MSE News: Make car and home insurance renewals clearer, insurers say

The ABI wants new rules to help customers renewing their car and home insurance policies get a better deal...
Read the full story:

Make car and home insurance renewals clearer, insurers say

OfficialStamp.gif


Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
«1

Comments

  • VT82
    VT82 Posts: 1,078
    Name Dropper First Anniversary First Post Combo Breaker
    Forumite
    New rules should be bought in to help customers renewing their car and home insurance policies get a better deal
    Oh dear. First line as well!
  • Pincher
    Pincher Posts: 6,552
    Combo Breaker First Post
    Forumite
    Why do we have annual renewals? It's not for my benefit. The No Claims Bonus seems almost irrelevant, since my premium seems to correlate with whether I have claims, even when not at fault, rather than how many years of NCD. What's the point of protecting your NCD, when they ask "Is it protected?" which implies they intend to ignore it.


    It's about time they come up with tracker based per mile charging insurance. In particular, I want cheaper rates for: motor way driving, low traffic periods, low accident area/routes, etc.


    I don't want to renew at all. I want to change the car, fit a tracker if not already fitted, activate the account, and that's it.
  • nobbysn*ts
    nobbysn*ts Posts: 1,176
    Combo Breaker First Post
    Forumite
    Yet more spin. - 'it was £150 last year, now it's £250 with another years ncd, but we gave you a £300 introductory discount, so it's cheaper really' Yes, right! So long as they put 'phone for another discount this year with no arguement'
  • Consumerist
    Consumerist Posts: 6,310
    Name Dropper First Post First Anniversary
    Forumite
    Huw Evans, deputy director general of the ABI says: "Insurers want to make renewing your insurance policy easier and clearer to understand by reminding you of last year's premium and flagging up introductory discounts.
    What world is this guy living in?

    If insurers wanted to make things clearer for us then they would have done so already, whether customers liked it or not. They are pretty quick, for example, to point out useless information such as the amount of insurance tax which has been applied to the premium. Why not tell us the profit margin they expect to get?

    This claptrap sounds as convincing as banking spokespersons do.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • minislim
    minislim Posts: 357
    First Anniversary Combo Breaker First Post
    Forumite
    you never know this mike make their renewal price clear for when the usually hike the price even after a years claim free driving.

    heres hoping anyway
  • hanlou007
    hanlou007 Posts: 99 Forumite
    I was lucky enough to get my Home insurance renewal the day the policy renewed and my first payment came out...I guess they didn't want to give me time to look around !!!

    Good job they lowered my premium to less than last year after a complaint....otherwise i would of "found someone better than a Kwik Fit Fitter"
  • Bantex_2
    Bantex_2 Posts: 3,317 Forumite
    I just check the quote when I get the renewal notice and see if I can get it cheaper. Cannot see what the problem is.
    Are we a nation of children incapable of doing anything for ourselves?
  • nobbysn*ts
    nobbysn*ts Posts: 1,176
    Combo Breaker First Post
    Forumite
    Bantex wrote: »
    I just check the quote when I get the renewal notice and see if I can get it cheaper. Cannot see what the problem is.
    Are we a nation of children incapable of doing anything for ourselves?

    Apparently so, it'll renew without you doing anyting for yourself. Me, I like a choice.
  • dacouch
    dacouch Posts: 21,637
    Name Dropper First Anniversary First Post
    Forumite
    VT82 wrote: »
    Oh dear. First line as well!

    Every time you make a typo, the errorists win
  • Baby_Angel
    Baby_Angel Posts: 540
    First Anniversary Name Dropper First Post
    Forumite
    My last year's car insurance was around £ 720. This year's renewal came to £3080 (No, it isn't a typo). Followed the MSE advise (thanks to all MSE contributors), got a direct quote from the same company's website for £680 and then used a comparison website and got a quote for £633, again for the same company. Called them up and told them they were cheaper in the comparison website. They asked me for the quote reference number and renewed it, no questions asked! How do the insurance companies come up with the renewal price when we, in the last 2 years with them, never ever claimed for anything. Being so chuffed about it, did they same with the home insurance (although there is a month left for renewal), secured a quote for half the original price I was paying monthly. However this time with another company. The current insurers said it looks to be more than last year and they can't do much about it. I even managed to add Home emergency cover and away from home cover to the new policy.:j
    SPC 08 - #452 - £415
    SPC 09 - #452 - £298
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 341.8K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.2K Spending & Discounts
  • 233.9K Work, Benefits & Business
  • 606.1K Mortgages, Homes & Bills
  • 172.5K Life & Family
  • 246.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards