Insurance quote so different

FlorayG

Last Thursday I got some quotes from Compare The Market and Aviva came out cheapest at £379. This morning I realised I got the renewal date two days wrong so changed that - quote is now £475. 
Why such a huge difference? revised date is after the original date I put in

DullGreyGuy

Insurers change their prices frequently, some are likely to being using AI to adjust pricing. Insurers tread a fine line of volume -v- price to try and balance income with risk and pricing is always going to be relative to what your competitors are doing which you can only tell after they've done it. So we may decide to cut the prices of a certain segment of business and estimate it will reduce premiums by X% but increase conversion by Y%; we then make the change live and suddenly see that conversion is way higher than anticipated and so may fear we are either too over exposed to that segment or assume everyone else knows something we dont so we increase the price again... in my day that would mean a load of analysis by the stats guys and a quorate pricing committee meeting to approve the change... these days it can be an AI script that can nudge the price up until the target conversion rate lands. 

Our meetings used to be weekly but also had exceptional ones. With scripts they effectively can be by the second.

Slinky

Do you use Topcashback? There's an insurance price comparison tool on there(scroll to the bottom of the home screen)  which gives £45 cashback which might help you.

rsvtoddy

Try ringing up the original cheap quote company and when they go through everything amend the start date and see if they hold the price.

FlorayG

rsvtoddy said:

Try ringing up the original cheap quote company and when they go through everything amend the start date and see if they hold the price.

Oh I did - I've got the insurance at the cheaper quote because it's valid for 30 days, was just wondering why such discrepancy in a few days

Mutton_Geoff

https://www.moneysavingexpert.com/insurance/car-insurance/how-to-get-cheap-car-insurance/#tip-2