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Cancelling insurance renewal for new customer quote
smulx
Posts: 1,426 Forumite
It's time to renew my insurance and Hastings sent me my renewal at the same price as last year which was £630.
I wasn't happy with this as I'd already checked the comparison sites and the cheapest was actually Hastings, at £450. I called to cancel my renewal, all I said was that I can get it for closer to £400 so wasn't prepared to pay the same as last year, she didn't ask any details like exact cost or which provider it was with. She offered £480 and I declined and said I'd rather cancel, which has now been done.
If I signed up with Hastings again as a new customer, would this complicate things? I've heard stories of them being really awkward and trying to renew cancelled policies, causing people a lot of problems. Don't know if I'd be better off just forgetting Hastings and taking the next cheapest quote I received which was about £455.
Any advice appreciated. Thanks!
I wasn't happy with this as I'd already checked the comparison sites and the cheapest was actually Hastings, at £450. I called to cancel my renewal, all I said was that I can get it for closer to £400 so wasn't prepared to pay the same as last year, she didn't ask any details like exact cost or which provider it was with. She offered £480 and I declined and said I'd rather cancel, which has now been done.
If I signed up with Hastings again as a new customer, would this complicate things? I've heard stories of them being really awkward and trying to renew cancelled policies, causing people a lot of problems. Don't know if I'd be better off just forgetting Hastings and taking the next cheapest quote I received which was about £455.
Any advice appreciated. Thanks!
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Comments
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Unless there is anything in their new business terms and conditions, which I doubt, then they cannot really do anything about it. Basics of contract, they've offered a price and you've accepted it by paying. It can make a difference to cashback though as these more commonly do have terms excluding returning customers.
For the sake of £5 it may be worth checking the differences in coverage, especially if you are buying via an aggregator as Hastings do have some very cut back policies on offer and the slightly higher premium may give you a much more comprehensive policy.0 -
If I signed up with Hastings again as a new customer, would this complicate things?
Some providers do not allow existing customers to use new customer discounts.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
If you can get equivalent (or better) cover elsewhere for much the same cost then I'd certainly move as a matter of principle just because your current insurer was trying to rob you on the renewal.
Hopefully it's just terminology but your existing policy should just lapse rather than being cancelled0 -
I've heard stories of them being really awkward and trying to renew cancelled policies, causing people a lot of problems.
It can be a problem for people that don't read their renewal letters or move house and don't inform their insurer like they should.
A few cynical companies can lose instructions deliberately.
I always make sure I'm covered either by getting it in writing, sending instructions recorded delivery, getting email confirmation or at least recording the date, time, name of the person so that calls can be traced.
I tend to use my gut as to which depending on how trustworthy I believe the company are.
It also works very well to have the details in the event you need to make a complaint. It makes it much more credible if you know your facts and can prove them.
Many of the people that have had problems simply haven't bothered reading their renewal letters properly although there are some bad comapnies out there as well.0 -
......Hopefully it's just terminology but your existing policy should just lapse rather than being cancelled
No, it's not just terminology.
There have been lots of reports of overzealous telephone agents seizing on the word "cancel" when folk have not wanted to "cancel" at all.
"Cancellations" can mean cancellation charges, and some have discovered that their instructions to "cancel" (when they meant just "lapse") have resulted in immediate action (when all they wanted was the policy to end on its final day so the policyholder could change company)0 -
yep, that was the point I was making, the OP needs to cancel the (auto?) renewal rather than cancelling the current policy which should just be allowed to lapse0
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