Hibernian Insurance is today announcing a 10% price reduction in private motor insurance for all customers without penalty points from 1 November 2003.
Hibernian Insurance is today announcing a 10% price reduction in private motor insurance for all customers without penalty points from 1 November 2003.
The premium reductions for penalty points-free customers will be implemented subject to confirmation from Minister Brennan that he will provide Hibernian with direct access to the National Driver File, and that we continue to see reductions in the number of serious accidents on Irish roads.
Hibernian managing director, Gary Owens said: “We believe it is now time for insurers to reinforce the initial success of penalty points. Road accident figures in May are of concern to us and we believe the future success of the penalty points system depends on support from everyone, including the Garda Siochana, which is responsible for administering the system and enforcing road traffic laws, the National Roads Authority which is responsible for making our roads safer, and insurance companies which are responsible for penalising repeat offenders where it hurts most – in their pockets. We have witnessed a reduction in road fatalities since last November and we now have to continue to drive this momentum in order to really change and improve peoples’ behaviour and attitude on our roads.
“This commitment to Hibernian customers comes following several other price cutting initiatives Hibernian has taken made this year, for example we have already:
- Reduced prices for young drivers by up to 20% from 1 May 2003
- Frozen planned inflationary increases on all car insurance renewals this year, and
- Increased to 25,000 the number of places available on our countrywide Ignition training scheme for inexperienced drivers - which offers a further reduction of between 20% - 40% depending on competency of the individual driver.
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The Hibernian car insurance reduction strategy has an in-built incentive to safer driving, the key points of which are:
- The 10% discount will apply to existing Hibernian customers who have NO penalty points with effect from their insurance renewal date on or after 1 November 2003
- The 10% reduction will also apply to new Hibernian customers from 1 November 2003 who also have NO penalty points
- The reduction will be clearly marked on all renewal notices sent to customers as a 'penalty points discount'
- For Hibernian customers who have 1-5 penalty points the reduction will not apply
- For Hibernian customers who have 6 penalty points a 10% loading on their insurance will apply from 1 November with a further 5% for each subsequent penalty point they receive.
This strategy is subject to the continuation of the success of penalty points in driving down the rate of fatalities on our roads, which is still running at 50% higher than the UK.
Hibernian will review the key statistics on a regular basis and will have no alternative but to increase premiums if accident trends reverse.
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Press contact: Kela O'Riordan, 01 607 7820, 086 606 8842, kela.oriordan@hibernian.ie
Note to editors:
- Hibernian is part of the Aviva plc the fifth largest insurance group in Europe, and seventh globally (based on gross worldwide premia)
- Hibernian is Ireland's largest composite insurer, ranked first for general insurance and top five for life and pensions
- A photograph of Gary Owens is available by ISDN
- Hibernian news releases are also available on www.hibernian.ie