Double Discount Car Insurance Loophole!

Lady_K

Also does this include the monthly payments do they have to be same APR and sevice charge as my daughters got to pay by monthly and she does not have a credit card

thriftyandy

I was also going to take them up on this offer two weeks ago but was unsure and didn't want to risk it. I would have saved £800 and wished this discussion had started earlier!!! The reason I didn't take it out was when reading nationwides T&C's you will see they give a high level of stereo cover (i think about £1000). They know that not many people will need this much so when I got my quote it was not like for like because most insurers will only offer about £500 for stereo. When I contacted the company they would not quote me for £1000 stereo cover to match nationwide. I hope this makes sense!!! but I am sure that is one way nationwide could get out of it, what do you guys reckon??

DazedByTheLight

I am thinking of trying this and would like to do so ASAP before the offer gets withdrawn. However, the lower quote must be dated 'after the commencement date' and my insurance runs out towards the back end of this month. Therefore I would be paying Nationwide and then waiting several weeks before I check my cheapest quote (to see if it is still valid) and then submitting.

Someone please correct me if my logic is wrong.

dangermoose

MSE_Martin wrote:

OK we need to get this tried. Dangermouse - if you fancy being guinea pig here's the deal

1. Detail what cover you've got

12 months Comprehensive with protected no claims bonus up to 4000 miles, street parking, 1 additional named driver, free small replacement car if using approved repairer, minimum legal EU cover (see below)

Both policy documents seem virtually identical, with small differences to the policy wording - they may be using the same underwriters at Lloyds.

MSE_Martin wrote:

2. Check the European cover element is roughly similar (that may be a sticking point)- and make sure it's thrid party to third party or comprehensive to comprehensive.

EU cover could be a major sticking point.

http://www.nationwide.co.uk/insurance/car_insurance/summary.htm#europe

> Cover for driving in Europe
> Your policy automatically gives you the same cover throughout the EU as
> you have in the UK. You don't even need to let us know, as long as the
> visit is less than 90 days.

The above seems to suggest that I would have comprehensive cover in Europe.

However the policy document states:

http://www.nationwide.co.uk/insurance/car_insurance/car_ins_policy.htm

> Section G Territorial Limits
>
> 1) Territorial limits and using your Car abroad
>
> This Policy provides the cover described in Your Schedule in Great Britain, Northern Ireland, the Isle of Man and the Channel Islands and during sea journeys between these places.
>
> It also provides the minimum cover You need by law to use your Car in:
>
> * any country which is a member of the European Union; and
> * any country which the Commission of the European Community approves as meeting the requirements of Article 7(2) of the European Community Directive on Insurance of Civil Liabilities arising from the use of motor vehicles (No 72/166/EEC).
> 2) Policy cover abroad
>
> The territorial limits of the Policy are automatically extended to include any member country of the European Union, Switzerland, Croatia, F.Y.R.O.M and Norway. Your Car will also be covered while being carried by a recognised carrier between any countries to which the insurance applies provided that the journey does not take longer than 65 hours under normal conditions.
>
> Cover in these countries is conditional upon your main permanent residence being in the United Kingdom and the visit being of less than 90 days.

The above suggests that I will have the minimum legal cover in Europe
(third party only). This also matches the policy wording on Churchill's website
(the insurance company providing the cover).

I have written to customer.services@nationwide.co.uk giving them the above information and asking which is correct (presumably the policy document) so that I will have a written (email) reply.

MSE_Martin wrote:

3. Check the excess is within £25
4. Assuming all those are correct, then go for it
5. If they won't honour try and cancel

Nationwide (online): compulsory excess 150, voluntary 0, total 150
Admiral (online): compulsory excess 60, voluntary 100, total 160

Nationwide windscreen excess is 75 and covers sunroofs (I don't have one)
Admiral is 50 (no sunroofs covered)

I've had to drop the excess on both policies to get them to match more closely.

Admiral quote 213.15
Nationwide 470.40

MSE_Martin wrote:

6. If something goes wrong, I will cover the difference personally - someone needs to try this and your claim is worth being the guinea pig before (and less risk than some of the bigger ones)

So there you go DM - you have a genuinely risk free go. And my word that if the worst comes to the worst providing all the above checks out - i will give you the £200 difference.

With an offer like that it would be churlish to refuse!

The price difference (with the new excess) is aproximately 250.
With double the difference this still equates to free insurance for a year.

I will go ahead and arrange for the insurance with Nationwide online.
If Nationwide's EU cover does turn out to be substantially better then I will cancel the policy under the 14 day rule.
Likewise, if Nationwide say they won't honour the deal I will cancel (if within 14 days).

If anyone spots any mistakes or omissions please let me know - thanks

Dangerguineapig

MSMiser

The like for like insurance that I'm using is Norwich Union, They do insure for EU cover as well.
If this does not go through I will use my mortgage account as a bargaining tool, have been thinking about changing for a while now.

Taken From Norwich Union T&C's
Foreign Use
Our third party, fire and theft car insurance policy covers you for using your car abroad.

All countries in the European Union have agreed that your Norwich Union Direct certificate of motor insurance should provide enough evidence that you are keeping to the laws on the compulsory insurance of motor vehicles in any of the countries you visit.

CAE

Thought long and hard about this one. My husband had a renewal quote from More Than for £207.59. I checked online (Moneysupermarket) and got a quote for the same cover for £157.91 from.......................More than. Hubby phoned them to query and couldn't get a lot of sense out of them So in the end he cancelled the renewal as they said they couldn't get the quote any lower than £187.00.

Have checked Nationwide, and looks like I could get an equivalent quote of £199.50. However the cover for audio equipment seems high at £1000, and also cover for fixed telephones as well. Cover on more than for audio is £500, and can't see any mention of fixed telephones. Haven't got one anyway. So think Nationwide might use this as a get out.

As the insurance is due on 7th, have decided to go with More than and not risk the Nationwide offer.

Hope someone does prove that this offer is good........................mind you I might kick myself for not trying!!

Good luck to anyone who tries this.

C

mrscruffy

Perhaps I am the lucky one. I tried Nationwide for a quote and they actually came out the cheapest :-)

rdwarr

They're not very consistent. For my car my cheapest quote was £320 from "Little Bill" at Sainsbury. Nationwide were asking £336 so not really any difference given extra EU cover.
For my wife's (an imported toyota MPV) the cheapest quote was £255 from YesInsurance, but Nationwide wanted £515! That could be a contender for the offer.

moolah_2

I'm watching this thread with great interest as Natiowide are quoting £1150 while Bell Direct are quoting £410. The only policy differences I've seen so far are stereo cover (1000 vs 750) and windscreen cover (100 vs 50). Once I get the new car the quote was for I'll go through the policies in all their tedious detail.

Back to dreaming of getting paid £330 to insure my car ...

ronnie_2

Just done a quick quote, theyre after £1155 for me to insure my honda whereas my renewal from admiral is £874 so with it being double the difference does this mean they will give me back £562!! ??

although they have said £1155 it may go up a little bit as i do have a slight tint on my windows, but again that can only increase the cashback....

this is tempting to try