Cashback for existing car insurance customer

SavingFish

The time has come for me to renew my car insurance. Being a diligent money saver I followed the price comparison guide here on this site.

To my pleasant surprise, the renewal quote was actually £10 cheaper than any other price (and the cheapest price thrown out by a cashback site was actually from my existing insurer).

So far so good.

Then I went to look at cashback...

The insurer in question offers £40 back on 'new' policies, so even with the slightly higher premium I'd be £30 better off.

I rang the insurer to see if they could come down on their price. They said they couldn't and suggested I went through the cashback site instead.

Question is, would I get the cashback (they said I should). Stand to lose £10 or gain £30.

Alternatively if I go with the second best option that leaves me £20 better off.

Dilemma!

InsideInsurance

Cashback should always be seen as a bonus and not a guarantee. Its really up to you if you want to take the gamble.

I know with M&S Home (an Axa rebrand) I've always successfully lapsed my old policy, bought new and gotten cashback, in fact one year it double tracked and both paid out. There are plenty of other stories on here however of people saying that their cashback was declined or didnt track for one reason or another including not being considered a new customer.

In the first instance you should read the terms on the cashback site on if its for new customers, new policies, brand new customers etc