Watch out for year 2 insurance hikes!

vaio

where are you getting the £800 year one premium?

The OP says the year one premium was £145 which increased to £840 in year two but halved when he rang to query it.

I suppose part of the point I'm making is that having automated notification of premiums which then halve if queried makes it impossible for punters to make informed decisions. To me this seems both unfair and unethical.

mikey72

Shenanigan wrote: »

He didn't but the NW GTB offer basically means that in year two, your renewal will go back up to the figure you were originally quoted in the first year.

If he didn't, let's stick to what he did say happened then.

First quote for year 1 was £145, no discount, no bargaining, no quote of over £800, no indication that there was another quote that was kept secret from the op.
Renewal was a massive £840. Immediately queried, immediately halved.
So at least £400 excess profit the insurer can afford to give up immediately, and still be more than happy to accept the business.

vaio

and the OP has got cover elsewhere for about £150

Shenanigan

Trust me when I say, if his renewal was £840, his original quote was ~£800.

mikey72 wrote: »

First quote for year 1 was £145, no discount, no bargaining

No, the OP already said it was based on the 'beat any quote' offer (the offer is actually 'beat your renewal/existing premium')

mikey72

Shenanigan wrote: »

Trust me when I say, if his renewal was £840, his original quote was ~£800.



No, the OP already said it was based on the 'beat any quote' offer (the offer is actually 'beat your renewal/existing premium')

Trust me when I tell you if they are happy to drop the offer by over £400, and are happy to accept the profit from that, the quote wouldn't have been £800 in year 1.
It would be nearer the £150 he's paid again this year.

Shenanigan

mikey72 wrote: »

Trust me when I tell you if they are happy to drop the offer by over £400, and are happy to accept the profit from that, the quote wouldn't have been £800 in year 1.
It would be nearer the £150 he's paid again this year.

Ok.

10 character minimum.

dacouch

Lol tag team

dunstonh

mikey72 wrote: »

Trust me when I tell you if they are happy to drop the offer by over £400, and are happy to accept the profit from that, the quote wouldn't have been £800 in year 1.
It would be nearer the £150 he's paid again this year.

That assumes that they are making a profit and not just buying market share or deciding to do it on the stupid hope that the person wont do the same next year (obvious to you and i that is unlikely but not on this model)

Effectively, it is haggling. They publish their price. The person contacts them and haggles it down. If you can point to any law that says haggling is unlawful then you have good complaint reason.

mikey72

dunstonh wrote: »

That assumes that they are making a profit and not just buying market share or deciding to do it on the stupid hope that the person wont do the same next year (obvious to you and i that is unlikely but not on this model)

Effectively, it is haggling. They publish their price. The person contacts them and haggles it down. If you can point to any law that says haggling is unlawful then you have good complaint reason.

The FSA can decide if they want insurers to behave like Del boy or behave with slightly better ethics. As far as they have a code of practice, it doesn't have to be law. So reporting them is the way to go.