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Renewal far more expensive than new policy - same provider!
Charliezoo
Posts: 1,732 Forumite
I don't really get this at all.
Me and OH have had a multicar policy for years and both changed our cars in the last few months. Our policy renews in a couple of weeks and we were sent a renewal quote of £1500 for both of us which seemed very high and was more than we were expecting.
Went onto the same provider's website for a quote, obviously inputting exactly the same details as what was on the renewal paperwork and what came up? £970 for both of us! I phoned their CS who had no idea why this was the case but offered to just replace the renewal with the new policy, saving us £530.
Obviously we're very pleased but wondering what on earth was this all about??
Me and OH have had a multicar policy for years and both changed our cars in the last few months. Our policy renews in a couple of weeks and we were sent a renewal quote of £1500 for both of us which seemed very high and was more than we were expecting.
Went onto the same provider's website for a quote, obviously inputting exactly the same details as what was on the renewal paperwork and what came up? £970 for both of us! I phoned their CS who had no idea why this was the case but offered to just replace the renewal with the new policy, saving us £530.
Obviously we're very pleased but wondering what on earth was this all about??
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Comments
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You renew with them, if you don't notice it, they make a very easy £530 extra profit.
If you do notice, they insure you at the normal rate, and make a normal amount of profit.0 -
You renew with them, if you don't notice it, they make a very easy £530 extra profit.
If you do notice, they insure you at the normal rate, and make a normal amount of profit.
Exactly right.Said Aristippus, “If you would learn to be subservient to the king you would not have to live on lentils.”
Said Diogenes, “Learn to live on lentils and you will not have to be subservient to the king.”[FONT=Verdana, Arial, Helvetica][/FONT]0 -
New customers get better deals than existing customers. Existing customers need to make a fuss at renewal to make sure they aren't the ones funding the new customer deals.
I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Hi Charliezoo, most insurers give up to 30% introductory discount for new customers which is withdrawn at renewal, when you then try a new quote online their systems are not clever enough to recognise that you are an existing customer.If you then ring to haggle about the price some will honour the new quote and others are prepared to lose you as a customer at that lower price.0
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