The Car Insurance rip-off runs deeper than even I thought it did!
| Related: | Personal Finance•Insurance•Car Insurance |
My car insurance is due for renewal 20th February. It cost £317 with RAC last year. My renewal arrived this morning and RAC now want £393 (not unexpected but terrifying nonetheless). Rang RAC to see if anything could be 'tweaked' but they were not budging by even a penny. So, comparison sites etc all day long. Best quote (same on all comparison sites) £337 with Swiftcover. I noticed the comparison sites all say that "You will not get a better quote even if you go direct to the insurer". Now I never believe what I read so I went to Swiftcovers site and got my quote direct from them ..... £282. A bit more internet rummaging secured me £28 cashback from Quidco making my next years insurance £254. With insurance premiums up 30-40% please ensure you don't just let your policy automatically renew and don't trust the comparison sites either, a bit of time and enforced patience just saved me £139 and will surely do the same for you.
Responses (7)
Well done Wendiew your persistance has certainly paid off.
That was quite a hike and I'm surprised at the RAC for not trying harder.
Yes it pays to shop around and not be suckered into the first quote offered so again well done,it will all add hopefully to your little getaway in May.
Have you tried Tesco value car insurance or Tesco standard? It is very competitive.
Thanks for the suggestion creativesaver, I did get a quote from tesco but it wasn't cheap unfortunately, but well worth checking. Thanks
I totally agree, wendiew, I managed to do the same with mine by using the comparison sites as an initial check, then ringing a load of insurers direct. Well worth the time and effort!
Did you try Admiral?
Well done anyway nice to see you get a bit of good luck!!!
I agree with you Wendiew they automatically shoot up the price when it comes to renewal.
I've just done my car insurance a couple of weeks ago, last year I paid just over £400 with NatWest and was quoted £690 for renewal!!!!
After hunting around I ended up with a better policy for only £360 from Admiral, saving me £330!
Funnily enough when I was asked why I was cancelling with NatWest I told them it was because I didn't want to be ripped off!
I just paid my insurance the full years amount in November and my car has been off the road now since Christmas eve and doesnt look like its going back on.
Cancelling the policy means i lose my no claims bonus and they charge a hefty fee for cancelling so i would probably get very little back.
Insurance companies take your cash but when its time to pay out its another story - ripoff Britain!
Good on You!! You tell them! All these companies think that we, the customers, are either stupid or too apathetic to be of any threat to them. Well, if enough people leave and tell them exactly why, perhaps they will get the message and stop treating us this way. Not only have you made an excellent saving you've also got the satisfaction of not being ripped-off by Nat West. Great result!
Definitely Wendiew I think they bank on people just renewing automatically so they can up the prices and make a profit!
I didn't realise you lose your no claims if you have to cancel your policy Omendata that is really shoddy, after all you're not making a claim!!!
I didn't know that you lose your no claims either, Pete. Thanks, Omen, for warning us about that! Does it also apply if you've got 'protected no claims'?
When renewing my insurance I had to give proof of no claims discount to the new insurer. They would accept my renewal notice from existing insurer OR from a previous insurer as long as the No Claims discount was not more than 24 months old. I believe you can actually keep your discount entitlement for quite some time (in this case 24 months) depending on the insurance company you're dealing with. Several years ago I didn't have a car for a while, and hence no insurance, I kept my no claims by keeping hold of the paperwork. Omendata, you may find all is not lost, unless your insurer is an awkward b****r.
My insurer is Admiral they are usually the cheapest but as they say you pay cheap you pay twice!
Its true!
I've been with MoreTh>n for several years and I stay with them because they give you protected no clsims bonus for life, and their breakdown service is excellent. They also give you a freephone number which gets you through directly to your 'personal advisor' who is a real human being who speaks perfect English!
When I get my renewal notice. I routinely do a price comparison and invariably find they are offering a lower premium to new customers. I simply phone the company and ask them to match this price and they do so immediately.
I think all insurance companies rely on people's inertia to boost their profits. It always pays to challenge your renewal quote and threaten to go elsewhere.
I was with MoreTh>n for several years right up until a few months ago when I found a cheaper deal with Sheilas' Wheels.
You're right about their customer service, Feline, it is excellent and I loved having the 'personal adviser', another great MoreTh>n idea!
To be fair, when I found the cheaper quote MoreTh>n offered to pay for my MOT which would have made up for it, but I needed to spend less on the run up to Christmas, so went with the cheaper quote, rather than get the free MOT 6 months later.
I told them I would come back for a quote from them again next time, and I definitely will!
Thanks good tip I am now looking for house insurance lol
Hi Wendiew
Congrats on the saving, always make you feel good when you manage to save a bit of money!
We have used a local broker for a number of years, we always get a quote from them, phone them up and ask if there is anything they can do on the price - which they do because we are such "good" customers (we have 2 policies with them), but I always do a bit of trawl too - even companies that say they can beat the price, don't come up with a cheaper quote. So we stick with them and have been happy so far.
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