'We saved €700 by insuring through our credit union'
Published 14/04/2011 | 05:00
Like a lot of homeowners, Michael Kearney has noticed the cost of his home insurance shooting up lately.
But he managed to save a packet when he opted to get his home insurance through his local credit union.
Mr Kearney's wife Maureen is a member of Knocklyon Credit Union in South County Dublin.
She spotted a deal there specifically for members.
Members can get insurance cover that comes with a 10pc discount on motor, home and travel insurance.
The insurance deal is offered through a company called Le Chéile and underwritten by Axa Insurance.
With this offer you can pay your insurance premium monthly without incurring any interest as long as you set up a direct debit.
A further 15pc discount is available on your home policy if you have a motor policy underwritten by Axa.
The Templeogue couple had been quoted €1,600 by Bank of Ireland to cover their house and a mobile home when it came to renewal time.
By going with the Le Chéile option offered by their credit union they managed to renew their cover for €900.
They got an additional discount because they have two cars already insured with Axa.
"It is an unbelievable saving. If you get a big discount it is worth going for that," the engineering consultant said.
He finds the cost of home insurance has been going up constantly over the past few years.
"Insurance is getting very costly. In the past we used to just pay whatever the insurance company said. But now we do not. You have to negotiate," he said.