When are insurance companies going to learn about renewal prices?

[pompeyfaith]

Re: When are insurance companies going to learn about renewal prices?

the mad thing is: every sales related thing i have read emphasizes how important it is to retain customers, but they don't seem to work on this model?!

Yup they are there to make as much profit as possible and rely on those long term customers not realising there is always cheaper options about and I must admit I am guilty of this too as there is always something more important to do and thus gets put on the backburner.

However I did do well with motor insurance this year £134 cheaper with breakdown thrown in too. That was with Hastings Direct.

[Undercover Elsa]

Re: When are insurance companies going to learn about renewal prices?

My husband works in a high end business where customers can be ordinary Joe Bloggs to famous footballers, the cast of Emmerdale or the owner of a string of Chinese Restaurants. Every customer is treated the same, but ironically it's only the rich ones who question the price and push for better deals.
It has advantages too...with his skill of bartering my OH always gets us a ton knocked off cars etc

My point being....As a nation we need to be more prepared to ask "Is that your best price?"
It often isn't.

[pompeyfaith]

Re: When are insurance companies going to learn about renewal prices?

My husband works in a high end business where customers can be ordinary Joe Bloggs to famous footballers, the cast of Emmerdale or the owner of a string of Chinese Restaurants. Every customer is treated the same, but ironically it's only the rich ones who question the price and push for better deals.
It has advantages too...with his skill of bartering my OH always gets us a ton knocked off cars etc

My point being....As a nation we need to be more prepared to ask "Is that your best price?"
It often isn't.

Very true Elsa and on that point Black Friday is nearly upon us

[The Tech Clerk]

Re: When are insurance companies going to learn about renewal prices?

Last price was £165.98 renewal this year £175.00,

Comparison site :- £160 to £389,

Cash back £45.00 but price quoted was £205 - cash back £160 (£45) all the same company quoted so cashback for 2nd year quote was the difference to going direct with company web site???

[Undercover Elsa]

Re: When are insurance companies going to learn about renewal prices?

Very true Elsa and on that point Black Friday is nearly upon us

Sadly it doesn't work with Amazon..

[CleverClogs (RIP)]

Re: When are insurance companies going to learn about renewal prices?

Plus I get £350 overpayment back from Npower, although I'm having to chase the beggars for it, as usual.

Start adding compound interest.

[CleverClogs (RIP)]

Re: When are insurance companies going to learn about renewal prices?

Virgin has new (American) owners and their new policy is to look after the existing customers first, I spoke to them last week to pay my bill and they have given us a 50% reduction for the next three months, also I had to call them last night because the box in our bedroom wasn't working, anyway it's knackered and we have to wait till Friday for an engineer to deliver and fit a new one, and yep, we're getting a credit for not having their TV service in the bedroom for a few days.

Will the credit pay for everything used in the bedroom when you're unable to watch television?

[Sapphire]

Re: When are insurance companies going to learn about renewal prices?

Bloody hell Cloggy you're mind is so mucky.

[SXGuy]

Re: When are insurance companies going to learn about renewal prices?

Same thing happens with RAC and their renewals, infact this year is the first year their renewal offer for us has been exactly the same as everyone else, bar £1 like for like.

But previous to that, we would either cancel and sign up again under either mine or the wifes name, or just complain and get the new customer price.

We could have got it cheaper with our insurance company, Admiral, however they only base theirs on each car, not on the person, so if I was in someone elses car and it broke down, RAC would cover me, Admiral wouldn't.

But its the same for everyone out there, since the rise of price comparison websites, no one bothers to treat existing customers as well as new. Simply because, if you accept the renewal, they are happy, it means you didn't bother looking for a better price, if you don't, oh well, they just gained 10x more new customers whos prices will increase next year anyway. And it starts again.

Truth is, no one has to be loyal to any company either, why stay with someone when you can get the same service elsewhere cheaper.

[CleverClogs (RIP)]

Re: When are insurance companies going to learn about renewal prices?

Yes, it is a poor rendition of a couple playing 'Snap!' or playing with their band looms.

[yeomanp]

Re: When are insurance companies going to learn about renewal prices?

Sadly, having worked in insurance for 15 years, insurers take the position that a large number of people forget to check their renewal terms and automatically and passively renew... at the higher rate.

It is cost effective in comparison to those who leave or challenge the amount... nothing short of a rip off!!

Shop around, check small print and challenge the insurer... YP