Bought Bike on strength of Insurance (Misquote)

[ZOLLAR]

Slade Alive said:

I recently renewed changing some circumstances to policy. Called back to accept, was told the quote was wrong in my favour but they'd have to honour it as they'd offered it. Go figure.

My understanding is quoted price is the same as displaying price. It has to be honoured. If they refuse to sell at quote maybe that's acceptable at risk of losing a customer, so is it they're not allowed to up the quote, just refuse to honour it?

As for the shop scenario. That's not my understanding. If goods on display are priced they're obligated to sell at that price are they not? I'm no expert but I do believe if I put £1995 on the screen, though had a brain fart when doing so and missed the one, I believe I'm obligated to sell for £995. The point about withdrawing from sale is an interesting one. I hadn't heard that. Perhaps my confusion is, I can't ask for £1995 from 'that' customer but can refuse to sell. Interesting.

Shops, insurers etc don't have to sell you a product if they give a price thats incorrect they can just withdraw the offer, when a shop sells something to you mis priced or an insurer honours a quote its done as a gesture of good will and not to lose custom.

[Prince Jefri]

Ron Dennis i'm afraid.

[RobM77]

Sorry to hear that OP.

Do you remember when all quotes used to arrive through the post a few days later? I've noticed companies no longer do this - have the rules changed?

One way out of this may be to just sell the bike on; the weather's getting better now and you may be able to get roughly the same money back, or even more if you got it privately for a good price.

[ZOLLAR]

RobM77 said:

Sorry to hear that OP.

Do you remember when all quotes used to arrive through the post a few days later? I've noticed companies no longer do this - have the rules changed?

One way out of this may be to just sell the bike on; the weather's getting better now and you may be able to get roughly the same money back, or even more if you got it privately for a good price.

Not so much rules but society, the majority of people don't have patience or forsight to contact their insurer in advance to get a quote in writing and usually leave it until the last minute to get quotes (this isn't directed at you OP).
Most things are done on the phone or email these days.

[mattmurdock]

Slade Alive said:

I recently renewed changing some circumstances to policy. Called back to accept, was told the quote was wrong in my favour but they'd have to honour it as they'd offered it. Go figure.

My understanding is quoted price is the same as displaying price. It has to be honoured. If they refuse to sell at quote maybe that's acceptable at risk of losing a customer, so is it they're not allowed to up the quote, just refuse to honour it?

As for the shop scenario. That's not my understanding. If goods on display are priced they're obligated to sell at that price are they not? I'm no expert but I do believe if I put £1995 on the screen, though had a brain fart when doing so and missed the one, I believe I'm obligated to sell for £995. The point about withdrawing from sale is an interesting one. I hadn't heard that. Perhaps my confusion is, I can't ask for £1995 from 'that' customer but can refuse to sell. Interesting.

That last point is the key thing - aside from PR/obtaining future business reasons, there is nothing to legally obligate someone to sell anything at the advertised price. The sales contract only becomes legal at the point money changes hands. If they do not mind losing you as a customer, there is nothing to stop a shop, insurance company or any other person/company withdrawing the item from sale and then putting it back out again at the higher price.

ETA: Posted slowly, so did not see ZOLLAR's and swerni's answers above...

Edited by mattmurdock on Thursday 24th March 13:30