MegaSack DRAW - This year's winner is user - rgwb
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So it's that time of year again.....home, life, and car insurance all up for renewal in the space of 3 weeks. And of course all the prices have nearly doubled.
I know why they do it - they hope you'll not shop around and let it auto-renew.
So you do the comparison sites, check a few other websites (cheapest for the car this year was Direct Line, so worth looking a bit further than just the Meerkat site), and find the best prices.
At this point I always, though god knows why, ring and see if they'll match the price I've found.
Nope....sorry we can't match that.
👿
I'm ringing up and trying to give them my money, another company can do that price, in fact at least 10 other companies were cheaper than the insulting price they tried to fob me off with. But computa ses kno....cockwombles.
Oh well, at least the wife's always impressed with my manly computer searching skillz.
Someone will have a bonus target relating to new sign-ups at the current insurer. As a renewal you do nothing for that target but as a renewal you are less expensive to maintain. A bean-counter somewhere needs the basics explaining to them again.
I know, if it was only 5-10% more than last year then I'd chalk it up to inflation and let it renew. I'd be willing to pay a bit more to not have to go through the whole time wasting rigmarole each year. But ****** if I'm going to pay an extra £100-150!
The last 3 years my old insurer (AXA) has actually beaten any quote I got from the comparison sites, once by a big margin! The first 2 years the basic renewal was very good so just let it auto-renew, last year was the first one I had to phone up and chase the deal but they took 30 seconds to beat my best price and chucked in a few extra days European cover for free as a sweetener (I used it all up). This year they were sadly over £150 more as I was no longer in their target group as the lady on the phone put it.
Always worth a phone call just in case they can do something.
I'm ringing up and trying to give them my money, another company can do that price, in fact at least 10 other companies were cheaper than the insulting price they tried to fob me off with. But computa ses kno....cockwombles.
What if they've just decided they don't want to insure people 'like you', and are just heavily rating renewals to shrink the book? It's not as simple as 'write more policies at the cheapest possible price'.
If you go into M&S and tell them that Asda are cheaper on the item you have in your hand do you expect them to discount it?
A bean-counter somewhere needs the basics explaining to them again.
So do most customers.
I'm with Pedal Cover. My insurance went up by £1.48 at renewal for which they apologised but did point out a load of extras that they added in :D. Looks like I'll be sticking with them for a while.
What if they've just decided they don't want to insure people 'like you', and are just heavily rating renewals to shrink the book? It's not as simple as 'write more policies at the cheapest possible price'.
Like me? Maybe!
I assumed (probably incorrectly) that I'd fall into a demographic insurers would like.....40 something, sensible job, non-smoker, homeowner, married, kids, and no claims on anything in 15+ years.
Thought I'd come up as a low risk, insurance wet-dream!
Or alternatively, by the law of averages they think you are going to claim EVERYTHING for the next 15 yearsno claims on anything in 15+ years
Just doing house/contents at the mo.. pedal cover appear to have halved the renewal quote from my existing insurer.
need to have a better look at the cover but it seems really good...
Or alternatively, by the law of averages they think you are going to claim EVERYTHING for the next 15 years
Petrol...check. Matches...check.
I've just renewed after our first year with pedalcover, they whacked the price up by a whole 95p. (Yes, pence, not pounds).
I think our car insurance came down, certainly to a level - c. £220 - where I was pretty happy to renew on that or similar basis without the ball-ache of comparison sites. I know you shouldn't but if charged the time at an hourly rate, it would outweigh many of the savings..
Thought I'd come up as a low risk, insurance wet-dream!
Low premiums = low contribution to running the business and = low profit. The money is probably elsewhere - why do you think direct line seem to be focusing on people who have claimed?
Like me? Maybe!
I assumed (probably incorrectly) that I'd fall into a demographic insurers would like.....40 something, sensible job, non-smoker, homeowner, married, kids, and no claims on anything in 15+ years.
Thought I'd come up as a low risk, insurance wet-dream!
Possibly, but you expect rock bottom premiums, maybe they want to take more risk on as their margins are squeezed? What about your car? Maybe they've had a raft of theft claims on those, or they've been used a lot in 'cash for crash' schemes. Again, it's not just moar money in = betterer.
Maybe it's as simple as they've decided to stick 20% on all policies and accept their book will shrink as a result.
Njee20 - do you work in insurance? You seem to have quite a lot of sympathy for an industry that most people view with a certain amount of suspicion 😆
What I find odd and/or annoying is that when I compare prices via comparison websites or just visiting their sites, it's often totally random as to which company will be lowest.
Sometimes it's someone you've never heard of, sometimes a well known name. Often the random ones are just a front end that are underwritten by one of the big names anyway.
Njee20 - do you work in insurance? You seem to have quite a lot of sympathy for an industry that most people view with a certain amount of suspicion
Not any more, did for some years. Not sympathetic, it's a PITA, just never understand why some people get so het up about it. Private motor insurance is basically volume based. Individual people aren't 'underwriting' your policy, it's done wholescale, the idea that individuals have 'targets' is laughable. So if insurer A wants to stick 50% on your premium that's what'll happen. They know there'll be some attrition, but they basically don't care about individual customers when they're writing tens of thousands of policies.
You want suspicious? Look at pet insurance. That's basically a licence to print money for the insurers, but people pay £100 a month because it's for dear old fido. Motor insurance, which the industry barely makes a profit on...? Well that's clearly a scam because people don't understand the pricing logic!
My Pedal Cover premium has gone up by £1. Chancing bastards.
Just move into a thatched cottage and it makes your home insurance easier as you have very few choices....
When we moved 2 years ago it was between our current place and one that was thatched. Insurance (or lack) was a main decider.
That and a garage for bikes 😉
John Lewis do exactly that.If you go into M&S and tell them that Asda are cheaper on the item you have in your hand do you expect them to discount it?
Oh well, at least the wife's always impressed with my manly computer searching skillz
I try to keep mine secret.
Without insurance life would be pretty difficult.
It simply shares the cost of unforseen expense amongst a large group of people. Little if any money is made between premiums and claims and if your premiums are high its for a good reason.
The alternative to a competitive market is some kind of state insurance which weve done on here before and very few liked the sound of it.
milky1980 - Member
The last 3 years my old insurer (AXA) has actually beaten any quote I got from the comparison sites, once by a big margin!
Surprisingly my car insurance renewal has been significantly cheaper than any of the new quotes I got, over the last two years (direct line). Surprised the shit out of me