Insurance renewal changes!

[Stu]

As of the 12st Jan 2022 there is some changes to existing customers renewals and new customers quotes in that they are now supposed to treat them the same! 

 

Thie means they will both get the same quote! Does it mean the end to higher renewals or cheaper new customer quotes? I bet they will increase new quotes to compensate for this

 

https://www.moneysavingexpert.com/latesttip/?fbclid=IwAR2-7QrATjG6XQeygGOs2gc7CqPUu1ahChM62A2rhsHInW0dt38BIRaBwWI#hiya

[S-Westerly]

Well I certainly wouldn't expect it to mean a sudden change in the approach of insurance companies. 

[Silentbob83]

I’ve just had my renewal through at £100 cheaper than last year. 

[Stu]

15 minutes ago, Silentbob83 said:

I’ve just had my renewal through at £100 cheaper than last year. 

 

And what would it have been as a new customer?

[daveinlim]

They will do the same as when they made it so they can't differentiate between men and women. When that came in the insurance companies just increased themal all. Same will happen here. 

[Fish]

Never knew there was a 12st 

[fastbob]

I've been forced to pay less again this year . It this carries on they will be paying me . 

[Stu]

3 minutes ago, Fish said:

Never knew there was a 12st 

 

Eh

 

Don't know what you're on about! 

 

 

 

 

 

 

  

[Mississippi Bullfrog]

1 hour ago, Fish said:

Never knew there was a 12st 

Comes between the 11rd and the 13nd.

[Bender]

6 minutes ago, Mississippi Bullfrog said:

Comes between the 11rd and the 13nd.

Diane Abbott will be signing up soon..... 

[fastbob]

4 minutes ago, Bender said:

Diane Abbott will be signing up soon..... 

If someone takes the lid off the pen for her . 

[SometimesSansEngine]

I had my car insurance renewal through from quotemehappy.com last month and it was already exactly the same as a new customer quote. Dead easy to decline the renewal offer too, go online, click a button, done. None of the usual "are you sure? Are you really sure? Are you super sure?" shenanigans you get on the phone.

 

Would have happily stayed with them but I got insurance for £130 elsewhere for my old car, their quote was £190.

 

Generally speaking I think prices will go up a little though, as ever the people that are diligent and switch end up having to bear a bit of the cost of those that don't.

 

==

 

First whinge:

 

I never understood the gender thing, personally. Insurance premiums are based on risk and how much the underwriter fancies having you on board. If women happen to be less likely to wrap themselves around a tree so get cheaper premiums, I can't see how that's any different to getting a different price because of your age, where you live, being a home owner, parking it on a private drive versus the main road etc etc.

 

==

 

Second whinge:

 

Worst experience I had was dog insurance earlier this year. Renewal came through, it was more than as a new customer. More than the previous year but the lad is getting older, despite no claims and no pre-existing conditions.

 

Did the usual ringing up, come on let's not play this dance, just give me that price. I have this company over here a couple pound a month cheaper but save me the aggro of switching.

 

"We can't match prices found online" came the reply.

 

".....right, but it's your price. On your website"

 

"I know, but our policy is we don't match any prices you find online, even our own advertised prices. But if that's the price that you want to pay we can look at our other cover levels to see if we can match it that way" (note he's on a top tier lifetime cover, so the only way is downwards)

 

I pointed out not just the ridiculousness of the policy, but that I could also take out insurance as a new customer with them two weeks early (to get around the 'no claims in the first 14 days' clause) and still be quids in.

 

A further communique from head office confirmed that the staff member I spoke to wasn't confused by the policy, it was their policy. They don't match their own prices.

 

Animal Friends, in case you ever get stuck with them.

[PaulCa]

My understanding is this is to stop the following:

"I'd like to switch insurers to you."
"Here's our brilliant offer offer....."
1 year passes.
"We sent you a renewal offer, for £100 more, we hope you think it's a good deal even though everyone else will offer your it £150 cheaper!"

The problem with this is the insurance companies lose revenue unfairly raising return customer premiums.  That will get passed onto the introductory offers too, which will go up in price.

[PaulCa]

5 hours ago, SometimesSansEngine said:

First whinge:

 

I never understood the gender thing, personally. Insurance premiums are based on risk and how much the underwriter fancies having you on board. If women happen to be less likely to wrap themselves around a tree so get cheaper premiums, I can't see how that's any different to getting a different price because of your age, where you live, being a home owner, parking it on a private drive versus the main road etc etc.

 

Stuff like this is my day job.

 

I keep trying to tell people to be careful with their information and who and what they give it to.  99% of the time people say, "Oh, I have nothing of interest."  I desparately try and point out that they have NO IDEA what they are interested or even WHO they are.  So how in hell can you know you have nothing that's of "interest" to "them"?

 

 

The amount of information you can glean from mass data storage and analysis is profound.  It's not just one database or one companies.  The data trade and market is massive trillion dollar monster.

 

They (for now talking about legitimate companies, not scammers) will have analysised insurance claims and driving behaviours across vast datasets.  They will profile you against that analysis and charge you according to that information and their current risk profiling systems.

If it turns out the computer says that in your general area men aged 58 who have had their current car less than 2 years are at high risk or a high value claim.  Then it doesn't matter how you feel if you fit that profile or not, they will charge you based on it.

 

Granted, you have to tell them the information, even if you don't know how it will effect your claim.  You can try and ask for a subject access request to the data they hold on you and it's purposes, but it will be void of any information you expect when it returns.  It will not include the industry shared databases or the proprietary risk profiling information.

 

For other online (or any form).  Don't tell them what they don't need to know.  Also be careful when more than one online entity shares information with another.  Particularly consider information you use to authenticate yourself to your bank, email, employer etc.  DoB, Phone numbers, Post code, Mother's maiden name.  Even or ESPECIALLY if it's a random internet survey on facebook asking.

 

Remember, data lives a LONG time.  What you did or said last week will not be forgotten and may be stored in a database somewhere and held against you for decades.  Also, data gets moved, lost, sold and end up in the wrong hands all the time.  Then you really don't know what they are going to do with it.

Edited October 15, 2021 by PaulCa

[PaulCa]

It can play in your favour, how granularly they are willing to look at your risk profile.

 

I drive a GT86.  A large portion of it's market are 20 something rich kids who, bling it, mod it, sup it up and then write it off.  In the UK and the states 20 somethings are finding their insurance premiums rise year on year.  However mine, being well outside that demographic and never having insured a modded car, get mine for £300.  A 20 yo would expect to pay about £2000 more.

[Silentbob83]

On 13/10/2021 at 19:20, Stu said:

 

And what would it have been as a new customer?

 Good question….haven’t checked yet.

[fullscreenaging]

Mine is up for renewal at the beginning of next month so have been getting quotes on compare the market as I usually find that is the cheapest of the comparison sites…..

until I stumbled across ASDA insurance. 
I’ve just taken out a new policy with Principal (I have been with these the past year) for £123 fully comp. 10,000 miles with commuting and pillion cover. Euro cover was thrown in. 
That’s about £50 cheaper than last year. 

Sorted!
 

[husoi]

went online to check the renewal due later this month.

Grove & Dean online comparison site £101. Renewal quote £126

One Call £86 

Both including breakdown cover extended to EU.

A further £40 on renewal of the Shadow because is already with One Call.

 

Hopefully, I won't need them  

[Pbassred]

On 14/10/2021 at 21:15, Fish said:

Never knew there was a 12st

Its before the 13rd. Muppet!

Mind you, Im writing this on the 3st of Febember so its all in pasture now.

 

Edited February 3, 2022 by Pbassred

[Gerontious]

Received my renewal quote and I just might stick with the same company. Quote has dropped from £118.10 to £108.36, which isn’t bad for a 3yr old bike worth circa £9000.

 

just looked at the quote from Carole Nash who I used for more than 10 years with my old beemers and they want £232.72!!

[rob m]

I'm still with CN, they did me a good deal last year after I called them with the cheapest quote I could find online. Also, they honoured my NCB after a break of 2.5 years which was really helpful., other companies wouldn't even consider it. Threw in UK/EU breakdown too. The excess on my current policy is really low too. MCE were a bugger for offering very cheap quotes with huge excesses.

 

 

 

 

[Gerontious]

3 minutes ago, rob m said:

I'm still with CN, they did me a good deal last year after I called them with the cheapest quote I could find online. Also, they honoured my NCB after a break of 2.5 years which was really helpful., other companies wouldn't even consider it. Threw in UK/EU breakdown too. The excess on my current policy is really low too. MCE were a bugger for offering very cheap quotes with huge excesses.

 

 

 

 

They definitely favour you if you own a BMW, especially if it’s a little older or not current.

[rob m]

1 minute ago, Gerontious said:

They definitely favour you if you own a BMW, especially if it’s a little older or not current.

 

Just as well