M&C Financial Services, based in Castlebar, has well and truly shaken up the insurance market in the west of Ireland. Since the company’s operations expanded into general insurance in early 2008, it has stemmed the tide of rising insurance premiums facing business owners in the Connacht region and beyond.
That is according to director Tom Connolly who says: “During the boom years, many people became complacent by just renewing their insurance policies each year, and didn’t look into what premiums they were paying. Now this has all changed and customers are becoming more prudent and are looking for the best value on the market.”
M&C Financial Services has the advantage of holding agencies with several underwriters who are market specialists in commercial insurance. Because of this they can offer very competitive premiums with cover tailored to suit each business.
“We have built up our agencies with underwriters so that we can search the market quickly and efficiently for the best cover for you and your business, at the most competitive price available,” says Mr Connolly. “We keep our fees to a minimum, so the premium remains low and the client remains happy.”
Statistics have shown that despite the slump in the economy, insurance premiums have been rising due to the rising cost of personal injury claims, as well as fraud. There has also been a tendency for consumers not to shop around when it comes to insurance for their business, home, or farm. This has also contributed to premiums remaining high and has resulted in many businesses paying much more than they should be paying. Also, with many insurance brokers amalgamating, the whole insurance business is becoming monopolised, thus keeping insurance premiums high. At M&C, staff are now changing this, by giving their customers excellent value for money.
“Consumers need to know and understand the method to this madness and take their business where it is appreciated,” says M&C director Cyril Burke. “Securing our clients the best cover and premium are what’s important to us.” When it comes to getting a better value quotation he has this advice: “Do not automatically renew your insurance. You can save up to 30 per cent, and sometimes even more, by shopping around. Be prepared to accept an excess. This is the amount you are prepared to fund yourself, when you make a claim. Do not pay by instalment/ monthly direct debit unless you have no other option. This can add up to 10 per cent to the cost of your insurance. Avoid making small claims. Making claims will mean you lose your no-claims bonus.
“In summary, our advice is don’t renew your insurance before you talk to us. We will endeavour to get you the best insurance plan to suit your needs, at the best possible price, and we definitely appreciate your business. Call us at the IPI Centre, Castlebar, on 094 902 0677 for a no obligation quote and you will be pleasantly surprised at how much you can save during these tough economic times.”
