New Vs renewal quotes

[TechnoGSA]

Correct me if I'm wrong, but I was under the impression insurance companies could no longer offer cheaper quotes to new customers?

Got my renewal from Bennett's on Fri and went on 2 well known comparison sites, put in the exact same details as Bennett's have and got 2 quotes back almost £200 cheaper from Bennett's, than their renewal offer?

Both were still more expensive by almost £200 than who I'm now going with now!

 

[TechnoGSA]

Further to my above. I did contact Bennett's via their system using the option I'm thinking of not renewing, just to see what they'd do.

It's a basic re-quote system so nothing has changed bike or details wise, although you put your existing policy No and they give you a drop down menu of reasons of why you're thinking of not renewing. One of those is "a more competitive quote" which I ticked.

This morning I got response.......... They've increased the renewal quote! Go figure that one?

 

[wessie]

loopholes
channel difference (which shop you get the insurance quote from)
FCA not being fit for its purpose as George Osborne when he created it in 2012 and subsequent governments have not given it big enough teeth

Car insurance firms use loopholes to keep costs high for loyal customers

It is banned from charging more for renewals than new deals, but the industry still has some tricks up its sleeve

www.theguardian.com

 

[TechnoGSA]

loopholes
channel difference (which shop you get the insurance quote from)
FCA not being fit for its purpose as George Osborne when he created it in 2012 and subsequent governments have not given it big enough teeth

Car insurance firms use loopholes to keep costs high for loyal customers

It is banned from charging more for renewals than new deals, but the industry still has some tricks up its sleeve

www.theguardian.com

I'd like to say I'm surprised but I'm not. Anything to do with making money (and insurance makes huge profits) by financial organisations in this country is bent, self regulating to a large extent and/or any regulating body is run by those who worked in and are very sympathetic.

 

[casbar]

Yet my Bikesure quote was less than last year and was better than the Meerkat site once, add ons and excess had been assessed.

So renewed with them again.

 

[TechnoGSA]

Yet my Bikesure quote was less than last year and was better than the Meerkat site once, add ons and excess had been assessed.

So renewed with them again.

As mine was with Bennetts until this year!

 

[casbar]

As mine was with Bennetts until this year!

Bikesure have been competitive for me, for the last 3 years. I only renewed last week, so good for another year

 

[TechnoGSA]

Bikesure have been competitive for me, for the last 3 years. I only renewed last week, so good for another year

As mine were with Bennett's for last 3 now this which would have been 4th almost double. Taking the piss out of loyalty.

 

[Wapping]

As mine were with Bennett's for last 3 now this which would have been 4th almost double. Taking the piss out of loyalty.

Motor insurance has been commoditised. This was in part demanded by consumers and in part by online selling. Loyalty has not been a feature for years.

That said, there are some insurers who offer a fixed price three year term. That though depends on:

A. The buyer is happy with the premium in the first place.

B. The terms for any alteration or cancellation by the insured are understood. Given that some owners change their “It’s a keeper, mate” more often than their underpants and nearly as often as their wives, that may well be of some interest.

What to do? As is proved time and time again on this forum, the ONLY way to be even vaguely happy is to shop around each year for yourself.

 

[TechnoGSA]

Motor insurance has been commoditised. This was in part demanded by consumers and in part by online selling. Loyalty has not been a feature for years.

That said, there are some insurers who offer a fixed price three year term. That though depends on:

A. The buyer is happy with the premium in the first place.

B. The terms for any alteration or cancellation by the insured are understood. Given that some owners change their “It’s a keeper, mate” more often than their underpants and nearly as often as their wives, that may well be of some interest.

What to do? As is proved time and time again on this forum, the ONLY way to be even vaguely happy is to shop around each year for yourself.

Yes. But there does seem to be a 3 yr ish small hikes then they rack up the price. Well in my case and others who've told me the same. So it would seem they suck you in and then hit you, hoping you can't be bothered to go through all the online crap, who knows.

 

[Hann]

For a bit of balance, i`ve just had my renewal for one of my bikes (Honda CX650) and the premium this year is LESS than i paid last year - £54.27 as opposed to £58.70 last year.
So if you want cheap insurance, ride a shyte bike!

 

[Hartley]

Just renewed with Bikesure, 2% less than last year. 1250 GSA, XJR1300, 411 Himalayan . Fully comp , protected No claims, £492