Admiral Renewal

Cameron1590_2

Hello All,

Our car insurance is due for renewal on the 26/02/17. As we are both young drivers (me and my partner) we are always conscious about cost of taking insurance out so we did a few quotes in January.

The cheapest by miles was our existing provider Admiral at £540, brilliant we thought as it wasn't going to break the bank paying for it, we pay the yearly lump sum.

Got the renewal through some time later it's £730, if we try to do an online quote Admiral won't quote as we are an existing customer, as a goodwill gesture they will reduce the renewal to £635.

Does anyone know how long it takes to be classed as a new customer and have the online quote system opened back up? If needs be we can let the policy lapse and leave the car in the garage for a few days.

I did tell Admiral about the quote for £540 which had expired, if I do a new quote with the car reg but make and model information, use a bogus name and a different house number it quotes at a similar price however Admiral won't accept this as it's not acurute information!

Thanks

Cameron

Quentin

If you let the policy lapse and don't insure then you need to SORN as well.

You normally get a new customer discount. Hence the problem you have come up against! Whether a few days break will make you a new customer is down to how sophisticated their system is

(Be careful doing dummy quotes with your correct reg number - they do see you as making fraudulent quote applications and will blacklist you if they identify you.)

Johno100

Cameron1590 wrote: »

Got the renewal through some time later it's £730, if we try to do an online quote Admiral won't quote as we are an existing customer, as a goodwill gesture they will reduce the renewal to £635.

Is that an online quote on the Admiral website or one of the price comparison sites?

I'd suggest you try an anonymous quote, using make and model (not reg) on a variety of comparison sites and that should give a price for Admiral and/or one of their other brands.

m0bov

Always phone up and ask for best price, they always knoc £100 or so off.

stator

The £540 price they will make no profit on, they only offer it to get your business and then hope you renew.
Have you tried the cashback sites? Another insurers price may be close once you include cashback. Topcashback compare is ok. But the cashback isn't guaranteed.
I pressume you have tried the non-comparison insurers like Direct Line?
If there's no-one else who comes close you will have to renew with them.
Admiral are quite smart, they've stopped competing against themselves and they won't give up all of their profit on a second year policy.

EdGasket

You used to be able to get a quote through Elephant, also part of Admiral and then they had to match it; however they have closed that loophole now. I'm afraid unless you find an alternative cheaper quote that Admiral will match then you'll have to pay what they ask.

NB. You can get a new quote with Admiral by changing your DOB by 1 day then give them the quote ref. Once for me they accepted it and another time they didn't, claimed the one day difference about 50 years ago made £200 difference. I'm like, year right it does but anyway I was stuffed as they wouldn't match the quote.

Paradigm

stator wrote: »

The £540 price they will make no profit on, they only offer it to get your business and then hope you renew.

If there aren't any claims during the period they are insured then surely Admiral make £540 profit (minus admin costs)?

Quentin

Paradigm wrote: »

If there aren't any claims during the period they are insured then surely Admiral make £540 profit (minus admin costs)?

No


Insurance doesn't work like that.


Your premium goes towards paying claims of other policyholders as well as the insurer's admin costs!

Paradigm

Quentin wrote: »

Your premium goes towards paying claims of other policyholders as well as the insurer's admin costs!

I understand that but they have still made £540 profit from the OP, minus the admin costs for setting up the policy.

Quentin

Paradigm wrote: »

I understand that but they have still made £540 profit from the OP, minus the admin costs for setting up the policy.

No they haven't - as explained, they use the premiums of everyone to pay claims - only what's left (if anything) is profit!

Mercdriver

Quentin wrote: »

No they haven't - as explained, they use the premiums of everyone to pay claims - only what's left (if anything) is profit!

Are you Henry, the American owner of Admiral? Do they really do insurance out of the goodness of their hearts? Perhaps they should start an ad campaign like the charity campaigns:

"Just £3 a month enables Henry to be able to have some pocket money. Text GIVE MONEY TO A RICH MAN to 33060 to give £3 a month to Henry"

Of course they don't make pure profit from each individual customer and every customer pays towards other customers' payouts. But don't make out they are paupers.