Just renewed insurance!

knightstyle

So our policy expires in two weeks and I had a look on comparison sites and the best was over £600, renewal from old insurance was £539 so I rang them and told them to cancel the auto renewal as I was looking for cheaper, had a quick chat but didn't disclose I had already looked at other prices.
They then gave a better price if I agreed immediately and after a bit of haggling I agreed to pay £419  so still more than last year but not too bad for 3 named drivers on our old Cmax.

Ganga

knightstyle said:

So our policy expires in two weeks and I had a look on comparison sites and the best was over £600, renewal from old insurance was £539 so I rang them and told them to cancel the auto renewal as I was looking for cheaper, had a quick chat but didn't disclose I had already looked at other prices.
They then gave a better price if I agreed immediately and after a bit of haggling I agreed to pay £419  so still more than last year but not too bad for 3 named drivers on our old Cmax.

Amazing how they were able to knock £120 off the quote ,must have been plenty of profit built in to the first one.

Tony5896

Had the same .. renewal 1250 and pennies .. dropped to 1000 and pennies but wouldn’t match 833 and pennies 

daivid

Ganga said:

knightstyle said:

So our policy expires in two weeks and I had a look on comparison sites and the best was over £600, renewal from old insurance was £539 so I rang them and told them to cancel the auto renewal as I was looking for cheaper, had a quick chat but didn't disclose I had already looked at other prices.
They then gave a better price if I agreed immediately and after a bit of haggling I agreed to pay £419  so still more than last year but not too bad for 3 named drivers on our old Cmax.

Amazing how they were able to knock £120 off the quote ,must have been plenty of profit built in to the first one.

It's like they’ve found a way of going back to the good old days of high renewal quotes. In the summer TESCO offered a 25% increase as the renewal, shopping around I found a price £100 under the renewal. On phoning TESCO they offered a 'loyalty' discount (I'd been with them all of 1 year) which took the price to £10 below the best I'd found. If it means we are heading back to the days of shopping around and rejecting renewal prices really paying off I'm happy.

knightstyle

Yes mine was with Tesco as well. I did the same thing last year so now in the third year with them.

Lorian

Also watch out for another trick Ive not noticed before. On my renewal from Flow In surance not only had the price gone up 49% they had changed the £0 voluntary excess to £250. I don't recall volunteering...

DullGreyGuy

Ganga said:

knightstyle said:

So our policy expires in two weeks and I had a look on comparison sites and the best was over £600, renewal from old insurance was £539 so I rang them and told them to cancel the auto renewal as I was looking for cheaper, had a quick chat but didn't disclose I had already looked at other prices.
They then gave a better price if I agreed immediately and after a bit of haggling I agreed to pay £419  so still more than last year but not too bad for 3 named drivers on our old Cmax.

Amazing how they were able to knock £120 off the quote ,must have been plenty of profit built in to the first one.

Depends what they've done... easy to knock £120 by switching to a lower quality product, moving to a non-UK insurer, bumping up the excess, removing optional extras etc. 

Mass market consumer insurance has thin margins, profits (when made) are a volume play. 

daivid

DullGreyGuy said:

Ganga said:

knightstyle said:

So our policy expires in two weeks and I had a look on comparison sites and the best was over £600, renewal from old insurance was £539 so I rang them and told them to cancel the auto renewal as I was looking for cheaper, had a quick chat but didn't disclose I had already looked at other prices.
They then gave a better price if I agreed immediately and after a bit of haggling I agreed to pay £419  so still more than last year but not too bad for 3 named drivers on our old Cmax.

Amazing how they were able to knock £120 off the quote ,must have been plenty of profit built in to the first one.

Depends what they've done... easy to knock £120 by switching to a lower quality product, moving to a non-UK insurer, bumping up the excess, removing optional extras etc. 

Mass market consumer insurance has thin margins, profits (when made) are a volume play. 

From the OP £120 was the original insurance co reducing their renewal price on threat of cancellation of renewal. Not changing provider though possibly changes to terms and excess.

DullGreyGuy

daivid said:

DullGreyGuy said:

Ganga said:

knightstyle said:

So our policy expires in two weeks and I had a look on comparison sites and the best was over £600, renewal from old insurance was £539 so I rang them and told them to cancel the auto renewal as I was looking for cheaper, had a quick chat but didn't disclose I had already looked at other prices.
They then gave a better price if I agreed immediately and after a bit of haggling I agreed to pay £419  so still more than last year but not too bad for 3 named drivers on our old Cmax.

Amazing how they were able to knock £120 off the quote ,must have been plenty of profit built in to the first one.

Depends what they've done... easy to knock £120 by switching to a lower quality product, moving to a non-UK insurer, bumping up the excess, removing optional extras etc. 

Mass market consumer insurance has thin margins, profits (when made) are a volume play. 

From the OP £120 was the original insurance co reducing their renewal price on threat of cancellation of renewal. Not changing provider though possibly changes to terms and excess.

The OP hasn't said who they buy from... could be a broker or other form of intermediary in which case switching insurer, such as to a non-UK based insurer, is an option to the broker to cut the price. 

As evidenced by the constant reference to "my insurer" and then naming a broker, or worse, a white label of a broker, people really don't understand what they are buying from whom. Have had several talk of their car insurance with M&S as their insurer but on the front page of their car product website it states 
Arranged and administered by BISL Limited using a panel of insurers
So no, their insurer isn't M&S, M&S is just brand onto Budget paper and the insurer will be on the schedule.

knightstyle

The insurance is direct from Tesco and this is the third year I have been with them.

Jaybee_16

DullGreyGuy said:

The OP hasn't said who they buy from... could be a broker or other form of intermediary in which case switching insurer, such as to a non-UK based insurer, is an option to the broker to cut the price. 

As evidenced by the constant reference to "my insurer" and then naming a broker, or worse, a white label of a broker, people really don't understand what they are buying from whom. Have had several talk of their car insurance with M&S as their insurer but on the front page of their car product website it states 
Arranged and administered by BISL Limited using a panel of insurers
So no, their insurer isn't M&S, M&S is just brand onto Budget paper and the insurer will be on the schedule.

 To confirm this part, my car insurance is done via SAGA but each aspect of the policy is with a different insurer. Car is with LV.