TWO YEARS after the collapse of Setanta Insurance, it seems that the problems resulting from it are still ongoing as experts warn that van drivers are struggling to find cover at a reasonable price.
Insuremyvan.ie is warning of impending chaos as drivers are facing premium increases due to the common renewal date and the insurance price increases of late.
According to official stats there are just over 300,000 commercial vehicles registered on Irish roads and they estimate that vans make up an estimated 200,000 of that. Setanta Insurance folded in April 2014. A Maltese-regulated company, it had a number of shareholders in Co. Wexford.
Somewhere between 25% and 30% of these van drivers, who use their vehicles for commercial use, were insured with the now defunct company and as a result of its liquidation, all of these policy holders now have the same renewal date of April 17.
The van insurance experts say that an estimated 60,000 van drivers are currently in the process of trying to shop around and, by all accounts, are really struggling.
Jonathan Hehir, Managing Director of www.insuremyvan.ie explains: “With insurers having all increased prices fairly substantially, it’s really tough for van drivers to access cost-effective policies.”
According to official stats there are just over 300,000 commercial vehicles registered on Irish roads and we estimate that vans make up an estimated 200,000 of that. Setanta Insurance folded in April 2014. A Maltese-regulated company, it had a number of shareholders in Co. Wexford.
Mr. Hehir added that Setanta had under-priced policies – hence their demise – but now, because all other insurers charge more and most have increased their rates even further recently, the market has constricted in terms of price with van drivers looking at serious increases in premiums.
He pointed out: “Because everyone is looking to renew at the same time van drivers who choose to organise the insurance themselves have the unenviable task of ringing around seven or eight different insurers – joining phone queues with pretty long wait times. Small business owners, as many of these are, simply cannot afford to take that much time off work to make these calls.”
Experts at Insuremyvan.ie say that they have been “snowed under” in recent weeks with calls from anxious van drivers.
Mr. Hehir added: “We’re the biggest broker in the van insurance market – with access to 15 different options, so we’re always busy – but at the moment the phones are literally hopping. And it’s tough because although we are sourcing the cheapest premiums available in Ireland, most van drivers are still facing premium increases.
“We have suggested to some insurers that they offer a nine or 15-month policy to get some of these drivers off the same date but we have had little joy so far.”
