Car Insurance. Same company, but cheaper?

Rye93_2

Hi,

For whatever reason, I suppose I was bored, I ran my car details through MoneySupermarket to see if there was any cheaper deals for my car. I'm currently with Admiral and have been since March 2020. I renewd with them again this year and currently pay £68 per month. 

The strange thing is, on the comparison sight, Admiral came up as the cheapest quote at £39.00 per month for the exact same cover and my details are all the same. Nothing has changed. Has this happened to anyone before and do you know if they will change it to the quoted price I have been given through MoneySupermarket? I would of called or went on live chat, but they are currently closed.

Any advice would be great before I contact them tomorrow.

Thanks

Grumpy_chap

You renewed in March and the price for renewal in May is cheaper.  Not like-for-like products.

jimjames

You can cancel your policy, pay the cancellation fees and take out a new one. Bear in mind the fees might be more than you've paid per month so far

Rye93_2

Thanks guys, just wasn't sure this would work. Iv'e been driving just over year so this kind if things still a bit new to me. Thanks for the advice

Grumpy_chap

The OP may find it useful to read through some of the insurance guides on this site. 
Key messages I got as take-aways are that auto-renew is rarely competitive and the best time to get a quite and take out the policy is about three weeks ahead of renewal date.
It is also reported that car insurance rates have dropped right at the moment:
https://www.moneysavingexpert.com/insurance/car-insurance/?utm_source=MSE_Newsletter&utm_medium=email&utm_term=04-May-21-50677214-17128&source=CRM-MSETIP-50677214&utm_campaign=nt-hiya&utm_content=2

AdrianC

Woah up... Do NOT make the mistake of thinking of it as £x/month. You are buying an annual policy - think of it in that way.
You renewed your policy in March, so it expires next March.
Cancelling your current policy will cost you money - you can't just think monthly.

£39/mo is £468/year. £68/month was £816.

How much of that is paying for the finance that you're taking out to spread the payment for your annual policy across twelve months? What APR are you paying on that finance? How much would it cost you to finance the premium in a different way?

pramsay13

They won't price match a few months into a year's contract.
In theory you could cancel and start again but you will need to check details carefully and you will have to pay fees so it is rarely worth it.
Sit tight and at the end of the year do a comparison with your extra year no claim.  

moneysaver

That new price you are getting might be a special discount for new customers. You are not a new customer to them now as your policy is now in force.

Moneysaver

born_again

Never mind taking longer to build up your NCD

bartelbe

I change insurance provider every year but most the time I am insured by a different brand in the same overall group. Yet I always get a much cheaper quote, from effectively the same company, by changing brand. Frankly you're mad not to switch, being loyal to an insurer is just asking to be ripped off.

BOWFER

bartelbe said:

I change insurance provider every year but most the time I am insured by a different brand in the same overall group. Yet I always get a much cheaper quote, from effectively the same company, by changing brand. Frankly you're mad not to switch, being loyal to an insurer is just asking to be ripped off.

Agreed, I literally cannot remember the last time I stayed with a provider for consecutive years.
It's also not unknown for me to go back to a provider after a year with someone else (example LV > Admiral > LV)
I don't care, whoever is cheapest for the cover I want.
Also remember 'direct line' aren't on comparison sites, but are worth a try.