Rediculous insurance renewal quote!!

FionaS

Hi there,

I just need to vent so here goes..... I have been with my insurance company for 3 yrs now (boths as named driver and on my own policy) and have recently been issued with my renewal quote of almost double the price!!! I have been given some other quotes from different companies and they are all reasonable and are around what i am currently payin so why have my current insurance company hiked up the price!!!!?? Well they tell me its because of the dreaded "recession". You know what i say.......Bull****!!! Im sick of these companies getting away with this crap!!!

Anyway, i'd like your thoughts, if not it was good to vent atleast!! Phew!!

Anan1

It's called the free market economy, they're free to charge what they like and you're free to shop around. Don't take it so personally.;)

FionaS

Oh i will def be shopping around. Just waiting for my renewal date to come that bit closer and they wont see me for dust!!

Anan1

If it's any help to you, my ins co did the same last year (FBD), premium went from €600 to €1200. I ended up getting the same cover from Hibernian for €475. Ring everyone.

Pat Mustard

I've been with the same motor insurance co for a good long time. The funny thing is that they give me a high initial quote every year, even though I have no penalty points, convictions or claims against my policy. So every year, I get a few other insurance quotes and then I ring up my own insurance company.

Every year they drop the price by hundreds on their initial quote, meaning that they have given me the cheapest quote overall.

I can only assume that they do this on purpose, assuming that I am going to be too lazy to look for the best quote.

Get a few other quotes and then ring your insurance company back. Don't let them 'match' it. That's just rubbish. They should beat the quotes you got or you shouldn't go back to them.

FionaS

Yep, that makes me feel better. Glad to hear it worked out for the best for you! I'll be resorting to the phonebook myself too! :P

Wouldnt you think though that companies would want to bring the prices down on insurance since alot of ppl are now opting for public transport etc?

Anan1

FionaS wrote: »

Yep, that makes me feel better. Glad to hear it worked out for the best for you! I'll be resorting to the phonebook myself too! :P

Wouldnt you think though that companies would want to bring the prices down on insurance since alot of ppl are now opting for public transport etc?

They each have their own way of calculating risk. I think every insurance company is cheapest for someone, you just need to find the one where that someone is you.

FionaS

Thanks for the tip The Mustard! I had been planning on giving them a Schpeel alright when i was telling them i wont be renewing my quote so i'll add some other quotes i get for insult! See what result i get. The person i was speaking to in the call centre had the cheek to tell me i wont beat that quote anywhere else! I haven't checked yet but im almost certain i will not only beat it, but will do so my miles!!!

Pat Mustard

Anan1 wrote: »

They each have their own way of calculating risk. I think every insurance company is cheapest for someone, you just need to find the one where that someone is you.

Didn't know that. Interesting.

Pat Mustard

FionaS wrote: »

Thanks for the tip The Mustard! I had been planning on giving them a Schpeel alright when i was telling them i wont be renewing my quote so i'll add some other quotes i get for insult! See what result i get. The person i was speaking to in the call centre had the cheek to tell me i wont beat that quote anywhere else! I haven't checked yet but im almost certain i will not only beat it, but will do so my miles!!!

No worries. Best of luck.:D

Vertakill

As Mustard said, they're just trying to catch out lazy people when doing this.

On the renewal it'll say that if you don't ring up and tell them you don't want to renew your insurance with them, they'll go ahead and just start billing you for the new insurance quote (no matter how ridiculous it is) once it's due to kick in.

A lot of the time you could go online with some bogus info and check out what your quote would be and you'll probably find it's cheaper. You can then ring them up and mention this and they'll drop your quote.

You'd be surprised how many people just let the new renewal quote take effect because they're not bothered ringing around. Easy money for the insurance company.

busman

The Mustard wrote: »

I've been with the same motor insurance co for a good long time. The funny thing is that they give me a high initial quote every year, even though I have no penalty points, convictions or claims against my policy. So every year, I get a few other insurance quotes and then I ring up my own insurance company.

That just playing the game there way!
Last year when my renewal came it was up on last year and like you, I rang around and got a cheaper quotes and when with a new company!
A week later my old company called and asked if I had got my renewal, yes I said, but it was too much!
"Maybe we could do better, let me had a look etc ....."
Don't bother said I, you had your chance, you should have given me a better quote in the first place!
"Can I ask how much, with who etc ...."
NO!

That's the only way to play the game! Chancers the lot of them!

Anan1

busman wrote: »

That just playing the game there way!
Last year when my renewal came it was up on last year and like you, I rang around and got a cheaper quotes and when with a new company!
A week later my old company called and asked if I had got my renewal, yes I said, but it was too much!
"Maybe we could do better, let me had a look etc ....."
Don't bother said I, you had your chance, you should have given me a better quote in the first place!
"Can I ask how much, with who etc ...."
NO!

That's the only way to play the game! Chancers the lot of them!

That's called cutting your nose off to spite your face.

Seth Brundle

Anan1 wrote: »

They each have their own way of calculating risk. I think every insurance company is cheapest for someone, you just need to find the one where that someone is you.

I recall hearing that the Irish companys don't share risk data between them so one company may find that young men are the worst risk whilst another company may find that 35-40 year olds are the worst.
This is also reflected with the types of cars covered as some insurers won't insure younger drivers so then they are less likely to have claims caused by say a Glanza so as a 'mature' Galnza owner you might get a favourable quote.
This is why the Thatcham risk ratings used in the UK are a great idea!

Penn

Anan1 wrote: »

That's called cutting your nose off to spite your face.

Agreed. A week or 2 before my insurance is up I ring my insurance company, ask what my renewal will be, then ring around other companies to see if they can beat it. If they can, I call my insurance company and tell them I got a better quote. If they ask what it was, I tell them a price lower than what was actually quoted. If they match it or give me a better price, I stay with them. if they give me a higher price, but one still lower than what was actually quoted to me, I stay with them. If not, I go with the lowest quote.

Its all about playing them off against each other. They expect it. I nearly always end up paying around €400 less than originally quoted, and I'm still with the same company after all this time