Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
THE EXPANSION OF Ireland’s Credit Union services looks set to continue with an initiative to supply car insurance to members just announced.
Speaking to 2,000 delegates at the 2014 AGM of the Irish League of Credit Unions in Belfast, president Martin Sisk revealed that it would be teaming up with insurance firm AIG Europe.
He told RTÉ News, “We believe premiums will be very, very competitive. We believe credit union members will be very interested in this alternative.”
The move follows research into the sector where there is a large amount of switching between providers.
According to the most recent ‘What’s Left?’ tracker, six out of 10 motorists examined the possibility of changing their insurers over the past year as they looked to reduce their annual car-running costs.
One in four also motorists find car insurance expensive and cannot afford to pay it.
Credit Unions will offer online CoverU.ie insurance. They already offer CoverU.ie travel insurance.
The deal will see credit union members received a full year’s cover, for the price of 11 months.
In a statement, CEO Kieron Brennan said: “The easily accessible credit union offering is comprehensive and competitively priced and provides a further option for those looking for good value car insurance.”
Last month, plans to issue debit cards for use at Credit Unions were revealed.
Indeed, the theme of this weekend’s conference is Opportunities for Growth, which the ILCU says reflects the “demand from the membership for credit unions to expand their range of services, and the potential credit unions have for growth”.
Discussions have focused on how to provide better and more efficient services to members.
Economist David McWilliams is also speaking to delegates about both the British and Irish economies.
Brennan said demand for services in Northern Ireland grew “across the board in 2013″.
In the past 12 months, credit unions in Northern Ireland provided £449 million in loans, an increase of 3 per cent on year-end figures from 2012.
Membership has increased by 13,000 in the same period, bringing the total number of members to 425,000 members across the six counties.
In addition, savings increased significantly to £965 million.
To embed this post, copy the code below on your site
Id love to see them provide mortgages with low rates.
They do edel through KBC bank
Another step in the direction of banks then … tread carefully CU’s
I agree with you but if the economy is to recover and get money moving again I think this is exactly what the CU need to do. I’m guarded but hopeful the CU will have more concern for their membership rather than the bankers bonus culture which got us into this mess in the first place. Looking forward to ditching my bank altogether as the CU improve their services.
I’m liking your comment simply because it says “Me So Harney”
19 year old guy, and the cheapest insurance I could get was 2400 for the year with every trip recorded by an app (AXA)…….if you can beat that CU, I am listening
Bargain, I paid over 4 grand for my first years insurance with them.
chk quote devil for a price
thats not bad, i paid 3200 pounds for a 1.0 litre micra back in the day
The countries credit unions are run by volunteers. Very few paid professionals.
The pros in the bank did a crap job but would you let the non pro in the credit union deal in insurance.
The credit unions money is your money. They are not “too big to fail” and should they be in trouble, your money will not survive.
The credit unions are not equipped to be banks. Until that changes with a change in personnel, then they should not get in to insurance or mortgages. Some already have got into mortgages and got burned. Newbridge CU comes to mind on this very subject. Cannot remember the cork one that got in similar trouble.
The credit unions need to return to their original objective of small loans to members at good rates secured with that very existing member funds. Small loans is the key here.
In the absence of a properly functioning banking sector it’s inevitable the CU will fill that gap.
As they are teaming with AIG..they will only be a faciltator..no need for specialist staff..in much the same way as an post offer insurance through one direct!
When they get to big they fall apart.
Does the regulator realise that there are persons managing peoples life saving who have no financial qualification and cery little education.
@trebloc01 allegedly we were paying big bucks to those in charge of the banks to ensure that due diligence was carried out on the loans and look how that turned out. These “amateurs” managed to keep their unions afloat unlike all the banks in Ireland. Let them at it.
yep i agree with Kerry, sure we have very limited people running the country, that didn’t turn out so rosey either, my motto if there’s any concern over who runs the credit union is if its not broken don’t fix it.
I can see it already. Oh so it’s not the bog standard underpowered 1.bugger all engine or a diesel. Then it must be a high powered ve-hick-al. That will be 5 times the cars value please.
Why?
I don’t think the credit union have done car insurance before.
Just loan & mortgage rates that are lower than regular banks.
well i live in wicklow near Rathdrum we have a bank of ireland which might as well be closed they are still on a half day training on a wedensday ; onty take coins in on certain days when there is 2 staff on the desks most times they dont ; wont deal with u at the desk. then we have a credit union as well now go in to them an nothing is to much trouble for them at all. great people an keep it up.
Are the Credit Unions not just gonna be the middle man for AIG ? Ive used One Direct who are underwritten by Aviva and last year when I had to claim I rang One Direct and was told that they just collect yhe money for Aviva.
Correct Seamus, all they are doing is leveraging their client base to create a new revenue stream, not adding a new insurer to compete on prices. Aig will use their current rates.
Why not adopt the system that they have in Australia where you pay your third party insurance to the state with your road tax. (18 year old 145 Aus. dol couple of years ago ). Then if you want comprehensive insurance you buy it from an insurance company
have your say