MSE: News: Admiral auto-renewal insurance letters issue

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  • miller
    miller Posts: 1,630 Forumite
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    I hope their new IT system lets you cancel auto-renewal at inception.
    Admiral told MSE that its renewal notice letters are sent out three weeks before a policy's renewal date.

    Yeah. With auto-renewal on there is a clear incentive to shorten that time as much as possible, especially as the renewal premium is taken 7 days before the renewal date. Even if the times Admiral quote are accurate that only leaves 14 days when really there should be a month's daylight.

    Much more needs to be done here to put more control in the customer's hands. Making it clear/possible that you don't need to have auto-renewal on is a good way to do that (e.g. as LV do with a simple tick box on purchase).
  • miller
    miller Posts: 1,630 Forumite
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    +Add in Continuous Insurance Enforcement as another pressure with regards the above.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
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    miller wrote: »
    +Add in Continuous Insurance Enforcement as another pressure with regards the above.
    They've only been in place for six years now...
  • miller
    miller Posts: 1,630 Forumite
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    AdrianC wrote: »
    They've only been in place for six years now...

    The point being that before that you could let the policy lapse for a few days (obviously without using the car) without the threat of a fine. It introduces a hard deadline and potentially pressurises people into accepting the renewal quote.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
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    miller wrote: »
    The point being that before that you could let the policy lapse for a few days (obviously without using the car) without the threat of a fine. It introduces a hard deadline and potentially pressurises people into accepting the renewal quote.
    You still can. You just need to SORN the car.

    But you miss my point. This is not a recent change, so this is not affecting renewals NOW.
  • miller
    miller Posts: 1,630 Forumite
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    AdrianC wrote: »
    You still can. You just need to SORN the car.

    Losing the remaining days of tax for that month in the process, having to wait for a cheque refund then needing to retax the car when you finally arrange insurance.

    The admin overhead is huge. There is implied pressure to accept the renewal quote. The later the insurer sends that renewal quote the greater that pressure as you have got fewer days to find alternative quotes.

    Yeah, CIE is not a new thing. I agree.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
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    You don't need to wait for the renewal letter to start looking about for quotes. All you need to do is to be vaguely organised enough to know when your insurance expires.
  • miller
    miller Posts: 1,630 Forumite
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    AdrianC wrote: »
    You don't need to wait for the renewal letter to start looking about for quotes. All you need to do is to be vaguely organised enough to know when your insurance expires.

    Strangely enough I have done this today! Not everyone works like that though and will react only if/when that letter comes through.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
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    miller wrote: »
    Strangely enough I have done this today! Not everyone works like that though and will react only if/when that letter comes through.
    Yes, some people's disorganisation does work against their best interest.

    And?
  • Pincher
    Pincher Posts: 6,552 Forumite
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    Slightly odd. renewal was 14th, but the credit card transaction only showed up on 18th. It seems that Directline wasn't in a hurry to get the money. Renewed by phone weeks before that.

    Once the balance is paid off, the card will be cancelled.

    Try to auto-renew on that. :D
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