Q11 Place a tick () in the correct column to show whether each factor is likely to increase or decrease the cost of a motor insurance premium.


Factor Niall is 18 and passed his driving test last month


A car owner buys a new car worth €45,000 instead of their car they were driving that was worth €5,000 Orla has not made a claim in five years


Cathal just got six penalty points on his licence A car alarm and immobiliser have been fitted to a car The driver lives in a quiet rural area with little traffic


Q12 Place a tick () in the correct column to show whether each factor is likely to increase or decrease the cost of a house insurance premium.


Factor


The house is in an area prone to flooding A burglar alarm and smoke alarms are fitted


Expensive jewellery is added to the contents cover The house gets re-valued at €400,000 from the old valuation of €250,000


The owners have never made an insurance claim


Q13 Niamh (55) has 20 years’ driving experience and has never made a claim. She has just bought a new electric SUV worth €55,000. She lives in Galway city centre.


Outline three factors the insurance company will take into account when calculating Niamh’s premium. The first factor has been completed for you to show you how to write an answer showing a factor and how it impacts a premium.


The factor 1. Niamh is 55 years old...


2. 3.


How it impacts the premium


...so would have a lower premium compared to an 18 year old due to her age.


Increase Decrease Increase Decrease


TOP TIP 56 2


Use any information given in the question. The question mentions Niamh’s age, her new €55,000 SUV and where she lives, so include these details in your answer.


STRAND 1


CHAPTER 6: Personal insurance


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