Insurance shenanigans

Honest John Back Room » Motoring discussion
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Thu 18 May 2006 14:49
Insurance shenanigans - Thommo
We all know this happens and its called inertia marketing but just renewed the car insurance and it went as follows.

Last year the best quote was from a broker but the actual insurance was with a company we will call say SLAXA.

Renewal quote from broker with SLAXA for substantial increase.

Get best quote from another broker. Now I know I could have called broker one and they would have matched this price (particularly with regard to the following) but I refuse to do this as I regard inertia marketing as despicable and very poor customer service.

So take up offer with new broker and my insurance company is now... SLAXA.

Wonder if they'll ask for proof of no claims bonus?
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Thu 18 May 2006 15:01
Insurance shenanigans - SjB {P}
> Wonder if they'll ask for proof of no claims bonus?

I move house shortly; my mortgage providor still wanted five year's previous mortgage statements even though they were themselves the providor!

BTW - And as is often true with car insurance, the premium fell (by 38%) for the same conditions - I know because I trawled through the fine print - by terminating on house A and coming in as a new customer on the web for house B instead of continuing as an existing customer via telephone.
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Thu 18 May 2006 15:02
Insurance shenanigans - Falkirk Bairn
2nd Broker will want sight of Renewal notice from 1st broker before NCB is allowed.

The fact that it is the same Ins Co is not a problem.

My son was refused renewal by an Direct Ins Co as at the same time he bought a Sports Car and that Ins Co did not cover under 30's & Group 17 cars. He trawled the brokers and the cheapest quote came from his own Ins Co - Direct Insurance over the phone and Sales through Brokers have different rules & premiums.

I have known brokers to take the renewal premium from the Insurer and add a slice for themselves as well as the normal discount % that they recive on renewal = may account for your different quotes from same Ins Co
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Thu 18 May 2006 15:51
Insurance shenanigans - ukbeefy
Having worked in Insurance for a number of years an insurer will typically have a myriad of separate rating methodologies and commission/overrider schemes with a variety of introducers.

Typically larger connections eg large branded retailers or large affinity groups will extract the best terms and conditions. The company I worked for offered better terms to some affinity groups (eg large unions) than it did to its own staff. In some cases the insurer is doing less work with some brokers/introducers and may offer a low price purely for the risk carrying and the broker does all the other admin eg policy issue, customer enquiries etc. They may even have delegated authority to handle claims up to a certain limit.

So always shop around and if you can gain advantage of a large group scheme eg via your union or employer staff association or a membership group it can be an excellent way to gain good terms.
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