue massive quotes that were effectively the same thing. Frankly, it's a scandal and of course, insurance being something of a cabal industry at the best of times, the other major firms are following suit. Sorry - that isn't actually of any practical help to you, but it's the facts of the matter.

The best suggestion I can offer is to find a really good local insurance broker and see if they can help you find a solution. Please do let us know how you get on.

Neil Briscoe - Complete Car Advisor
@neilmbriscoe