Car insurance renewal quote... really??

Paradigm

I've just had my renewal quote through... same car, same address, no additional accidents/convictions.
After paying £265 last year they want £425 this year :eek:


I know they like to try it on but that's taking the mick...or has the cost of insurance gone through the roof across the board?

AdrianC

How do the other quotes you've had compare?

Nodding_Donkey

Insurance companies seem to have a business model of rinse existing customers while discounting new business. The only company I've found, so far, that hasn't tried this with me is Nationwide.

Just get quotes from elsewhere.

Sam_Fallow

Nodding_Donkey wrote: »

Insurance companies seem to have a business model of rinse existing customers while discounting new business. The only company I've found, so far, that hasn't tried this with me is Nationwide.

Just get quotes from elsewhere.

Also found this with Hastings last year. Their renewal price was better than other quotes so I gave them a call and they beat it further. Hope they can do the same this year.

Nobbie1967

Paradigm wrote: »

I've just had my renewal quote through... same car, same address, no additional accidents/convictions.
After paying £265 last year they want £425 this year :eek:


I know they like to try it on but that's taking the mick...or has the cost of insurance gone through the roof across the board?

Did you renew last year? I noticed that if you stay for two years, then they really take the P on the third year renewal in the hope you're not paying attention or are too busy.

mr_accountant

Paradigm wrote: »

I've just had my renewal quote through... same car, same address, no additional accidents/convictions.
After paying £265 last year they want £425 this year :eek:


I know they like to try it on but that's taking the mick...or has the cost of insurance gone through the roof across the board?

one would be surprised how many people just accept the increased renewal an pay up, even if its 1 in 100, the ins co will be happy

a bit like those email phishing schemes, just takes 1 and their quids in

Paradigm

AdrianC wrote: »

How do the other quotes you've had compare?

I haven't done any comparisons yet as I only opened it after work yesterday, it's not due 'till 4th August so I've got time.
I was just wondering if it was an industry wide price hike or if Hastings were trying it on.

Nobbie1967 wrote: »

Did you renew last year? I noticed that if you stay for two years, then they really take the P on the third year renewal in the hope you're not paying attention or are too busy.

Yes I did renew last year as their quote was amongst the cheapest so you may well be right.

peter_the_piper

Strangely LV have actually reduced mine by a few pounds despite adding an extra driver. Will go up next year due to OH's no fault accident.

Marvel1

Insurance has gone up, renewal time quotes are always high, shop around and you will find it cheaper.

Bigphil1474

Same thing happened with me and Tesco - with them for 2 years, paying around £240 a year. Third year renewal was £470. Rang customer services who said they don't do price comparison so won't reduce quote, so now with Aviva and paying £230 for the year. To be honest, if Tesco had said it was going up from £240 to £270, or similar, I wouldn't have bothered looking around, as most of the better quotes for me seem to be £230 - £300. Seems an odd business model i.e. relying on people being stupid enough to pay twice as much for the same service, and not go elsewhere, instead of putting their price up by a few %, in the hope that people stick with them.

pinkteapot

They all try it on with renewal prices now. They'll reduce it when you phone them. There are still a remarkable number of people who simply renew without thinking, so the insurance companies make a fortune out of them.

Last year, our renewal (Admiral) was something stupid like £700, when we'd paid £400 the previous year. Did a quick quote online, got something similar to the previous year's premium, rang Admiral, and the words about comparing prices had barely left my mouth when the person said "Oh, we can do it for £410" (or something like that). Accepted it and renewed. But the fact they instantly dropped almost 50% with no arguing shows it's just a try-on.

Haggling with them is (usually) much easier than haggling with Sky etc. It's just irritating that you have to do it every year.

Occasionally insurers will quote high because they no longer want your business. Eg if you're young and they're trying to reduce the risk profile of their book. Then they'll either hard-close, and say we're not offering renewal or, more commonly, just try to price you out.