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Homer67

Insurance renewal time rip off

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Why is it that Insurance Companies always try and rip you off at renewal time?

 

Just had the annual bike insurance in for a little over £100 as a renewal, did a Compare the Market thing as I was bored and thought a free Meerkat might make a good Valetines Day present (tight wad!) and the cheapest quote comes back at less than half the price of the renewal

 

So I think there has to be catch so I ring the company and no, it's actually slightly better cover (European trip cover included) with the same compulsory excess and other T&C's

 

So I ring my company back, give them the bad news and they immediately drop £30 off the price - nothing new there, that happens at every renewal, but my point to them was how can there be such a big difference between the majority of the quotes and their renewal price

 

I even pointed out that it was not a 'new customer discount' and asked if I came to my company as a new customer would I get a discount and the answer was no

 

Sad really as I've been with my company for years but they've never been this far off the cheapest competitor before so now I've had to change and I'll enjoy a few pints with the saving!

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I agree, it is sad - this happened with our House insurance - been with the same company for 40 years. I could not believe the saving I made for the same product elsewhere.. Wish I had not been so loyal, seems I could have saved myself a few £s a lot sooner.


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1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

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2: Take back control of your finances -

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2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

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5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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My daughter usually puts her details through comparethemarket each year just to check. Last year she ended up staying with her existing company, but as a new customer through the website coz it was ££££s cheaper doing it that way.

 

She even told them she was doing this and they still couldn't make her renewal price match the price THEY WERE QUOTING on the comparethemarket website!

 

As you say, you think they would be offering you the best price to stay with them but that's clearly not the case. :-(

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I agree, it is sad - this happened with our House insurance - been with the same company for 40 years. I could not believe the saving I made for the same product elsewhere.. Wish I had not been so loyal, seems I could have saved myself a few £s a lot sooner.

 

 

 

40 years?!

 

That's madness!

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40 years?!

 

That's madness!

 

I know :lol: for 20 of those years, we were given employee discount as OH worked for the company. On early retirement because of ill health he was still entitled to some discount. It is only a few years since we became silver surfers and had access to a computer that we realised that we were being ripped off !!


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Most insurers now operate a continuous auto renewal and prey on the ones that just let it renew.


PUTTING IT IN WRITING & KEEPING COPIES IS A MUST FOR SUCCESS

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