Overcharging existing customers

nails1

Do motor insurance companies charge existing customers more? After getting my yearly quote for renewal I entered my details (exact same) on their site as a new customer and it was 90 euro less.

Nuw

No, but they give discount to new businesses... which, in effect, is the same. Shopping around every year is best practice with insurances, once you get the cheapest quote, go back to your current insurer with it, see if they match it, they usually would, and if not, you already have your quote from the other one so it's just a matter of switching over.

grogi

nails1 wrote: »

Do motor insurance companies charge existing customers more? After getting my yearly quote for renewal I entered my details (exact same) on their site as a new customer and it was 90 euro less.

Because the customer is generally lazy and less keen on swapping. I'm disgusted with this behaviour - but that is reality. Not only in insurance business - broadband and mobile telephony suppliers are coming to my mind right now...

nails1

Nuw wrote: »

No, but they give discount to new businesses... which, in effect, is the same. Shopping around every year is best practice with insurances, once you get the cheapest quote, go back to your current insurer with it, see if they match it, they usually would, and if not, you already have your quote from the other one so it's just a matter of switching over.

So cancel existing policy and then take out new policy with same insurer?

grogi

nails1 wrote: »

So cancel existing policy and then take out new policy with same insurer?

Don't cancel, just don't renew. And start a new one.

Nuw

nails1 wrote: »

So cancel existing policy and then take out new policy with same insurer?

You don't need to cancel anything, the policy simply lapse should you choose to switch to another insurer. The way I do it is (note: I pay in full, usually a bit cheaper, but mainly for the convenience of not having to cancel any form of finance arrangement, so less hassle):

1. receive renewal quote.
2. get quotes from everybody else.
3. if I had a cheaper one, ring current insurer to ask if they would match the cheaper quote.
4 -if yes, happy days, pay and be done with it for another year.
   - if not, say thanks, call the other insurer and purchase new policy from them, pay and be done with it.

nails1

Nuw wrote: »

You don't need to cancel anything, the policy simply lapse should you choose to switch to another insurer. The way I do it is (note: I pay in full, usually a bit cheaper, but mainly for the convenience of not having to cancel any form of finance arrangement, so less hassle):

1. receive renewal quote.
2. get quotes from everybody else.
3. if I had a cheaper one, ring current insurer to ask if they would match the cheaper quote.
4 -if yes, happy days, pay and be done with it for another year.
   - if not, say thanks, call the other insurer and purchase new policy from them, pay and be done with it.

The current insurer I’m with is cheaper than everyone else. However the renewal quote is still 90 euro dearer than when I put in my details as new customer

grogi

nails1 wrote: »

The current insurer I’m with is cheaper than everyone else. However the renewal quote is still 90 euro dearer than when I put in my details as new customer

Then put your details and click 'Buy Now'.

Nuw

In that case, call them and mention that they themselves gave you a cheaper quote for the same cover (mentioning the quote number) and ask if they'd match it. If they don't, then purchase the new cover and don't renew the existing one, same as you would if you were changing insurance.

nails1

grogi wrote: »

Don't cancel, just don't renew. And start a new one.

I’d have to go with them as new customer? Send all details of ncb, driving license etc to them again

Del2005

Nuw wrote: »

1. receive renewal quote.
2. get quotes from everybody else.
3. if I had a cheaper one, ring current insurer to ask if they would match the cheaper quote.
4 -if yes, happy days, pay and be done with it for another year.
   - if not, say thanks, call the other insurer and purchase new policy from them, pay and be done with it.

I do all that bar step 3. If they won't give me the best price for my renewal they can feck right off if they think I'm going to spend several hours of my life getting a better quote for them to say oh yeah we can match/beat that, then why didn't you give me the better quote the 1st time:mad:

Nuw

Del2005 wrote: »

I do all that bar step 3.  If they won't give me the best price for my renewal they can feck right off if they think I'm going to spend several hours of my life getting a better quote for them to say oh yeah we can match/beat that, then why didn't you give me the better quote the 1st time:mad:

I hear you, it just avoids the back and forth with documentation and history and blah... and in fairness, every single one of the providers I had over the years (including brokers) have done the same, every year... So even though I agree with you in principle, I've never ever found an insurance company doing that unless they had to match another quote or were buying market shares.

Nuw

nails1 wrote: »

I’d have to go with them as new customer? Send all details of ncb, driving license etc to them again

Yes

Eggs For Dinner

nails1 wrote: »

I’d have to go with them as new customer? Send all details of ncb, driving license etc to them again

I'll do that for you for €80

cplwhisper

Most customers who do ‘new quotes online’ actually give different jobs, use for car, mileage and then it may as have ‘you any other vehicles or home insured with us at same address’
Customer says yes and get discount but don’t realise they car use same car as cross discount

Online rates can be cheaper also but customer must print of their own certificate and policy documents and that’s at their own cost

grogi

cplwhisper wrote: »

Most customers who do ‘new quotes online’ actually give different jobs, use for car, mileage and then it may as have ‘you any other vehicles or home insured with us at same address’
Customer says yes and get discount but don’t realise they car use same car as cross discount

Sure - it might happen. But it wasn't the case for me...

cplwhisper wrote: »

Online rates can be cheaper also but customer must print of their own certificate and policy documents and that’s at their own cost

You're right - that is a substantial cost.

cplwhisper

grogi wrote: »

Sure - it might happen. But it wasn't the case for me...



You're right - that is a substantial cost.

I never said ‘substantial cost ‘but it still a cost that people don’t see directly,



Cases were the ‘online promo rate’ is the only difference in data entered online then 90% of insurers will give lee-way in rates as risk same.

Hope u get sorted

tcawley29

OP if you call your insurer you may be able to haggle it down even more.

In my experience I at east got them to match the new business quotes for me without failure.

toyotafan

Ye could down the premium by ring them. I got the same issue last year from my insurance renewal letter, contacted my insurer and got good price which was the same as online quote. Please update us yours.