The document discusses different types of motor insurance coverage. It explains that by law a minimum of third-party insurance is required, which covers claims made against the driver by other parties for injury or damage from an accident. Additional optional coverage includes third-party fire and theft, which covers damage to the driver's own vehicle from fire or theft, and comprehensive coverage, which provides the most protection by covering damage to the driver's own vehicle from any cause.

2. Lecture 3- The Insurance Market

3. INSURANCE
Lecture 3- The Insurance Market

5. THE NON-LIFE INSURANCE MARKET

6. NON-LIFE INSURANCE
MARKET & BREAKDOWN

7. NON-LIFE INSURANCE
MARKET & BREAKDOWN
• Motor (Private & Commercial)

8. NON-LIFE INSURANCE
MARKET & BREAKDOWN
• Motor (Private & Commercial)
• Household (Private)

9. NON-LIFE INSURANCE
MARKET & BREAKDOWN
• Motor (Private & Commercial)
• Household (Private)
• Commercial Property

10. NON-LIFE INSURANCE
MARKET & BREAKDOWN
• Motor (Private & Commercial)
• Household (Private)
• Commercial Property
• Employers Liability

11. NON-LIFE INSURANCE
MARKET & BREAKDOWN
• Motor (Private & Commercial)
• Household (Private)
• Commercial Property
• Employers Liability
• Public Liability

12. NON-LIFE INSURANCE
MARKET & BREAKDOWN
• Motor (Private & Commercial)
• Household (Private)
• Commercial Property
• Employers Liability
• Public Liability
• Personal Accident

13. NON-LIFE INSURANCE
MARKET & BREAKDOWN
• Motor (Private & Commercial)
• Household (Private)
• Commercial Property
• Employers Liability
• Public Liability
• Personal Accident
• Other

14. INSURANCE
CLASSIFICATIONS

15. INSURANCE
CLASSIFICATIONS
• First Party - one insurers one’s own life, house, factory etc

16. INSURANCE
CLASSIFICATIONS
• First Party - one insurers one’s own life, house, factory etc
• ThirdParty - (Liability Insurance) Insuring against one’s
potential liability in law to pay damages to another. (some third
party insurances are compulsory by law).

18. MOTOR
INSURANCE

19. MOTOR
INSURANCE
Private & Commercial

20. MOTOR INSURANCE

21. MOTOR INSURANCE
• Compulsory by Law (Road
Traffic Act 1933).

22. MOTOR INSURANCE
• Compulsory by Law (Road
Traffic Act 1933).
• Asis Motor Tax (Motor
Vehicles Act 2003)

23. MOTOR INSURANCE
• Compulsory by Law (Road
Traffic Act 1933).
• Asis Motor Tax (Motor
Vehicles Act 2003)
• Motor Insurance is by far the
largest class of Business in
the Irish non-life market.

24. MOTOR
INSURANCE
RATES

25. MOTOR
INSURANCE
RATES
•Motor Insurance Rates are
mainly driven by claims costs

26. MOTOR
INSURANCE
RATES
•Motor Insurance Rates are
mainly driven by claims costs

27. MOTOR
INSURANCE
RATES
•Motor Insurance Rates are
mainly driven by claims costs
•Determined by number of
claims, legal & other costs of
handling claims).

28. Reasons why you might need to change your
motor insurance cover:

29. Reasons why you might need to change your
motor insurance cover:
You got a full drivers licence.

30. Reasons why you might need to change your
motor insurance cover:
You got a full drivers licence.
• You want to increase or
decrease your level of cover.

31. Reasons why you might need to change your
motor insurance cover:
You got a full drivers licence.
• You want to increase or
decrease your level of cover.
• You have built up more
driving experience and have
no previous claims for a
certain length of time.

32. Reasons why you might need to change your
motor insurance cover:
You got a full drivers licence.
• You want to increase or
decrease your level of cover.
• You have built up more
driving experience and have
no previous claims for a
certain length of time.
• You want to add or remove
a named driver on your
policy.

33. Reasons why you might need to change your
motor insurance cover:
You got a full drivers licence.
• You want to increase or
decrease your level of cover.
• You have built up more
driving experience and have
no previous claims for a
certain length of time.
• You want to add or remove
a named driver on your
policy.

34. Reasons why you might need to change your
motor insurance cover:
You got a full drivers licence.
• You want to increase or
decrease your level of cover.
• You have built up more
driving experience and have
no previous claims for a
certain length of time.
• You want to add or remove
a named driver on your
policy.

37. • You've changed car, job or
where you live.

38. • You've changed car, job or
where you live.
• You've started to use your car
for work or have stopped
using it for work

39. • You've changed car, job or
where you live.
• You've started to use your car
for work or have stopped
using it for work
• You want to pay more of the
excess on your policy in return
for a lower premium.

40. • You've changed car, job or
where you live.
• You've started to use your car
for work or have stopped
using it for work
• You want to pay more of the
excess on your policy in return
for a lower premium.
• You want to be the main
named driver on the policy

41. • You've changed car, job or
where you live.
• You've started to use your car
for work or have stopped
using it for work
• You want to pay more of the
excess on your policy in return
for a lower premium.
• You want to be the main
named driver on the policy
• You bought a new car or a
second car.

42. • You've changed car, job or
where you live.
• You've started to use your car
for work or have stopped
using it for work
• You want to pay more of the
excess on your policy in return
for a lower premium.
• You want to be the main
named driver on the policy
• You bought a new car or a
second car.
• You modified your car.

43. • You've changed car, job or
where you live.
• You've started to use your car
for work or have stopped
using it for work
• You want to pay more of the
excess on your policy in return
for a lower premium.
• You want to be the main
named driver on the policy
• You bought a new car or a
second car.
• You modified your car.

44. • You've changed car, job or
where you live.
• You've started to use your car
for work or have stopped
using it for work
• You want to pay more of the
excess on your policy in return
for a lower premium.
• You want to be the main
named driver on the policy
• You bought a new car or a
second car.
• You modified your car.

45. What cover do you need?

46. What cover do you need?
• By law, you must have at
least third-party insurance.
And you need to make
sure your insurance is
renewed annually so that
you are covered.

47. What cover do you need?
• By law, you must have at
least third-party insurance.
And you need to make
sure your insurance is
renewed annually so that
you are covered.
• How much cover do you
need and how much does
it cost?
This will depend what level
of cover you choose.

48. What cover do you need?
• By law, you must have at
least third-party insurance.
And you need to make
sure your insurance is
renewed annually so that
you are covered.
• How much cover do you
need and how much does
it cost?
This will depend what level
of cover you choose.
• How can you save money?
discounts

49. What cover do you need?
• By law, you must have at
least third-party insurance.
And you need to make
sure your insurance is
renewed annually so that
you are covered.
• How much cover do you
need and how much does
it cost?
This will depend what level
of cover you choose.
• How can you save money?
discounts

50. What cover do you need?
• By law, you must have at
least third-party insurance.
And you need to make
sure your insurance is
renewed annually so that
you are covered.
• How much cover do you
need and how much does
it cost?
This will depend what level
of cover you choose.
• How can you save money?
discounts

51. Types of motor insurance

52. Types of motor insurance
If you own a motor vehicle, by law you must have motor insurance - at least third-party
insurance. It is a very serious offence if you do not have motor insurance while driving. If caught,
you may have to pay fines, get penalty points and may be disqualified from driving.

53. Types of motor insurance
If you own a motor vehicle, by law you must have motor insurance - at least third-party
insurance. It is a very serious offence if you do not have motor insurance while driving. If caught,
you may have to pay fines, get penalty points and may be disqualified from driving.
You can choose from three levels of motor insurance including:

54. Types of motor insurance
If you own a motor vehicle, by law you must have motor insurance - at least third-party
insurance. It is a very serious offence if you do not have motor insurance while driving. If caught,
you may have to pay fines, get penalty points and may be disqualified from driving.
You can choose from three levels of motor insurance including:
• Third party cover

55. Types of motor insurance
If you own a motor vehicle, by law you must have motor insurance - at least third-party
insurance. It is a very serious offence if you do not have motor insurance while driving. If caught,
you may have to pay fines, get penalty points and may be disqualified from driving.
You can choose from three levels of motor insurance including:
• Third party cover
• Third-party, fire and theft cover

56. Types of motor insurance
If you own a motor vehicle, by law you must have motor insurance - at least third-party
insurance. It is a very serious offence if you do not have motor insurance while driving. If caught,
you may have to pay fines, get penalty points and may be disqualified from driving.
You can choose from three levels of motor insurance including:
• Third party cover
• Third-party, fire and theft cover
• Comprehensive cover

57. Types of motor insurance
If you own a motor vehicle, by law you must have motor insurance - at least third-party
insurance. It is a very serious offence if you do not have motor insurance while driving. If caught,
you may have to pay fines, get penalty points and may be disqualified from driving.
You can choose from three levels of motor insurance including:
• Third party cover
• Third-party, fire and theft cover
• Comprehensive cover

58. Types of motor insurance
If you own a motor vehicle, by law you must have motor insurance - at least third-party
insurance. It is a very serious offence if you do not have motor insurance while driving. If caught,
you may have to pay fines, get penalty points and may be disqualified from driving.
You can choose from three levels of motor insurance including:
• Third party cover
• Third-party, fire and theft cover
• Comprehensive cover
You can buy insurance directly from insurance companies over the phone, internet or by mail, and
also from insurance brokers who can deal with insurance companies on your behalf.

59. Types of motor insurance
If you own a motor vehicle, by law you must have motor insurance - at least third-party
insurance. It is a very serious offence if you do not have motor insurance while driving. If caught,
you may have to pay fines, get penalty points and may be disqualified from driving.
You can choose from three levels of motor insurance including:
• Third party cover
• Third-party, fire and theft cover
• Comprehensive cover
You can buy insurance directly from insurance companies over the phone, internet or by mail, and
also from insurance brokers who can deal with insurance companies on your behalf.
not cover you for any damage you do to your own car.

60. Types of motor insurance
If you own a motor vehicle, by law you must have motor insurance - at least third-party
insurance. It is a very serious offence if you do not have motor insurance while driving. If caught,
you may have to pay fines, get penalty points and may be disqualified from driving.
You can choose from three levels of motor insurance including:
• Third party cover
• Third-party, fire and theft cover
• Comprehensive cover
You can buy insurance directly from insurance companies over the phone, internet or by mail, and
also from insurance brokers who can deal with insurance companies on your behalf.
not cover you for any damage you do to your own car.

62. Third-party cover

63. Third-party cover
This is the minimum legal requirement and
pays out for claims that other people make
against you for damage or injury caused by
your driving. This type of insurance does

64. Third-party cover
This is the minimum legal requirement and
pays out for claims that other people make
against you for damage or injury caused by
your driving. This type of insurance does
Third-party, fire and theft cover

65. Third-party cover
This is the minimum legal requirement and
pays out for claims that other people make
against you for damage or injury caused by
your driving. This type of insurance does
Third-party, fire and theft cover
In addition to third-party cover, you can claim
for loss or damage to your own car or
motorbike as a result of fire or theft, but not
accidental damage to your vehicle.

66. Third-party cover
This is the minimum legal requirement and
pays out for claims that other people make
against you for damage or injury caused by
your driving. This type of insurance does
Third-party, fire and theft cover
In addition to third-party cover, you can claim
for loss or damage to your own car or
motorbike as a result of fire or theft, but not
accidental damage to your vehicle.
• items stolen from a locked boot or glove
compartment. The amount you can claim
depends on your policy.

67. Third-party cover
This is the minimum legal requirement and
pays out for claims that other people make
against you for damage or injury caused by
your driving. This type of insurance does
Third-party, fire and theft cover
In addition to third-party cover, you can claim
for loss or damage to your own car or
motorbike as a result of fire or theft, but not
accidental damage to your vehicle.
• items stolen from a locked boot or glove
compartment. The amount you can claim
depends on your policy.
• recovery service and emergency breakdown
assistance.

68. Third-party cover
This is the minimum legal requirement and
pays out for claims that other people make
against you for damage or injury caused by
your driving. This type of insurance does
Third-party, fire and theft cover
In addition to third-party cover, you can claim
for loss or damage to your own car or
motorbike as a result of fire or theft, but not
accidental damage to your vehicle.
• items stolen from a locked boot or glove
compartment. The amount you can claim
depends on your policy.
• recovery service and emergency breakdown
assistance.
• driving other cars - this provides you with
third-party cover when driving someone
else's car.

69. Third-party cover
This is the minimum legal requirement and
pays out for claims that other people make
against you for damage or injury caused by
your driving. This type of insurance does
Third-party, fire and theft cover
In addition to third-party cover, you can claim
for loss or damage to your own car or
motorbike as a result of fire or theft, but not
accidental damage to your vehicle.
• items stolen from a locked boot or glove
compartment. The amount you can claim
depends on your policy.
• recovery service and emergency breakdown
assistance.
• driving other cars - this provides you with
third-party cover when driving someone
else's car.
• replacement or hire car - the cost of this is
covered if your own car is off the road as a
result of an accident.

70. Third-party cover
This is the minimum legal requirement and
pays out for claims that other people make
against you for damage or injury caused by
your driving. This type of insurance does
Third-party, fire and theft cover
In addition to third-party cover, you can claim
for loss or damage to your own car or
motorbike as a result of fire or theft, but not
accidental damage to your vehicle.
• items stolen from a locked boot or glove
compartment. The amount you can claim
depends on your policy.
• recovery service and emergency breakdown
assistance.
• driving other cars - this provides you with
third-party cover when driving someone
else's car.
• replacement or hire car - the cost of this is
covered if your own car is off the road as a
result of an accident.
Check your cover and excess

71. Third-party cover
This is the minimum legal requirement and
pays out for claims that other people make
against you for damage or injury caused by
your driving. This type of insurance does
Third-party, fire and theft cover
In addition to third-party cover, you can claim
for loss or damage to your own car or
motorbike as a result of fire or theft, but not
accidental damage to your vehicle.
• items stolen from a locked boot or glove
compartment. The amount you can claim
depends on your policy.
• recovery service and emergency breakdown
assistance.
• driving other cars - this provides you with
third-party cover when driving someone
else's car.
• replacement or hire car - the cost of this is
covered if your own car is off the road as a
result of an accident.
Check your cover and excess

73. Comprehensive cover

74. Comprehensive cover

75. Comprehensive cover
This gives you cover for third-party injuries and
liabilities, as well as fire, theft and accidental
damage to your vehicle.

76. Comprehensive cover
This gives you cover for third-party injuries and
liabilities, as well as fire, theft and accidental
damage to your vehicle.
This type of cover costs more than the other
two policies but the cover also will usually
include other benefits such as:

77. Comprehensive cover
This gives you cover for third-party injuries and
liabilities, as well as fire, theft and accidental
damage to your vehicle.
This type of cover costs more than the other
two policies but the cover also will usually
include other benefits such as:
• windscreen and glass cover.

78. Comprehensive cover
This gives you cover for third-party injuries and
liabilities, as well as fire, theft and accidental
damage to your vehicle.
This type of cover costs more than the other
two policies but the cover also will usually
include other benefits such as:
• windscreen and glass cover.
• cover for damaged or stolen personal
belongings - this usually applies to items stolen
from a locked boot or glove compartment.
The amount you can claim depends on your
policy.

79. Comprehensive cover
This gives you cover for third-party injuries and
liabilities, as well as fire, theft and accidental
damage to your vehicle.
This type of cover costs more than the other
two policies but the cover also will usually
include other benefits such as:
• windscreen and glass cover.
• cover for damaged or stolen personal
belongings - this usually applies to items stolen
from a locked boot or glove compartment.
The amount you can claim depends on your
policy.
• recovery service and emergency breakdown
assistance.

80. Comprehensive cover
This gives you cover for third-party injuries and
liabilities, as well as fire, theft and accidental
damage to your vehicle.
This type of cover costs more than the other
two policies but the cover also will usually
include other benefits such as:
• windscreen and glass cover.
• cover for damaged or stolen personal
belongings - this usually applies to items stolen
from a locked boot or glove compartment.
The amount you can claim depends on your
policy.
• recovery service and emergency breakdown
assistance.
• driving other cars - this provides you with
third-party cover when driving someone
else's car.

81. Comprehensive cover
This gives you cover for third-party injuries and
liabilities, as well as fire, theft and accidental
damage to your vehicle.
This type of cover costs more than the other
two policies but the cover also will usually
include other benefits such as:
• windscreen and glass cover.
• cover for damaged or stolen personal
belongings - this usually applies to items stolen
from a locked boot or glove compartment.
The amount you can claim depends on your
policy.
• recovery service and emergency breakdown
assistance.
• driving other cars - this provides you with
third-party cover when driving someone
else's car.
• replacement or hire car - the cost of this is
covered if your own car is off the road as a
result of an accident.

82. Comprehensive cover
This gives you cover for third-party injuries and
liabilities, as well as fire, theft and accidental
damage to your vehicle.
This type of cover costs more than the other
two policies but the cover also will usually
include other benefits such as:
• windscreen and glass cover.
• cover for damaged or stolen personal
belongings - this usually applies to items stolen
from a locked boot or glove compartment.
The amount you can claim depends on your
policy.
• recovery service and emergency breakdown
assistance.
• driving other cars - this provides you with
third-party cover when driving someone
else's car.
• replacement or hire car - the cost of this is
covered if your own car is off the road as a
result of an accident.

84. Check your cover and excess

85. Check your cover and excess
You should always check your policy for details
about what it does and does not cover.

86. Check your cover and excess
You should always check your policy for details
about what it does and does not cover.
Most motor insurance policies include an
'excess' clause under which you must pay the
first portion of any loss or damage to your
own property, usually up to a few hundred
euro.

87. Check your cover and excess
You should always check your policy for details
about what it does and does not cover.
Most motor insurance policies include an
'excess' clause under which you must pay the
first portion of any loss or damage to your
own property, usually up to a few hundred
euro.
You will not be able to claim for amounts less
than the excess. The higher the level of excess,
the lower your insurance premium should be.

88. Check your cover and excess
You should always check your policy for details
about what it does and does not cover.
Most motor insurance policies include an
'excess' clause under which you must pay the
first portion of any loss or damage to your
own property, usually up to a few hundred
euro.
You will not be able to claim for amounts less
than the excess. The higher the level of excess,
the lower your insurance premium should be.