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Existing customer posing as new customer
Horizon81
Posts: 1,594 Forumite
I've read about this on MSE in the past but is it all above board. Basically if a car insurance renewal comes in at £300, but you go onto the same companies website and re-enter all your details, it comes in at £200, is it ok to take it? I cant see anything in the t's and c's about it but wondered if all insurers were the same.
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Yes, I did this this year with Direct Line. The new customer quote was cheaper than the renewal quote. I rang them up and they wouldn't match the new quote price with the renewal, but were OK with me just applying from scratch over the internet.0
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I've read about this on MSE in the past but is it all above board.
It isnt unlawful but some firms do have the ability to check and will not accept you as a new customer if they find out.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 -
They can't prevent people doing this, but what some companies will do is to check both records. If there is any missing information on the new policy e.g. claims made, they will write to people, as the new premium would be calculated on the wrong basis.The comments I post are personal opinion. Always refer to official information sources before relying on internet forums. If you have a problem with any organisation, enter into their official complaints process at the earliest opportunity, as sometimes complaints have to be started within a certain time frame.0
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I'd be interested to see what the FOS would say if they refused to insure you as a new customer
They dont refuse to insure. They refuse to offer new customer terms. As the application has applied on the basis of "new customer" when they are not, then there is little that the FOS can do about itI 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 -
I suppose that depends on whether there is a question along the line of "are you an existing customer" in the proposal process.
If there isn't and I was given a quote which they later refused to honour because I was an existing customer then I can't see that decision getting past the FOS "treat the customer fairly" test0 -
I've read about this on MSE in the past but is it all above board. Basically if a car insurance renewal comes in at £300, but you go onto the same companies website and re-enter all your details, it comes in at £200, is it ok to take it? I cant see anything in the t's and c's about it but wondered if all insurers were the same.
All we do in that case is ring up the current insurer and say why should we renew with you when comparison quote is X and they adjust the price.Everything has its beauty but not everyone sees it.0 -
I suppose that depends on whether there is a question along the line of "are you an existing customer" in the proposal process.
If there isn't and I was given a quote which they later refused to honour because I was an existing customer then I can't see that decision getting past the FOS "treat the customer fairly" test
If it isnt marked as a new customer incentive/offer (or various words to that effect) then they wouldnt have a leg to stand on.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 got the policy to start 1 min after the old one ends, you won't be an exsisting customer,(or will you.........?)0
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I do this all the time with direct line home..0
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