Renewal vs New quote from the same insurer

patrick78

Hi!
I cannot find the answer I'm looking for, and hope people here can help me with.
We are having two cars in the family. Both cars are insured with LV= and they are due to renew soon. I've recently received the renewal letters and the insurance cost is increased by £20-30 per car. Making the total renewal costs of both car insurances for approx. £490. 
However, when getting a new quote from LV= website directly, it only costs approx. £430 for both cars with the same excess charge and policy (i.e. protection of no claim discount).
Apparently it is cheaper to have both cars insured under new quote with the same insurer. And I can also get the cashback from the cashback website. But my question is if I can simply purchase the car insurance under the new quote from existing insurer?  Or do I have to go down the route of renewal because I am already insuring with them?

Sandtree

With most insurers you can simply inform them to lapse your current policies and then buy again as a new customer at the lower price. Your chances of getting cashback etc is probably not great but at the end of the day there is no harm in trying.

Been doing it for years with M&S/Aviva (and Axa before)

If they wanted to block it they'd need to get their website to identify your return and redirect you to your renewal quote... as most companies have advertising messages about online discounts they couldnt simply quote you your renewal price without making it clear it was your renewal not a new business quote.

sheramber

Phone them and tell them you  have a cheaper quote online and ask if they will match it/beat it.
 Have details of the online quote ( reference number) when you phone
Worked for my husband with Tesco.

patrick78

Thanks for the quick reply!
So the insurer cannot stop me re-join under new quote/business/policy, right?
I am sure they will try to match the £60 difference if I give them a call. But I am in doubt that they will also match the £75 Amazon voucher or £70 cashback as new policy.

RBN20

If you had the two vehicles insured separately with them, and it’s now being quoted under one multi car policy this may be why it’s cheaper. If that isn’t the case then it may just be down to online discounts etc. 

Just call them and explain you want them to lapse the policy at renewal as you are going to take out the new policy online so that you can get the cash back offer and I’m sure they will be fine with that 

patrick78

Hi RBN20
At present, both cars are insured separately. As I can recall, the saving of multi car policy was not great when taking it out last year. Therefore I went for two separate policies and got two cash back offers.
You are correct that the new quote I am getting is the multi car policy. There is £60 saving compared to the renewal quote. 
My home insurance is also with the same insurer which is due this month, and the renewal price is also increased by almost £30. I am not pleased that they are increasing £90 across three insurance policies.:s

frederick1950

There is nothing to stop you letting your current policy lapse and then take out a new quote with the same insurer.
However , as far as cashback etc is concerned , if this is from a site such as quidco or topcashback then I wouldnt count on them paying out.
Whilst it would technically not be a renewal you will have had continuous cover with the same insurer so when the insurers cashback marketing department  goes through the validation process this will probably come to light.
Nothing to stop you trying but dont hold your breath that they will pay out.

dunstonh

So the insurer cannot stop me re-join under new quote/business/policy, right?

Yes they can.   Some will have processes in place to prevent you from getting a quote to begin with.  Some will write to you afterwards saying that you were not eligible as it was for new customers only.   Some have no process to identify people doing this and will not come back after it is in force.

DCFC79

patrick78 said:

Thanks for the quick reply!
So the insurer cannot stop me re-join under new quote/business/policy, right?
I am sure they will try to match the £60 difference if I give them a call. But I am in doubt that they will also match the £75 Amazon voucher or £70 cashback as new policy.

You can only but ask.
The worst they will say is they can match the quote you have bone but you wont get the voucher.

Sandtree

dunstonh said:
Yes they can.   Some will have processes in place to prevent you from getting a quote to begin with.  Some will write to you afterwards saying that you were not eligible as it was for new customers only.   Some have no process to identify people doing this and will not come back after it is in force.

The former isnt the case for the OP as they have gotten lower NB quotes... can you name any company that sells a NB policy and then after inception state you weren't entitled to it? Would be interested to see the Assumptions etc in the Q&B process. What do they do after discovery? Give you the option of paying the extra? Automatically charge you the extra? Void the policy for non-disclosure? Wouldn't have thought the FOS would be too impressed (obviously remembering FOS is ultimately a roll of the dice)

dunstonh

can you name any company that sells a NB policy and then after inception state you weren't entitled to it?

I have seen it once with a broker arranged home insurance.  I have also seen a couple of threads where it has been done.  I cannot recall the providers.     I do recall the broker one did state it was new customers only and they increased the premium to remove the new customer discount but gave the person the chance to leave on an exact pro-rata basis.