Just a rant

cyclonebri1

Inspite of being with our present insurer for at least 10 years for multi motor/home/contents insurance, each year I get a reminder or rather an automatic renewal notice.

Every single time I do a requote online it is roughly 10 to 20% cheaper

The reply from the company;

Oh, it's an introductory bonus.

Me;

So if I decline your renewal and buy online it will save me 20%??

YES,

!!!!!!, what price loyalty

Quentin

If you have done this for the last 10 years, then you know the price of loyalty!

It's a surprise your insurer has been consistently the cheapest for new customers for all these different policies for all these years!

Or have you secretly been "loyal"??

InsideInsurance

There are exceptions but generally neither customer nor insurers show any loyalty. Not necessarily you but many are willing to switch insurers to save 10p despite having to faff about with posting proofs of NCD etc to prove it.

So as people are so price sensitive it encourage insurers to cut prices to lure people away from competitors. To be able to cut prices to new customers funds have to be found from elsewhere to make up the short fall and that tends to be long term customers.

That said a few insurers offer the same price irrespective of how long you have been with them.

If there is any loyalty bonus anywhere it is in the claims arena - even here it isnt massive by any stretch of the imagination but certainly I have first hand experience that customers of long standing were treated marginally better in certain circumstances than brand new customers (brand new customer is considered a fraud indicator for one)

cyclonebri1

Quentin wrote: »

If you have done this for the last 10 years, then you know the price of loyalty!

It's a surprise your insurer has been consistently the cheapest for new customers for all these different policies for all these years!

Or have you secretly been "loyal"??

No, you are correct, but I am both loyal and knew the price of loyalty way before this.

Point was; this is the 1st time it's actually been admitted to me by an insurer,

Don't worry, I do check every year, but having all insurance together means I need to cheapen each renewal online evey year, and that's about 5 policies, still I have the time if they want it that way,

lisyloo

what price loyalty

If you want loyalty then get a dog :-)

still I have the time if they want it that way

I am afraid the industry in not going to change for your personal convenience :-)
In fact the point is to make it deliberately hard as about 85% of people can't be bothered (suprising but true). That's how they make more money.

This is exactly what this site it about.
Finding how to save money with a little effort.
But really it is pointless to rant (besides making yourself feel better). You need to do something about it, get knowledgeable and share your tips with others too :-)

bossymoo

I rang admiral yesterday after a very high renewal figure, and told them not to. They ended up matching my cheapest online quote, so I have renewed after all...

cyclonebri1

lisyloo wrote: »

If you want loyalty then get a dog :-)



I am afraid the industry in not going to change for your personal convenience :-)
In fact the point is to make it deliberately hard as about 85% of people can't be bothered (suprising but true). That's how they make more money.

This is exactly what this site it about.
Finding how to save money with a little effort.
But really it is pointless to rant (besides making yourself feel better). You need to do something about it, get knowledgeable and share your tips with others too :-)

Lisyl you are preaching to the converted, why do you think I posted other than to let others know what price loyallty.

They don't make money out of me without working very hard.
You are talking to a bloke who spent a whole hour in a bank on Monday negotiating dropping a £10 cheque charge I was about to face, they backed off, the little man wins.

I'ts my money, my rant dear, calm down;);)

InsideInsurance

Whilst there is a "principle" on certain things surely you have to do a cost benefit analysis on some of these things.

If you spent an hour in the bank then you have to add time getting there and getting back so lets assume you tagged it on rather than making a special trip and say it took a total of 1.5 hours.

Is your life not worth more than £6.67 an hour? Of cause if you enjoy the argument then thats another matter but most don't

Sgt_Pepper_2

cyclonebri1 wrote: »

Inspite of being with our present insurer for at least 10 years for multi motor/home/contents insurance, each year I get a reminder or rather an automatic renewal notice.

Every single time I do a requote online it is roughly 10 to 20% cheaper

The reply from the company;

Oh, it's an introductory bonus.

Me;

So if I decline your renewal and buy online it will save me 20%??

YES,

!!!!!!, what price loyalty

Maybe its gone up this year due to your collision.

You have told them about it haven't you?

cyclonebri1

Sgt_Pepper wrote: »

Maybe its gone up this year due to your collision.

You have told them about it haven't you?

Troll alert, how many more threads are you trying to spoil for normal folks
?

And this thread is about home insurance and banking etc NOT YOU

cyclonebri1

InsideInsurance wrote: »

Whilst there is a "principle" on certain things surely you have to do a cost benefit analysis on some of these things.

If you spent an hour in the bank then you have to add time getting there and getting back so lets assume you tagged it on rather than making a special trip and say it took a total of 1.5 hours.

Is your life not worth more than £6.67 an hour? Of cause if you enjoy the argument then thats another matter but most don't

Lets consider the fact that I was moving around £50K.

Thats worth an hour to get right isn't it? No offence but this thread needed the perspective.