Admiral wanted £373, £130 more than my cheapest quote!!

InsideInsurance

*Kat* wrote: »

I just don't understand their logic?! I've been with Admiral for 2 years now, so have 2 years NCB.

I ran a quote online (well a few) and found my cheapest to be £240'ish, called Admiral and told them, and they just didn't care when I said that'd I'd go to Tesco or More Than instead. What a hassle.

What logic don't you understand? The fact that different companies sell different products at different prices?

Try going into Sainsbury's and telling them that Asda sell baked beans cheaper than them and see how big a reaction you get. Alternatively tell Currys their TVs are 35% more expensive than online retailers and see how little they care too.

Companies set a price, they have some margin they're willing to discount, if you come along and tell them you can buy it for much less than they can discount to then there is little point continuing the discussion, especially when you are flogging a budget product so not going to be able to sell on product features.

Strider590

Have you tried Admirals website? Confused.com?

Price up on there and if one of their sister companies (7 of them) are cheaper, phone em up and they'll match the premium.

Biketrials08

Just fill in your details on Admiral site in a new quote, call the renewals line, tell them the ref number of the new quote and price, they will match it (of course) and off you go. I do this every year with them.

rev_henry

IanRi wrote: »

Lucky for him you were there with your head on!

If people weren't prepared to waste such a ridiculous amount of money then maybe renewals would be offered at a better price.

Well, you could look at it as people not bothering to shop around subsidising the savvy ones!

Jonesya

InsideInsurance wrote: »

What logic don't you understand? The fact that different companies sell different products at different prices? ...

I don't think your comparison is quite fair, a lot of insurance companies vary the quote according to whether you're a new or existing customer, charging the existing customer more.

My local supermarket doesn't charge me more for being a regular customer.

Aretnap

Sainsbury's gave me a voucher today which said "£15 off your first online shop"...

wba31

rev_henry wrote: »

Well, you could look at it as people not bothering to shop around subsidising the savvy ones!

I think it may work the opposite. If everyone shopped around each year and pushed for the lowest price, it forces prices down as insurance companies have to compete. If people just accept their renewal quote insurance companies can start to elevate prices more to get as much as possible out of those who dont shop around.
And all of us that do pay insurance are subsidising those that drive without it...

Martin Lewis tweeted a question last night, asking who would buy insurance if it wasnt compulsary. I reckon because people would choose not to, and it becomes an option, prices of insurance would fall - because young drivers in a £100 car wont care about if that gets smashed up...

Either way, I believe insurance in this country is a rip off...

InsideInsurance

Jonesya wrote: »

I don't think your comparison is quite fair, a lot of insurance companies vary the quote according to whether you're a new or existing customer, charging the existing customer more.

My local supermarket doesn't charge me more for being a regular customer.

No? I frequently get emails about discounts off first orders with Tesco or Ocado

Likewise I used to get different discount vouchers from Tesco's ClubCard than my flatmates did

InsideInsurance

wba31 wrote: »

Martin Lewis tweeted a question last night, asking who would buy insurance if it wasnt compulsary. I reckon because people would choose not to, and it becomes an option, prices of insurance would fall - because young drivers in a £100 car wont care about if that gets smashed up...

Many people would still buy insurance, there are many non-compulsary classes of insurance that a large proportion of people hold, Home Contents, Travel, Pet

Around 80% of people have home insurance despite it not being compulsory. Likewise the legal requirement is for TPO cover and yet Comprehensive represents in the region of 85% of the market which goes well beyond the minimum required.

Without doubt there would be some that wouldn't buy insurance, just as there are now, though the prediction that it would drive prices down may not be accurate. If you abolish compulsory motor insurance you have to also abolish the MIB schemes for uninsured drivers etc and you will find a higher amount of people having to claim off their own policies.

rev_henry

wba31 wrote: »

I think it may work the opposite. If everyone shopped around each year and pushed for the lowest price, it forces prices down as insurance companies have to compete. If people just accept their renewal quote insurance companies can start to elevate prices more to get as much as possible out of those who dont shop around.
And all of us that do pay insurance are subsidising those that drive without it...

I think both happen. You kinda have 2 markets - the uncompetitive renewal quotes and the competitive price comparison quotes. Lazy/non savvy people subside people who switch

Martin Lewis tweeted a question last night, asking who would buy insurance if it wasnt compulsary. I reckon because people would choose not to, and it becomes an option, prices of insurance would fall - because young drivers in a £100 car wont care about if that gets smashed up...

Yeah I'm told that's kinda what happens in NZ. Insurance isn't compulsory there, basic personal injury is covered by the government (presumably funded by fuel duty?). People generally drive cheap, old cars - if they break/crash, they just get another, so the main concern in accidents is just injury.