Tip - Admiral - definitely don't just accept their renewal quote!

pinkteapot

Phoned Admiral as our car insurance renewal paperwork hadn't arrived a couple of weeks before renewal date. They explained it's all available online and told me the price they'd quoted for renewal was £370. Fairly pleased as it cost us about £500 last year, but said "thanks - just need to get other quotes before I decide".

They then asked if I had any other quotes. I said not yet - going to do that now then I'd ring back. The helpful man said "Well, let me see what I can do anyway". Tapped his keys then said they could reduce it to £290!

They dropped £80 just like that, without me even having shopped around yet.

Coincedentally, when I then checked GoCompare, the cheapest alternative was just £2 less than Admiral's new price. I wonder if their system looks up what your insurance would cost you elsewhere?

So, with a phone call lasting less than 10 minutes I saved £80. Amazed they dropped price before I actually had another quote to haggle with. :eek:

xMonsoonx

They dropped my renewal from £250 to £170 in one phone call, just because I said I wasn't Happy with the renewal price.

Never accept the first price!

nobbysn*ts

What's the phrase again? 'utmost good faith'. Or scam if they can?

Smithers37

nobbysn*ts wrote: »

What's the phrase again? 'utmost good faith'. Or scam if they can?

What do you mean?

InsideInsurance

Smithers37 wrote: »

What do you mean?

He means that he thinks its a scam that insurance is one of the industries where haggling is still an accepted art.

In reality many companies will negotiate over the price of things if only you ask, the reality it just most of us pay what we are told to. Managed to get 20% off the sales price of my speakers last year simply because I said I didnt want to pay their asking price.

Back to topic anyway, there is certainly an element of swings and roundabouts, the fact that Admiral Group are so easy to negotiate with means it does feel "wrong" but on the flip side at least it saves you doing all the leg work that you need to with other insurers who often will negotiate too

Parking_Trouble

InsideInsurance wrote: »

He means that he thinks its a scam that insurance is one of the industries where haggling is still an accepted art.

In reality many companies will negotiate over the price of things if only you ask, the reality it just most of us pay what we are told to. Managed to get 20% off the sales price of my speakers last year simply because I said I didnt want to pay their asking price.

Back to topic anyway, there is certainly an element of swings and roundabouts, the fact that Admiral Group are so easy to negotiate with means it does feel "wrong" but on the flip side at least it saves you doing all the leg work that you need to with other insurers who often will negotiate too

Accepted by who exactly?

InsideInsurance

Parking_Trouble wrote: »

Accepted by who exactly?

Dont know many people who think they simply need to go to one place and get one quote to get the best deal possible. The fact that many are lazy and dont bother doing this because they are happy enough to stick with their current provider is another matter.

Parking_Trouble

InsideInsurance wrote: »

Dont know many people who think they simply need to go to one place and get one quote to get the best deal possible. The fact that many are lazy and dont bother doing this because they are happy enough to stick with their current provider is another matter.

If most people seek a better deal then what is the point of the current insurer bumping up the renewal price if it is not going to be accepted?

I think a significant number of people are taken advantage of because they don't realise their insurer is trying it on.

What next, bartering? Perhaps I can pay my insurance renewal with potatoes?

InsideInsurance

Parking_Trouble wrote: »

If most people seek a better deal then what is the point of the current insurer bumping up the renewal price if it is not going to be accepted?

I think a significant number of people are taken advantage of because they don't realise their insurer is trying it on.

What next, bartering? Perhaps I can pay my insurance renewal with potatoes?

Didnt say people do, but that they know they could. Most people dont like buying insurance and so dont take the time and effort to shop around? Hence also why insurers normally do renewals in just one letter these days rather than a quote and certificate after the renewal occurs etc, create a path of least resistance

Similar reasons to why people don't shop around on their utility bills, telephone provider etc. Often its just easier to stick where you are and spend your time on "better" things

nobbysn*ts

InsideInsurance wrote: »

Didnt say people do, but that they know they could. Most people dont like buying insurance and so dont take the time and effort to shop around? Hence also why insurers normally do renewals in just one letter these days rather than a quote and certificate after the renewal occurs etc, create a path of least resistance

Similar reasons to why people don't shop around on their utility bills, telephone provider etc. Often its just easier to stick where you are and spend your time on "better" things

Yes, gone are the days of insurers being respectable businessmen. Now they're just Del boy in a shiny suit knocking insurance out from a suitcase down the market for the highest price you'll pay.

InsideInsurance

nobbysn*ts wrote: »

Yes, gone are the days of insurers being respectable businessmen. Now they're just Del boy in a shiny suit knocking insurance out from a suitcase down the market for the highest price you'll pay.

Which business doesnt charge the maximum they think they can for their market/ segment etc? Show me one that doesnt and I will show you angry shareholders

Plus a Savile Row suit doesnt make you respectable, it just makes you look good