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john stones 103/08/2017 14:20:36
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10710 forum posts
1480 photos

Never made a claim in my life, my provider sent me a renewal price with a £55 increase on last year, why i asked ? well it's the governments fault they've done blah blah..odd that when i put my details in online with the same company the increase is only £29 ?

Went with a different company again and got it for a £1 increase on last year.

Compare the Ratbags.com.....simples.

Tony Bennett03/08/2017 14:24:23
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5079 forum posts
129 photos

i had the same with my car insurance last month.

the company i was with ( for old folks) put mine up by 30% using the same excuse.

a quick shop round and i got it for less than last year.

Tony B

Colin Bernard03/08/2017 14:43:34
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480 forum posts
81 photos

For the last few years I gave been with a well known High St chain and it's the same every year. They send me a renewal quote of maybe £100 more than last year. I then go on to 'simples' and find quotes well under. I then phone up the current insurance agent and lo and behold they suddenly find they can get within £20 of the lowest quote I've found.

When questioning why we have to do this each year I was once told it was the business model - a lot of customers are lethargic about looking around and so to save hassle just accept the renewal, leading to better profits.

I guess because of this they can afford to give better rates to those who make the effort to shop around?

Percy Verance03/08/2017 14:47:49
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8108 forum posts
155 photos

When will they learn? These insurance companies must surely hate the internet.

It's a similar story with breakdown insurance. I've been with Autohome for 20+ years. made just a single call-out in that time. This year's renewal for both cars was £160+

Being a Which subscriber I looked up who offered the best value cover for breakdown insurance. Switched to StartRescue, offering full roadside/homestart/get you home relay cover for £62 for both cars.......£100 saved, and I'm now covered by a Which top rated breakdown service. smiley

Edited By Percy Verance on 03/08/2017 14:49:36

BackinBlack03/08/2017 14:56:44
94 forum posts
1 photos

Likewise, received renewal, shopped round found acceptable price/quote, phoned current Insurer. Informed them I wouldn't be renewing, they ask what they need to do to keep my business, make it cheaper I say, then the bargaining starts, ending when they offer a cheaper rate than last year. Bit of a saga wink but worth it.

It's become an annual game I almost look forward to, frustrating though it is.

I wonder how many customers they lose by these tactics?

Biggles' Elder Brother - Moderator03/08/2017 15:01:12
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Moderator
15748 forum posts
1460 photos

Yeap - my experience is exactly the same. Crazy renewal, I question it, immediate reduction (but still a substantial increase) so I cite the fact that I have a quote from a mainstream competitor for much less - sudden reduction.

Last year I told the company to "keep it" - and went else where - probably makes no difference but it made me feel better!

BEB

Percy Verance03/08/2017 15:03:22
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8108 forum posts
155 photos

Oh they'll doubtless lose a few BackinBlack, but they'll gain some too. A bit of a merry go round I'd say......

I also find it somewhat bemusing when they see if they can get away with asking you to pay more first, before the haggling begins........

I'm paying about £30 to £40 more per year for my fully comp car insurance than I did 25+ years ago, when I owned a couple of Ford Sierras. £160-ish then, £200-ish now........

 

Edited By Percy Verance on 03/08/2017 15:07:08

Richard Wood03/08/2017 15:50:19
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1094 forum posts
164 photos

'Business model' , yep - milking customers out of as much as they can get away with
& serves 'em right for not shopping around.
No wonder insurance companies have a bad rep.

They also try their tricks when you try to make a legitimate claim.
Chancers.

Edited By Richard Wood on 03/08/2017 15:50:56

Don Fry03/08/2017 16:03:24
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4055 forum posts
47 photos

No legitimate business persons, seeking profit. Where there is a choice between providing the senior management with double digit pay rises year on year, the only thing on their mind is avoiding as much tax as possible.

Tug yer forlock peasant.

John Bisset03/08/2017 17:01:56
193 forum posts

The really strange bit is that I get that same issue, yet I am using two companies which are part of the same group. Every renewal, whichever company I am not using gives me a slightly better deal than I can get staying with the existing company.

I have even been inadvertently transferred to the wrong company when talking to them by phone, so it's not as if they don't talk to one another. I can't see how this benefits them - new business from your colleagues isn't new business chaps! In fact it costs them, because every time, they send out a new policy handbook etc.

Weird.

Once upon a time 'loyalty' was rewarded by lower premiums. .

 

Edited By John Bisset on 03/08/2017 17:03:35

Colin Bernard03/08/2017 17:50:40
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480 forum posts
81 photos

What was amusing with the last renewal was that the lowest quote on the comparison site was from the company providing the renewal!!

I had great pleasure in telling the agent that she had to match their own price!! No excuses then.

gangster03/08/2017 19:23:17
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965 forum posts
17 photos

I believe that they lure new customers with lower premiums than they try to charge new customers. I am in fact with the same company I have been with since 1972. They did try it on a few years back on both of our cars. When pressed they went through the whole quote thing and came up with a quote considerably lower. The cover was the same. When pressed she agreed they they were treating me as a new customer. Since then the quotes have been so fair. £202 each for two cars. When I went to insure a third car it came up with £148. Somehow it automatically attracted the 79% Ncb. It has been nice to Not go through all the meerkat and haggling business. Service from them is great too

Tony Cook03/08/2017 20:43:58
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101 forum posts
89 photos

Highly irritating, I think most people have the same problem each year..I feel for the older generation not into computers and the internet. My in-laws used to remain loyal to one Insurer and we stumbled across what they paid. stopped them in their tracks and helped them on line saving them over 300 quid...yes 300 quid. We help them now with all renewals, home, car whatever.

Shaunie03/08/2017 21:23:47
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943 forum posts
78 photos

My business insurance as an autoelectrician, which is road risks, contents and liability combined was gradually racking up with my broker and every year I got a renewal quote and statement saying " we can confirm this is competitive". It was £2800 then £3400, then £3800 culminating in £4300. My next renewal they wanted £4800! This was the straw that broke the camels back and went to a broker whose first response was "that's far to much" first quote was £2800, with "we can do better than that" ending at £2000! My current insurer said " we can match that", my reply "tough, you've ripped me off for too long, I'm going elsewhere out of principle" this is a big company with a three letter name that is the same forward and backward. Six years on my premium is substantially the same! A good broker is worth his weight.

Shaunie.

Braddock, VC03/08/2017 21:38:18
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1633 forum posts
82 photos

Try direct line for quotes, I have 4 cars on it, if they up the premium I go on line and get a quote from them which is inevitably lower.

They lost my home insurance this year though as they really tried it on.

cymaz03/08/2017 22:23:55
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8763 forum posts
1190 photos

This year I went with the Post Office. Fully Comp on a 1.9 tdci Zafira was £187....good value I thought. Last year Hastings hiked up the premium by over 20% for not claiming!

Keith Lomax04/08/2017 10:55:35
204 forum posts

There are a couple of things going on here.

Firstly, it is indirectly the government that has caused the prices to go up. When insurers make a large payout for ongoing medical support following a serious injury, they have been allowed to anticipate that this is not all paid in one lump. Therefore they can invest a slightly smaller lump sum (reduced from the settlement figure by a "discount rate" which earns them interest to add to the capital, from which they then pay the medical fees. Two things have changed - interest rates have stayed low and are forecast to do so, and life expectancies have increased. As a result, the government have reduced the discount rate to below zero - ie. they now have to invest slightly more than the settlement figure. Because this extra cost has to be met by the premiums, these must go up.

The comparison sites (or at lest some of them) are actually owned by the insurance companies - so if they don't get the deal, they get referral commission from the other insurers. eg. the meerkats are owned by BISL - Budget Insurance Services Limited. They now make more money from this than they do selling insurance! Simples!

Another thing that has driven the costs of insurance up are so called "uninsured loss recovery" (ULR) activities. If you are not at fault in an accident, and a third party has been identified who is clearly at fault, then your insurance company will refer you to a ULR company (often their own subsidiary). They will then negotiate on your behalf to get you a hire car, often more expensive than the one that the third party would arrange (on which they get commission), for your car to be repaired at their choice of bodyshop (on which they get commission), for their preferred lawyer to negotiate any financial settlement (on which they get commission), etc. Because everyone does this, it inflates the costs of settling every claim because those providers have to inflate their costs to cover the commission. These inflated costs then go back into the premium.

Michael Little04/08/2017 11:57:49
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54 forum posts
9 photos

My car insurance is currently £900 down from £1100 last year, even if the company i am with are the cheapest i still ring and always get more discount. Just say you have been to a high street insurance broker with a figure you want to pay and ask them to match it. If they can't match it ask them whats the best they can do to keep my business. A lot of the insurance brokers on comparison sites are sister companies and linked so i always say i have been to an insurance broker.

Keith Lomax04/08/2017 16:30:23
204 forum posts
Posted by Shaunie on 03/08/2017 21:23:47:

My business insurance as an autoelectrician, which is road risks, contents and liability combined

Shaunie,

Have your read the small print of the liability insurance?

My stepson's business is in car valeting, and we had paid premiums for many years for liability insurance. We found out last year that it specifically excludes the vehicle being worked on, and had since a change of wording a few years previously. We tried and failed to find another company that could offer it, and even those charging four or five times the premium did not include it. They consider this risk to be "poor workmanship". The cover only extends to things (the example they gave me) if your water runs across the pavement and somebody slips on it.

I suspect that in your trade it will be very similar.

And I wonder how many people take their cars do the garage forecourt or supermarket car park "hand car wash" and don't realise that a bit of grit on the sponge or chamois that scratches your paintwork is not insured?

tigerman04/08/2017 16:46:44
189 forum posts

Do not get me started on Car Insurance Companies .Biggest rouge you will ever fine .Any excuse to increase your premiums and the slightest thing will stop them paying out and they have you by the dog's ******** because it is law to have insurance ,you can not win!!!!!!!!!!!!!!!!!!!!!!angry

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