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Tesco Bank - Check your renewal quote! [Home, maybe others]
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[Deleted User]
Posts: 0 Newbie
A warning and a request:
In January, I received my home insurance renewal quote from Tesco Bank. This included both the quote for the coming year, and the amount I paid for the previous year for comparison (which I believe is now a requirement on renewal quotes). The problem was, they over-stated the amount I paid previously, thus understating the price increase. In the final response to my complaint, Tesco Bank have acknowledged the discrepancy and stated that it was, "...a result of a systems issue..."; but that's as far as they have gone. What they haven't said is how widespread the effect of this 'systems issue' has been on other customers or even other types of insurance.
If you have had a recent renewal quote from Tesco, or get one soon, check how much you paid last year - don't trust what's quoted on the renewal when deciding whether to renew.
I would like to gather evidence of how widespread this is so that it can be referred to the regulator if necessary. If you do check, please post here with what you find - whether it's right or wrong is useful to get an idea of how many people are affected.
Cheers.
In January, I received my home insurance renewal quote from Tesco Bank. This included both the quote for the coming year, and the amount I paid for the previous year for comparison (which I believe is now a requirement on renewal quotes). The problem was, they over-stated the amount I paid previously, thus understating the price increase. In the final response to my complaint, Tesco Bank have acknowledged the discrepancy and stated that it was, "...a result of a systems issue..."; but that's as far as they have gone. What they haven't said is how widespread the effect of this 'systems issue' has been on other customers or even other types of insurance.
If you have had a recent renewal quote from Tesco, or get one soon, check how much you paid last year - don't trust what's quoted on the renewal when deciding whether to renew.
I would like to gather evidence of how widespread this is so that it can be referred to the regulator if necessary. If you do check, please post here with what you find - whether it's right or wrong is useful to get an idea of how many people are affected.
Cheers.
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Comments
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Whatever is written on your renewal notice regarding the renewal premium the advice of mse is never simply renew.
See the mse article on cheap car insurance (link in quick links at the top of the page)0 -
Whatever is written on your renewal notice regarding the renewal premium the advice of mse is never simply renew.
Sensible advice, but something many people don't bother with. I believe the main reason for requiring the inclusion of the previous cost on the renewal quote was to enable customers to see where the price had gone up and encourage them to search for a better deal. That's why I want to collect more data on this - if Tesco Bank are systematically understating price increases, they are discouraging people from looking for a better deal. It looks to me very much like another mis-selling case...0 -
Raymondocha wrote: »Sensible advice, but something many people don't bother with. I believe the main reason for requiring the inclusion of the previous cost on the renewal quote was to enable customers to see where the price had gone up and encourage them to search for a better deal. That's why I want to collect more data on this - if Tesco Bank are systematically understating price increases, they are discouraging people from looking for a better deal. It looks to me very much like another mis-selling case...
It isn't anything at all like that, nor is there any systematic anything, they made a mistake and corrected it. Move onSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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