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Not a question, just a warning

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Renewing my car insurance, I followed the advice on the MSE website i.e.

·      Don’t renew with existing provider;

·      Use the Car Insurance Compare+ tool;

·      Purchase the renewal 23 days before due date.

This led to an increase on last year’s price of £181 to the cheapest quote of £254.

The day after paying this, my existing provider quoted £193 and I had to forfeit £50 to cancel the new policy, even though it was only a day old and was not due to start for three weeks.

Comments

  • elsien
    elsien Posts: 35,866 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 28 January 2024 at 5:23PM
    It doesn’t actually say don’t renew with the existing provider.
    What the page says it is most people are better off moving elsewhere, and to always compare quotes first before auto-renewing. 
    It then says the best time to get a quote between 20 and 26 days.

    So you compare quotes and then you either  phone up, or you wait for your current provider to be sent through before making a final decision.

    So what happened with the 14 day cooling off period - if you were within that you shouldn’t have had to pay £50 to cancel. I would suggest you go back to them to query that you’ve had to pay the cancellation fee. 
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
  • The mse advice isn't very clear.

    You have to only use the comparison sites 23days before renewal.(apparently)

    If you use them before then the insurance companies save it and keep giving you that price for many weeks.


  • elsien said:
    It doesn’t actually say don’t renew with the existing provider.
    What the page says it is most people are better off moving elsewhere, and to always compare quotes first before auto-renewing. 
    It then says the best time to get a quote between 20 and 26 days.

    So you compare quotes and then you either  phone up, or you wait for your current provider to be sent through before making a final decision.

    So what happened with the 14 day cooling off period - if you were within that you shouldn’t have had to pay £50 to cancel. I would suggest you go back to them to query that you’ve had to pay the cancellation fee. 
    "Never auto-renew".
  • user1977
    user1977 Posts: 17,673 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    kgw2511 said:
    elsien said:
    It doesn’t actually say don’t renew with the existing provider.
    What the page says it is most people are better off moving elsewhere, and to always compare quotes first before auto-renewing. 
    It then says the best time to get a quote between 20 and 26 days.

    So you compare quotes and then you either  phone up, or you wait for your current provider to be sent through before making a final decision.

    So what happened with the 14 day cooling off period - if you were within that you shouldn’t have had to pay £50 to cancel. I would suggest you go back to them to query that you’ve had to pay the cancellation fee. 
    "Never auto-renew".
    Yes. Not "never renew".
  • Did you do a comparison before the 23 day point?

    It seems like if you do, it locks in the higher prices.
  • dunstonh
    dunstonh Posts: 119,577 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 30 January 2024 at 9:58AM
    kgw2511 said:
    elsien said:
    It doesn’t actually say don’t renew with the existing provider.
    What the page says it is most people are better off moving elsewhere, and to always compare quotes first before auto-renewing. 
    It then says the best time to get a quote between 20 and 26 days.

    So you compare quotes and then you either  phone up, or you wait for your current provider to be sent through before making a final decision.

    So what happened with the 14 day cooling off period - if you were within that you shouldn’t have had to pay £50 to cancel. I would suggest you go back to them to query that you’ve had to pay the cancellation fee. 
    "Never auto-renew".
    You have taken it out of context.

    Never auto renew until you have got your existing price and have compared with what is available elsewhere.

    It doesn't mean never renew.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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