Cashback on Insurance

Sooetie

I think some Insurance companies may be using the 'Cashback' to make their premiums seem lower.

I have taken out 4 Insuramce policies - 2 home 2 car - in the last 10 months. I also arrange my mothers insurance - I dont have 2 houses and 2 cars lol

Although I look at the details of the cashback and it says it is only payable after 3 months or more Only 1 is actually showing a cashback payment (on Top Cashback) which is the most recent which I took out on 25/6/13.

I think the others consider the cashback as part of the premium and you only get it if you keep the policy for 3 months etc. So I would say I have bought more expensive policies expecting the cashback to even it out.

Hats off to Direct Line who are the only one who are prepared to pay cashback.

I'd be interested to see if anyone else has had this happen.

keith1950

Hi, firstly quotes I have obtained through cash back sites have always been the same as through the actual insurer although some on here have had different experiences.

Secondly , if you follow the cash back advise you will normally always get your cash back.

There has to be a validation period so it is normal for cash back not to be paid out until several insurance payments have been made and also verify that the insurance has not been cancelled.

I have never had a cash back failure so have to ask if these other policies you refer to have actually tracked (confirmed).

If the cash back doesn't track within 3 days you should always raise a manual cash back claim once you have the policy details.

Don't leave it too late or you will not be able to enter a manual claim, this manual window varies depending on which site you use but after 100 days you've no chance.

Sorry if you know all this but from your post I got the the impression that these policies haven't tracked.

FreddieFrugal

keith1950 wrote: »

Hi, firstly quotes I have obtained through cash back sites have always been the same as through the actual insurer although some on here have had different experiences.

You can always just get your quote in advance, then visit cashback site, then return to insurer via cashback site and retrieve your previous quotes. Most insurers save quotes and let you retrieve them later. That's what I'm doing to get next years insurance anyway.

I've had very good experience of Quidco so far. Everything has tracked eventually even if some took a while and it's all been paid up til now. Been with it for a year and got about £70 and will add another £70 to that when I purchase insurance.

keith1950

Hi, the advice on cashback sites is that you should always get a new quote otherwise the insurer may not pay out !

I always follow their advice exactly to ensure a payout.

In the last 4 years I have managed to get £3200 via quidco and £1400 via topcashback although I must say that as more and more people have joined in, the cashback amounts offered have fallen substantially.

This will be my worst year so far.

FreddieFrugal

keith1950 wrote: »

Hi, the advice on cashback sites is that you should always get a new quote otherwise the insurer may not pay out !

Thanks I'll make sure I do that.

Sooetie

Thanks for your replies.
All 3 are showing as £0.00 payable, so maybe it's because I have done a Confused.com quote previously and then gone back through topcashback to buy. They are all now over 6 months into the policy.

Anyway at least the Direct Line policy is showing the cashback as pending which if it comes through works out at 30% off the other quotes and with a lower excess.

I shall be a bit more careful next time

keith1950

Hi, I have on the odd occasion had a transaction show as 0.00p pending up until the last minute and Admiral took a full 11 months to come through.

Have you raised a ticket to enquire about what has happened.

Where a transaction get credited to another cash back site it would not normally even track so the fact that it says 0.00p pending means that the transaction has tracked with Topcashback.

Don't give up hope until it actually says cash back declined.