Insurance Renewals - Companies Wising Up? - Not Really

dogsbreath

Last years' motorbike insurance with Hastings Direct was £180.  This years' renewal quote £240.  No accidents, claims or convictions in the past year, so I went through GoCompare or someone similar to get quoted £149 for the same cover.  I accepted the quote and GoCompare got their cut.  I rang Hastings Direct and cancelled the auto renewal on the original policy, explained why I was cancelling, and explained that I had gone online and got a cheaper quote with their own company.  I then cancelled the auto-renewal on the new policy.  The guy came back to me and said that next time I should tell them of the cheaper quote and they will match it.  Well done, a step forward, but why not just give me the best quote in the first place, as now you are having to accept less money and also pay GoCompare their cut?

Farway

By coincidence I'm about to go down the same route, AA insurance this time, I was about to phone & cancel auto renew and to see if they can beat / match Confused price, of  nearly £50 cheaper. However office is shut on Sunday, a job for tomorrow

I used to print out my on line Swinton quote & take it into their local office to get them to match their own online price. Now of course the local office has closed and I bet they are still wondering why

wongataa

dogsbreath said:

Well done, a step forward, but why not just give me the best quote in the first place, as now you are having to accept less money and also pay GoCompare their cut?

Because they are hoping you don't shop around, accept the renewal price, and make more money off you.  Enough people just auto renew to make it worthwhile.

jimbo6977

I get them hoping people won't notice, and maybe if the renewal quote was like for like year on year I can see how plenty might not bother with the hassle, but the OP's premium went up 40% or so. Surely most people will act on that? 

Mutton_Geoff

dogsbreath said:

I accepted the quote and GoCompare got their cut.

True moneysavers would have then gone through a cashback site like Quidco and kept the referall fee for themselves.

chrisw

It's always better to get the quotes from the comparison sites and then phone your existing insurer to cancel the auto renewal before proceeding.

The existing company will often match or even beat the comparison quotes, and it saves all the hassle of supplying details, documents, proof of NCD, etc. If they don't, just go ahead with the quote.

My son got a quote £100 cheaper than his existing Hastings renewal and when he phoned them they came back another £50 cheaper. It's annoying but that's the name of the game.

DUTR

wongataa said:

dogsbreath said:

Well done, a step forward, but why not just give me the best quote in the first place, as now you are having to accept less money and also pay GoCompare their cut?

Because they are hoping you don't shop around, accept the renewal price, and make more money off you.  Enough people just auto renew to make it worthwhile.

Quite the opposite really, they do want the policyholder to remain active and look around for comparable quote policy, in fact on the renewal invitation, it shows ' you may get a cheaper renewal by looking elsewhere'. 

Farway

DUTR said:

wongataa said:

dogsbreath said:

Well done, a step forward, but why not just give me the best quote in the first place, as now you are having to accept less money and also pay GoCompare their cut?

Because they are hoping you don't shop around, accept the renewal price, and make more money off you.  Enough people just auto renew to make it worthwhile.

Quite the opposite really, they do want the policyholder to remain active and look around for comparable quote policy, in fact on the renewal invitation, it shows ' you may get a cheaper renewal by looking elsewhere'. 

although this is now on renewal notices it only happened because of changes in consumer law following years of pushing by the likes of "which" & MSE, not pure altruism / customer care by the insurance industry

Farway

Just off the 'phone, AA matched lowest comparison quote, job done, £45 saved

Exemplar

Exactly the same situation here. Hastings renewal came through, increase of £300. Go Compare shows their own insurance £50 cheaper than last year. Will call them and speak (nicely) to the poor people there who have to deal with this day in/ day out. 

foxy-stoat

Our AA car insurance has gone up from £320 to £410 - I can get it for £299 with an insurer with toilet reviews and £340 with a less rubbish provider.  Rather not give AA a chance to reduce the premium - if we all did that then they would only ever pick up new business policies and everyone at renewal will leave.  They will get the picture in the end....I hope.