Insurance Renewal Bonkers...
Discussion
So I get my renewal through congratulating me that my insurance for my Hayabusa will be £8 cheaper than what I paid last year and the new price will be £462.
As always, I do an insurance comparison via Quidco and managed to get the identical policy with the same company who insures me now (plus protected no claims) for £332...........plus Quidco cashback promised.
Overall a saving of £150........
Bonkers
As always, I do an insurance comparison via Quidco and managed to get the identical policy with the same company who insures me now (plus protected no claims) for £332...........plus Quidco cashback promised.
Overall a saving of £150........
Bonkers
A common occurrence I think. I've certainly had such experiences a few times before. What really boils my piss in such circumstances is when the renewal letter tells you it's the best deal available. That is a blatant lie that could end up costing the customer a significant amount of money.
They're not allowed to do this anymore, yet I had exactly the same thing on my car insurance with Churchill, renewal came through and when I went to the meercats the exact same policy was about 10% cheaper. This is and has been illeagal for a couple of years and was belt and braced by the Consumer Duty regulations introduced in July last year. It shouldn't be happening.
Of course, the outcome is that all policies are now more expensive and that you can't phone your provider and ask them to re-think their quote as they should have already given you their final bottom line figure.
Of course, the outcome is that all policies are now more expensive and that you can't phone your provider and ask them to re-think their quote as they should have already given you their final bottom line figure.
Gixer968CS said:
They're not allowed to do this anymore, yet I had exactly the same thing on my car insurance with Churchill, renewal came through and when I went to the meercats the exact same policy was about 10% cheaper. This is and has been illeagal for a couple of years and was belt and braced by the Consumer Duty regulations introduced in July last year. It shouldn't be happening.
Of course, the outcome is that all policies are now more expensive and that you can't phone your provider and ask them to re-think their quote as they should have already given you their final bottom line figure.
Yep, well done to the FCA for stuffing many people's insurance premiums up. It's so ridicuous you couldn't make it up.Of course, the outcome is that all policies are now more expensive and that you can't phone your provider and ask them to re-think their quote as they should have already given you their final bottom line figure.
Firms were getting around it by creating new policies every year for new customers, hence you could find your own insurers beating your renewal quote, but that's been stamped on now.
Does the legislation actually stop them quoting different rates through different purchase routes? I though it just meant that they couldn't charge new customers less than existing customers. If a returning customer, now gets the same rate through meerkats or confused etc. as a new customer, then have they complied with the law?
camb10 said:
theyre not allowed, which is why all the prices have gone up!
that's more to do with the fact that recently for every £1.00 of premium income they paid out £1.14 due to many factors too boring to go intoaround the pandemic it was £1.00 of PI they paid out £0.95
things are predicated to improved 2024 onwards
as they are businesses and not charities, holiday savings clubs or cash cows they need to return to a better position and putting up premiums is one way
GSA_fattie said:
that's more to do with the fact that recently for every £1.00 of premium income they paid out £1.14 due to many factors too boring to go into
around the pandemic it was £1.00 of PI they paid out £0.95
things are predicated to improved 2024 onwards
as they are businesses and not charities, holiday savings clubs or cash cows they need to return to a better position and putting up premiums is one way
They're giving hefty chunks of it to each others pet AMCs. around the pandemic it was £1.00 of PI they paid out £0.95
things are predicated to improved 2024 onwards
as they are businesses and not charities, holiday savings clubs or cash cows they need to return to a better position and putting up premiums is one way
Yep. Agree with much of the above. They make it up as they go along.
I recently wrote off one of my cars. Case ongoing as to liability. I reinsured another car I had SORN & put it back on the road. I spoke to someone in the insurance call centre to explain that I wasn't sure about my NCB status & the ongoing claim - they just said it's no problem.
I recently wrote off one of my cars. Case ongoing as to liability. I reinsured another car I had SORN & put it back on the road. I spoke to someone in the insurance call centre to explain that I wasn't sure about my NCB status & the ongoing claim - they just said it's no problem.
[quote=NITO]Bennetts, from £107 to £165 despite an extra years ncb, a 54% increase is not reasonable. Guess who won’t be getting the business this year! Already had 2 quotes cheaper.
and your complaining about a £165 premium !!!! i bet the insurer will see under £100 for the riskm the rest will be IPT, broker commission and fee.
My broker has told me for their business it costs them on average £103 per policy with the office, tel, post wages, insurance, stationary, fca fees etc which why bennets have probably put your rate up.
and your complaining about a £165 premium !!!! i bet the insurer will see under £100 for the riskm the rest will be IPT, broker commission and fee.
My broker has told me for their business it costs them on average £103 per policy with the office, tel, post wages, insurance, stationary, fca fees etc which why bennets have probably put your rate up.
garypotter]ITO said:
Bennetts, from £107 to £165 despite an extra years ncb, a 54% increase is not reasonable. Guess who won’t be getting the business this year! Already had 2 quotes cheaper.
and your complaining about a £165 premium !!!! i bet the insurer will see under £100 for the riskm the rest will be IPT, broker commission and fee.
My broker has told me for their business it costs them on average £103 per policy with the office, tel, post wages, insurance, stationary, fca fees etc which why bennets have probably put your rate up.
The title of the thread is “Insurance Renewal bonkers” so yes I am complaining, because they are all keen to buy your business, and then at renewal crank it up. 54% is quite the increase. If everything went up 54% you’d need to earn near double that increase so that after tax you could cover it and I doubt most people’s moneys have doubled. and your complaining about a £165 premium !!!! i bet the insurer will see under £100 for the riskm the rest will be IPT, broker commission and fee.
My broker has told me for their business it costs them on average £103 per policy with the office, tel, post wages, insurance, stationary, fca fees etc which why bennets have probably put your rate up.
In any event, they aren’t competitive in the market with their main competitors so they will lose out. I have to play this game every year and have numerous policies, the keenest inadvertently ends up with the lions share of the business at near £1500 worth, for which they haven’t yet had to pay out, so they have done well out of me thus far over the years.
If you don’t play this insurance ballet every year, you’ll end up paying way over the odds on what you could be paying. It’s a bit of effort to phone around/collect online quotes but the savings are there if you put in the effort imho. With a few policies in place, if I don’t keep a tight control on the cost it could very quickly run away.
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