One of the toughest decisions consumers have to make is deciding to pay for insurance. They need to consider the probability of something happening, and if it doesn’t, they would have spent years paying for something they no longer needed. However, those who decide against insurance can face severe financial hardship when disaster strikes. The Bank of Ireland Insurance range is designed to provide customers with cover for those disastrous moments. This review compares these products to some of the best to see how they stack up.
We recently did a review on the insurance products from Royal Bank of Scotland. Read more about that here.
About Bank of Ireland
In 1783, Bank of Ireland opened its doors and started trading from St Mary’s Abbey in Dublin. Those humble days were soon replaced by more prosperous times as the bank became more popular. An expansion was on the cards and new branches opened up all over Ireland. For the next century, the bank would focus on building their customer base and developing new products.
By 1920, the bank had over 70 branches scattered across Ireland. This was, however, a time where the entire Europe needed to stand together in order to repair the damage done by WWI. A decade and a half later, the world was plunged into WWII and Bank of Ireland was instrumental in boosting economic efforts.
The new millennium brought with it new products, internet banking, and substantial acquisitions and mergers. This all came to a tumultuous halt with the subprime mortgage crash in 2008. Bank of Ireland, like many of its peers, had to rely on a government bailout to strengthen their liquidity. Currently, the bank is looking to increase their market share and boost profits.
For a full review on Bank of Ireland, read here.
Key Points to Remember When Purchasing Insurance
Insurance is a grudge purchase in itself, however, when it comes to claim stage customers want to know that they’re covered for any eventuality. It is important that customers do some research before they sign up to an insurance product, as there are companies who make it increasingly difficult for customers to claim.
It’s All in the Payouts
Customers should have a look at the claim payouts to determine whether they’re with an insurer that will look for reasons not to pay.
Claim Complaints and Governing Bodies
Claim complaints are easy to track. Read up to find out whether the governing body for insurance found against the insurer for the non-payment of a claim. If this happens on a regular basis, then it might be a good idea to go with someone else.
Fast and Efficient Services
The ease of dealing with an insurer is a good indication of how they will assist at claim stage. If getting the policy on books is too easy, then it could cause another problem as they may not have asked all the information upfront.
Assessment at Inception
It is important that the insurer asks all relevant questions upfront and then excludes matters that they don’t feel comfortable paying for. This is far better than customers not disclosing matters at the start of the policies and then facing harsh penalties or refusals of payment. Full disclosure upfront is a far safer route to follow.
Bank of Ireland Insurance Product Offerings
This type of insurance is tailored to the needs of the client. Whether they prefer to cover the structure, the contents, or both, there is a product for them.
- Customers have the option to pay annually or monthly. Furthermore, if they pay via direct debit there is no charge.
- The policies provide access to tailored solutions, such as accidental damage, excess, and all risks.
- Customers enjoy an easy claims process.
- Finally, the policy options also include contents only insurance, landlord insurance, or tenant insurance.
We recently did a review on the mortgage products available at Bank of Ireland. Read more about that here.
With this option, customers can choose between Third Party Fire & Theft, or Comprehensive Cover. Both of these options include the following benefits:
- Customers enjoy Breakdown/Rescue in Ireland, which is a 24-hour emergency assistance service in a time of need.
- The policy also includes Third Party cover when the customer drives another car.
- There is an unlimited audio cover for permanently fitted audio equipment.
- EU cover applies in the EU for up to 45 days.
- Fire Brigade cover is for the payment of charges the customer is legally liable for. This is for amounts up to €1,500.
- Furthermore, customers benefit from windscreen breakage under comprehensive cover. This is unlimited of customers use the approved repairers.
- Finally, customers enjoy a quick, simple, and hassle-free claims process.
This insurance type has all the regular bells and whistles, plus a few added extras.
- Customers enjoy a no claims discount protection. This partially protects the NCD in the event that they have a single loss in the year.
- The policy replaces cars that are under 12 months old and purchased new in the event that the car is beyond economical repair.
- Furthermore, the policy covers personal belongings in the customer’s car up to €500.
- Customers enjoy peace of mind if keys are stolen from their home, as the policy covers replacement locks up to € 1,000.
- The policy covers car hire of up to €200 for a replacement car if customers are unable to use their car under events covered in the policy contract.
- Also, the policy covers up to €750 to decontaminate an engine if the car is filled with the wrong fuel.
- Customers also enjoy personal protection of up to €6,500 in the event they or their spouse dies or sustains specific injuries in the car.
- Finally, the policy also offers customers the opportunity to add in a few extras, such as Additional Protection Plus, No Claims Discount Protection (full), and more.
Customers who like to travel will find this type of cover convenient and cost effective. Furthermore, there are different levels of cover to suit individual needs.
- Cover is available at gold, silver, and bronze level. This depends on the level needed by the customer.
- Customers enjoy the choice between single trip and annual multi-trip options.
- Furthermore, the policy covers up to €10 million in medical expenses.
- There is also cancellation cover of up to €5,000, personal money covered up to €700, and personal belongings cover of up to €2,500.
- Finally, customers who have private insurance with VHI, Laya Healthcare, GloHealth, or Aviva have a Medicare Extra option.
This type of cover is crucial if the death of one party should have a financial effect on those left behind. Furthermore, cover could also be handy to cover outstanding debts and ensure a legacy for future generations.
- The cover is suitable for those who have a mortgage and wish to leave the property to a family member without large monthly repayments.
- It also ensures the funeral expenses are covered and smaller debts are cleared.
- Finally, it allows dependents to maintain their lifestyle despite the loss of earnings.
Specified Illness Cover
This insurance covers the event that customers are diagnosed with specific critical illnesses. Furthermore, it covers 47 illnesses including Alzheimer’s Disease, cancer, & heart attack.
- This insurance is handy to cover payments on the mortgage or other debts.
- It also assists customers to cover medical expenses.
- Finally, it supplements a monthly income.
This cover is suitable for those who cannot risk losing income should they be involved in an accident or get diagnosed with an illness. Furthermore, this cover fills the gap that social welfare can’t over as it pays up to 75% of a monthly income.
- This is a flexible policy that allows customers to select the term of cover, up to the age of 65.
- Customers choose when the cover starts, at 8, 13, 26, or 52 weeks after the event.
- Furthermore, there is tax relief available on the income protection premiums paid up to certain limits. This could reduce the cost of the cover by up to 41%.
It is a requirement by law that customers have mortgage protection, with limited exceptions. Furthermore, this protection is specifically designed to cover the mortgage in the event of death.
- This cover decreases over the term of the policy, which matches the reducing balance of the mortgage.
- Customers will need answer questions on their lifestyle, hobbies, and more.
- Finally, a doctor may need to perform a further examination.
Critical Reviews Rating Bank of Ireland Insurance – 9 of 10
Bank of Ireland can run with the biggest of the insurance out there. Customers enjoy peace of mind that they have cover for many of life’s unforeseen, and foreseen events. There are a number of options to assist customers as they progress through the various stages of life. Also, many of the options match the needs of the customers.
The only drawback on the insurance range is the lack of choices in the short-term department. In order to be more relevant, Bank of Ireland may want to consider adding in a few extras such as special vehicle cover, gadget cover, and more. Overall, a great performance from Bank of Ireland.
Read here to discover what Bank of Ireland has to offer in the Financial Planning division.