Ryanair.com is quoting Pounds 245 for insuring a house with a re-building cost of Pounds 100,000. But Hibernian quotes Pounds 284.58 -- a difference of almost Pounds 40. A spokesperson for Hibernian said that it didn't quote for re-building costs of less than Pounds 100,000 even though Ryanair.com is using Hibernian's prices to quote for re-building costs of Pounds 70,000 and Pounds 80,000.
When asked to explain these anomalies, Hibernian's spokesperson said: "There can be price differences. Ryanair.com prices are delivered by 123.ie a subsidary of the Richardson Insurances brokerage firm. They may be discounting rates and sacrificing some of their profit. The Pounds 100,000 cut off is an anomaly and they occur from time to time. It [the cut-off limit] hasn't been implemented on the Ryanair.com system yet."
With the air travel business looking shaky, Ryanair.com has recently strategically diversified into offering online home and motor insurance as well as life assurance products. But is Ryanair.com the cheapest in the market? The Sunday Business Post decided to focus on home insurance prices offered by a sample of the main providers in the market to see how it compared.
Ryanair.com was cheaper in two out of three of the examples chosen. For a three-bedroom terrace house in Ringsend, Dublin, with an estimated re-building cost of Pounds 80,000 (market value of about Pounds 200,000) the premium quoted by Ryanair.com was Pounds 185.72. This is a third cheaper than the nearest quote of Pounds 249 from Royal Sun Alliance. However, it was more expensive for a four-bedroom semi-detached home with an estimated re-building cost of Pounds 100,000.
Ryanair.com quoted a premium of Pounds 245 against a better quote of Pounds 218.49 from First Call Direct. Home owners should be aware that re-insuring their home should not be for its market value but for the amount that it would cost to re-build. The rule of thumb used by the industry to calculate the rebuilding cost is to multiply by Pounds 115 per square foot. Hence, a 1,000 square foot home would have an estimated re-building cost of about Pounds 115,000.
In Ireland, Ryanair.com's insurance products are being offered through 123.ie a subsidary of Dublin brokers Richardson Insurances, which only quotes Hibernian's insurance rates. Hibernian is one of the cheapest in the market and Derek Richardson, chief executive of Richardson Insurances said: "In eight out of 10 cases we will be the most competitive quote on home insurance in the market."
Is Ryanair.com's house insurance policy less comprehensive than others in the market? The cover is exactly the same as a standard Hibernian home insurance policy, according to Richardson. The good news for consumers concerned about the policy detail is that they can check out the exact cover provided as the policy document is available online -- which is not the case with most other insurers.
Normally, you have to wait until you have agreed to buy the insurance cover before you receive the policy. A 14 day 'cooling-off' period applies if consumers wish to change their minds. Is the website easy to use? Yes. Ryanair.com asks eight straightforward questions and literally quotes within seconds, while phonecalls to the lo-call numbers can mean waiting between 5--15 minutes before receiving a quote. "Ryanair is associated with good value and choice. We have kept to our strategy of simplicity and ease of viewing on the website which we are known for," said Michael Cawley, Ryanair's finance director.
Cawley is hoping the sale of financial products online will be as successful as its online car rental business which turns over about Pounds 20 million per annum.
When asked to explain these anomalies, Hibernian's spokesperson said: "There can be price differences. Ryanair.com prices are delivered by 123.ie a subsidary of the Richardson Insurances brokerage firm. They may be discounting rates and sacrificing some of their profit. The Pounds 100,000 cut off is an anomaly and they occur from time to time. It [the cut-off limit] hasn't been implemented on the Ryanair.com system yet."
With the air travel business looking shaky, Ryanair.com has recently strategically diversified into offering online home and motor insurance as well as life assurance products. But is Ryanair.com the cheapest in the market? The Sunday Business Post decided to focus on home insurance prices offered by a sample of the main providers in the market to see how it compared.
Ryanair.com was cheaper in two out of three of the examples chosen. For a three-bedroom terrace house in Ringsend, Dublin, with an estimated re-building cost of Pounds 80,000 (market value of about Pounds 200,000) the premium quoted by Ryanair.com was Pounds 185.72. This is a third cheaper than the nearest quote of Pounds 249 from Royal Sun Alliance. However, it was more expensive for a four-bedroom semi-detached home with an estimated re-building cost of Pounds 100,000.
Ryanair.com quoted a premium of Pounds 245 against a better quote of Pounds 218.49 from First Call Direct. Home owners should be aware that re-insuring their home should not be for its market value but for the amount that it would cost to re-build. The rule of thumb used by the industry to calculate the rebuilding cost is to multiply by Pounds 115 per square foot. Hence, a 1,000 square foot home would have an estimated re-building cost of about Pounds 115,000.
In Ireland, Ryanair.com's insurance products are being offered through 123.ie a subsidary of Dublin brokers Richardson Insurances, which only quotes Hibernian's insurance rates. Hibernian is one of the cheapest in the market and Derek Richardson, chief executive of Richardson Insurances said: "In eight out of 10 cases we will be the most competitive quote on home insurance in the market."
Is Ryanair.com's house insurance policy less comprehensive than others in the market? The cover is exactly the same as a standard Hibernian home insurance policy, according to Richardson. The good news for consumers concerned about the policy detail is that they can check out the exact cover provided as the policy document is available online -- which is not the case with most other insurers.
Normally, you have to wait until you have agreed to buy the insurance cover before you receive the policy. A 14 day 'cooling-off' period applies if consumers wish to change their minds. Is the website easy to use? Yes. Ryanair.com asks eight straightforward questions and literally quotes within seconds, while phonecalls to the lo-call numbers can mean waiting between 5--15 minutes before receiving a quote. "Ryanair is associated with good value and choice. We have kept to our strategy of simplicity and ease of viewing on the website which we are known for," said Michael Cawley, Ryanair's finance director.
Cawley is hoping the sale of financial products online will be as successful as its online car rental business which turns over about Pounds 20 million per annum.
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