Car insurance renewal rip off

Nicvodka

Just had renewal quote for car insurance with Admiral. What a rip off. Its more than last years. Thought it was supposed to be the same or cheaper. Decided to go elsewhere.  Just be careful with renewal quotes. Please shop around u will save money which we all want. Just wanted to warn people.

neilmcl

Nicvodka said:

Just had renewal quote for car insurance with Admiral. What a rip off. Its more than last years. Thought it was supposed to be the same or cheaper. Decided to go elsewhere.  Just be careful with renewal quotes. Please shop around u will save money which we all want. Just wanted to warn people.

Whoever told you that. Insurance can rise, and quite often does for a variety of reasons. I think most people are aware here that you need to shop around.

Browntoa

Under the new rules insurance companies must offer the same prices on renewal as they offer new customers .

The days of new customer discount have gone and this may have lead unintentionally to premium increases across the board

Geodark

I think he was referring to the following, due to this my insurance renewal quote was almost exact as to what was on the compare sites, and was much less than last years

https://www.fca.org.uk/news/press-releases/fca-confirms-measures-protect-customers-loyalty-penalty-home-motor-insurance-markets

motorguy

Nicvodka said:

Just had renewal quote for car insurance with Admiral. What a rip off. Its more than last years. Thought it was supposed to be the same or cheaper. Decided to go elsewhere.  Just be careful with renewal quotes. Please shop around u will save money which we all want. Just wanted to warn people.

They are not allowed to quote you more than they would for a new customer.  Thats not the same as it has to be the same or cheaper.

Its just a matter of shopping around.

Sometimes insurance companies do offers to get more customers on their books and increase their market share, hence why they might be cheapest one year but not competitive the next.

Our renewal came back at £480.  Literally five minutes on the comparison sites got that down to £320 with another provider.

Grey_Critic

Could easily be where you live. Insurance companies apply various criteria and post codes is one when they set premiums. If there has been a spike in claims from yours then the knock on effect is a rise in premiums for that post code - unfortunate if you are effected even if you have lived there years and never had a claim

Car_54

Inflation?

Stubod

..we also got an increased renewal quote. Went online and got a much cheaper quote which we then used to go back to the current provider and got a reduction of over £100. But yes you need to shop around every year, same as any annual service provider, (eg house / roadside recovery / broadband etc).

flashg67

'Thought it was supposed to be the same or cheaper.' - I think you've you've misunderstood something somewhere. Like many things, insurance tends to rise in general. Even if the risk has reduced because of a change in car/address/age etc, the premium is affected by many other things. It is a pain, but shopping around is the best way I've found. You may find Admiral are heaper next year, just the way it works!

Geodark

Have to say mine came back cheaper and it was very competitive when I ran it through the comparison sites. Was very surprised - thats for hastings direct - so just going to let it renew. 

john_holmes

I have renewed with LV, £30 cheaper than last year, my loyalty reward, but in their follow-up satisfaction questionnaire I have asked them on what customer criteria do they base their TV advert that can give a very unlikely £219 p/a premium, in my case I am recently widowed, 77 year old, clean licence, no claims for way over 15 years, most unlikely to reach the 4,000 max mileage, car [Citroen C3 Picasso Diesel] locked in a garage overnight, brought out a couple of times a week for shopping yet the renewal is £503, could this be called a rip-off, it is in my book, PS comparison sites were similar so no point changing