Insurer cutting renewal price substantially - are there any regulations?

nadsat

Car insurer sent renewal quote at about £90 more than last year - I call them and they instantly drop it to about £40 more. 

I realise this is the usual game we play but is there any regulation that can or is proposed to actually quote the 'customer called' figure? 

Their lower quote is now uncompetitive as others coming in at lower than last year's price but I may have taken their lower quote without checking so this seems counter-productive for them as well as us. 

TELLIT01

You have their revised price so why can't you use comparison sites to see if it is competitive or not.  If you are simply asking is the insurer is permitted to lower a price, the answer is Yes.

powerful_Rogue

nadsat said:

Car insurer sent renewal quote at about £90 more than last year - I call them and they instantly drop it to about £40 more. 

I realise this is the usual game we play but is there any regulation that can or is proposed to actually quote the 'customer called' figure? 

Their lower quote is now uncompetitive as others coming in at lower than last year's price but I may have taken their lower quote without checking so this seems counter-productive for them as well as us. 

Nope. Regulation wouldn't solve this, it would just mean every insurance company sends out the expensive price.

I've always found the cheapest one year is the most expensive the next. They rely on people just renewing without checking.

If I have to phone up an cancel and they ask if they can see what they can do to lower the price, I always tell them not to bother. They had that chance when they sent the renewal through.

nadsat

Well, there is regulation is there not that they must quote last year's price in the renewal so surely this is going to spur more calls and defections if they hike the price above what the price really is. 

Jemma01

The only company I stuck with that only increased a little bit was Admiral. The other ones moved from something like 500 to 800 (like Elephant did) with no claim what so ever. Ridiculous.

I should have searched for another insurance this year but was too busy with a house purchase, wedding, work wasn't going well, mum's new kitchen... Next year I'll shop again

jimbo6977

Jemma01 said:

The only company I stuck with that only increased a little bit was Admiral. The other ones moved from something like 500 to 800 (like Elephant did) with no claim what so ever. Ridiculous.

I should have searched for another insurance this year but was too busy with a house purchase, wedding, work wasn't going well, mum's new kitchen... Next year I'll shop again

And Elephant *is* Admiral. 

Jemma01

jimbo6977 said:

Jemma01 said:

The only company I stuck with that only increased a little bit was Admiral. The other ones moved from something like 500 to 800 (like Elephant did) with no claim what so ever. Ridiculous.

I should have searched for another insurance this year but was too busy with a house purchase, wedding, work wasn't going well, mum's new kitchen... Next year I'll shop again

And Elephant *is* Admiral. 

Admiral and elephant are subsidiaries of Admiral Group, but they have their own operating model (which is what this thread is about). Elephant has very poor rating in comparison because of nasty practices like the one OP is talking about.

chrisw

I've found that this year, for some strange reason, the renewal prices on a few of my insurances are quite a bit cheaper than I can get from comparison sites or other quotes. I've never known this previously.

twopenny

Interesting reading.

Mine aren't due yet but the AA breakdown came in cheaper so I didn't ring this year. A real customer feel good factor.

The house insurance with Churchill is always good. I've been with them a long time because of this.

(would never take motor with them again, that was dreadful when making a claim)

Motor insurance is next month with AA. Usually good. Their website doesn't submit for the last two years and I have to ring someone at home who gives me the online discount so I guess they know the site is ..........

Marvel1

Quote comes through - I use a cashback site to do a comparison (to see if overall cheaper) - yes I go ahead and purchase the policy - go online to stop the autonewal of the current one.

Hoenir

chrisw said:

I've found that this year, for some strange reason, the renewal prices on a few of my insurances are quite a bit cheaper than I can get from comparison sites or other quotes. I've never known this previously.

Make sure that the cover is on a full like for like basis when making comparisons.