Double Discount Car Insurance Loophole!

Bonjeroo

Rocket01 wrote:

LloydsTSB were doing this same offer last year and I had no trouble claiming. And I cant imagine Nationwide wanting to give themselves a bad name for not paying up. I would say go for it. Just make sure the excesses etc. are the same.

What kind of sum did you end up claiming? I'm a little sceptical due to the figures involved:

My Nationwide quote: £1426.95

Cheapest competitor: £674.35

Double difference: £1505.20

Will they pay me £78.25 to insure my car for a year? I keep reading the small print and can't find any catches.

Bonj

CrazyChemist_2

On Martin's tips email he always says that you don't have to wait till renewal to switch to a different insurer and cancel and get a refund, but I've noticed that all insurers that I've dealt with charge a £40 - £60 "admin fee" if the policy is cancelled before the end of the term. This makes it seem like a bad idea to cancel before renewal... because if you do then you have the admin fee deducted and thus lose some of the savings you would be making...

Am I missing something here?

newfunk

Based on the wuote they have just given my fiancee of £1046.85, compared to £466.00 with Norwich union. Looks like we could be in the money!!! :beer:


Still a bit wary tho!!

balsingh

I didnt take the risk - insured my rover for just under £500 today. Didnt fancy paying out over a grand only to find myself being caught out by the small print. I reckon they will catch people out on the 'like for like' policy bit. It's possible that they might have some feature in their policy (not sure what) that most other insurers don't provide hence people never being able to match it 'like for like'.

Sorry but I'm not about to take the risk. I'd rather pay out £500 quid to insure the car rather than pay a grand and risk the claim falling through!!

newfunk

balsingh wrote:

I didnt take the risk - insured my rover for just under £500 today. Didnt fancy paying out over a grand only to find myself being caught out by the small print. I reckon they will catch people out on the 'like for like' policy bit. It's possible that they might have some feature in their policy (not sure what) that most other insurers don't provide hence people never being able to match it 'like for like'.

Sorry but I'm not about to take the risk. I'd rather pay out £500 quid to insure the car rather than pay a grand and risk the claim falling through!!

We are sat here thinking the same thing, as paying out a grand over £466 is not an option, even with the chance of gaining £1100..

Bonjeroo

balsingh wrote:

I didnt take the risk - insured my rover for just under £500 today. Didnt fancy paying out over a grand only to find myself being caught out by the small print. I reckon they will catch people out on the 'like for like' policy bit. It's possible that they might have some feature in their policy (not sure what) that most other insurers don't provide hence people never being able to match it 'like for like'.

Sorry but I'm not about to take the risk. I'd rather pay out £500 quid to insure the car rather than pay a grand and risk the claim falling through!!

I just called them. There are a few things they provide such as courtesy car, medical cover, hotels, clothes & personal belongings, etc. I'm going to get a copy of the cheaper insurer's policy and ask Nationwide to confirm it is treated as like for like cover.

Here is Nationwide's policy: http://www.nationwide.co.uk/insurance/car_insurance/car_ins_policy.htm

Bonj

iansnellin

Let us all know what happens Bonj. My insurance is due later this month but like a lot of you I'm wary of the risk.

red_porcupine

My first posting, so let's hope it ends up in the right place!

My car insurance is due for renewal on Sunday 4 Sept, and the cheapest quote I've found is from Privilege.com at £226.80 (I'm a very careful, lady driver!!!) and there's an option of paying in interest free instalments.

Nationwide quote £273 if paying in full. That's £46.20 more, so a potential £92.40 refund. However, if paying in instalments - prepare to pay an APR 24.2%

Interestingly (well I thought so), the on-line application form for Nationwide looks identical to the Privilege.com one (but both are owned by RBS), so I feel mildly confident that the quotes will be like for like.

However, concerned about "a valid claim must include an original quote" I phoned the Nationwide who said a quote printed from the internet might not hold up for as an original quote. I spoke to the Claims Dept: 0845 605 9140 and they confirmed that the quote must be obtained in a like for like manner. i.e. if you buy on-line, the other insurer's quote must also be on-line, so print off the quote.

There is of course a 14 day cooling off period after purchasing insurance, so if my claim was processed and rejected within that time scale I could cancel the insurance.However, they do say claims will be processed within 28 days.

I'm dithering about whether to go with Nationwide - a possible £46.20 loss if they don't accept my claim against a £46.20 net gain if they do. Not sure if I'm prepared to gamble - perhaps that's why I never make any money! Who wants to dare me in the interests of research?

newfunk

red_porcupine wrote:

My first posting, so let's hope it ends up in the right place!

My car insurance is due for renewal on Sunday 4 Sept, and the cheapest quote I've found is from Privilege.com at £226.80 (I'm a very careful, lady driver!!!) and there's an option of paying in interest free instalments.

Nationwide quote £273 if paying in full. That's £46.20 more, so a potential £92.40 refund. However, if paying in instalments - prepare to pay an APR 24.2%

Interestingly (well I thought so), the on-line application form for Nationwide looks identical to the Privilege.com one (but both are owned by RBS), so I feel mildly confident that the quotes will be like for like.

However, concerned about "a valid claim must include an original quote" I phoned the Nationwide who said a quote printed from the internet might not hold up for as an original quote. I spoke to the Claims Dept: 0845 605 9140 and they confirmed that the quote must be obtained in a like for like manner. i.e. if you buy on-line, the other insurer's quote must also be on-line, so print off the quote.

There is of course a 14 day cooling off period after purchasing insurance, so if my claim was processed and rejected within that time scale I could cancel the insurance.However, they do say claims will be processed within 28 days.

I'm dithering about whether to go with Nationwide - a possible £46.20 loss if they don't accept my claim against a £46.20 net gain if they do. Not sure if I'm prepared to gamble - perhaps that's why I never make any money! Who wants to dare me in the interests of research?

I'll dare ya, and if it works, ill take out my fiancee's insurance with them, and send you a cut of my £1100 saving!!! :rotfl:

balsingh

Bonjeroo wrote:

I just called them. There are a few things they provide such as courtesy car, medical cover, hotels, clothes & personal belongings, etc. I'm going to get a copy of the cheaper insurer's policy and ask Nationwide to confirm it is treated as like for like cover.

Here is Nationwide's policy: http://www.nationwide.co.uk/insurance/car_insurance/car_ins_policy.htm

Most companies provide a courtesy car ... but I've not come across hotel cover or clothes bring covered. Maybe thats what they will catch you out on!!