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SamD

Insurance Companies changing?

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For the second year now, I have renewed car insurance with the same company.  Annual increase over last year less than a fiver and comparisons on line only gave one company slightly less and I had never heard of them.  Got quotes from the others such as Aviva, Direct Line and, as a first for me, tried NFU who wanted over £400 more than current provider with a much larger excess!

 

Are we starting to see a change in terms of customer retention?

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Posted (edited)

Are you asking "what price customer loyalty" Sam?

If so, I think you'll find that most of the financial services sector - whether internet providers, banks, insurers etc have long since moved away from such niceties.  Market forces are more prominent now than ever and in the motor insurance world bad claims experiences by the insurer can have massive repercussions and sometimes insurers can't afford to re-quote just to retain existing customers.  The same applies to caravans.

It would be nice to think we could be rewarded for loyalty but I'm afraid it's becoming a thing of the past.  

 

Edited by CJ1149
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1 hour ago, SamD said:

For the second year now, I have renewed car insurance with the same company.  Annual increase over last year less than a fiver and comparisons on line only gave one company slightly less and I had never heard of them.  Got quotes from the others such as Aviva, Direct Line and, as a first for me, tried NFU who wanted over £400 more than current provider with a much larger excess!

 

Are we starting to see a change in terms of customer retention?

 

So which Insurer are you with?

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If your insurer is asking more and you think they are then no longer competitive, it is worth phoning them and asking why, especially if more than the inflation increase. We recently did this with Direct Line who wanted to put our house insurance up about 12%. When asked they said they were trying to build up a cash pot for claims. Anyway they then let us have it for less than we paid last year so we would not bother getting other quotes.

 

If going for other quotes on one of the money programmes it said the lowest ones for a car are gained about 21 days before it is due.

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1 hour ago, CJ1149 said:

Are you asking "what price customer loyalty" Sam?

If so, I think you'll find that most of the financial services sector - whether internet providers, banks, insurers etc have long since moved away from such niceties.  Market forces are more prominent now than ever and in the motor insurance world bad claims experiences by the insurer can have massive repercussions and sometimes insurers can't afford to re-quote just to retain existing customers.  The same applies to caravans.

It would be nice to think we could be rewarded for loyalty but I'm afraid it's becoming a thing of the past.  

 

 

Exactly my point - they do seem to be rewarding me for loyalty.  3rd year now (2 renewals)  with only a few pounds increase last year and only around a 1.5% increase this year

 

56 minutes ago, hp100425ev said:

 

So which Insurer are you with?

 

LV

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I've taken some ribbing for staying with the same car & 'van ins. for 3 years now. Nice to know some-one else has had the same experience re low/nil increases.  I found my daughter's car ins. (Mitsubishi pick-up) was £150+  dearer on the comparison sites!

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If your car is not in the "first flush of youth" it MAY be that the decreasing value of your car is having an impact on your premium. Only a guess!!!

 

Andy

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Ive had the same experience recently with Aviva for the cars, Admiral for the house, CCC for the caravan. All renewed without shopping around as I’m very happy with the cover provided and the price increase on each policy over last year was nominal.

 

i have thought it is unusual, first time ever in my experience, except the caravan, which has always been about the same price.  

 

Only exception is my bike insurance which has gone up about 30%. No idea why, and I’ve stuck with Carole Nash, as they’re still competitive, as prices seem to have skyrocketed for my cover with all the companies I tried. 

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2 minutes ago, Mr Plodd said:

If your car is not in the "first flush of youth" it MAY be that the decreasing value of your car is having an impact on your premium. Only a guess!!!

 

Andy

This might also apply to the driver getting to another age band and maybe also getting extra years of no claims discount.

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3 hours ago, SamD said:

For the second year now, I have renewed car insurance with the same company.  Annual increase over last year less than a fiver and comparisons on line only gave one company slightly less and I had never heard of them.  Got quotes from the others such as Aviva, Direct Line and, as a first for me, tried NFU who wanted over £400 more than current provider with a much larger excess!

 

Are we starting to see a change in terms of customer retention?

 

Last year's accidents in the snow to pay for all the claims ?

 

 

 

Dave

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2 hours ago, Mr Plodd said:

If your car is not in the "first flush of youth" it MAY be that the decreasing value of your car is having an impact on your premium. Only a guess!!!

 

Andy

 

2 hours ago, Paul1957 said:

This might also apply to the driver getting to another age band and maybe also getting extra years of no claims discount.

 

I can understand that but then everyone's car insurance would have the underlying premium reducing!

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3 hours ago, SamD said:

 

 they do seem to be rewarding me for loyalty. 

 

 

The Caravan   Club certainly didn't reward me!    I've had my house insurance with them for several years and although I've lived in the house since 1970, I've never made a claim.   This year's emailed premium renewal showed a 50% increase over last year.   I emailed a reply to them that I wouldn't be renewing.   Within 15 minutes the phone rang.   

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My 2 car policy with Aviva has increased by £4 this year. No complaints from me. 

John. 

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On 15/03/2019 at 15:50, Mr Plodd said:

If your car is not in the "first flush of youth" it MAY be that the decreasing value of your car is having an impact on your premium. Only a guess!!!

 

Andy

On previous 'old' cars I've owned the ins. has gone up when the value of the car dropped blow, e.g., £1500. Easy answer: increase the insured value! (actually suggested by ins.co.). The theory they worked to was that drivers of 'old' cars care less; the fact that the cars would have a lower 'rite-off' value was ignored. 'It's all down to statistics' they claimed.

Heaven preserve us from selective statistics.

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I've noticed recent TV ads for an insurance company which claims that it will keep it's premiums the same whether you are a new customer or a renewing customer. (Can't remember which company.)

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Been with LV for at least five years now! Each year it is the same as previous year, or shows a 1% rise! Cannot argue with that! Have checked other insurance sites and LV prices are the best for for me!

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Insurance up for renewal on our Golf with Hastings direct & came in at nearly  £100 cheaper than last year, so not going to bother looking elsewhere. 

Also our daughter is buying a KA+ and got some insurance quotes, but if she adds me to her policy as a named driver it brings her premium down by nigh on £400. 

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20 minutes ago, Woodie106 said:

Insurance up for renewal on our Golf with Hastings direct & came in at nearly  £100 cheaper than last year, so not going to bother looking elsewhere. 

Also our daughter is buying a KA+ and got some insurance quotes, but if she adds me to her policy as a named driver it brings her premium down by nigh on £400. 

Just insured our Zoe ‘s 2013 Cooper S, and they wanted an extra £145 to insure me on the policy! As mine is any driver, I declined, as I only put it over the road at the end of our cul-de-sac, and I have drive any car on my policy, albeit 3rd party only!

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