I received my insurance renewal notice this morning. I have been with my present company for at least 8 years (without a claim) and normally just accept the renewal quotation without query but this time I decided to spend a bit of time on a comparison website (the quote from my current firm was an increase of £30 on last year's premium).
I got at least 20 quotes that were better than the one that I had received, most of them better than last year's figure, and rang my present insurer to ask them if they would be prepared to adjust their quote to compete. With a minimum of questions regarding the quotes that I had obtained they came back and matched the best of what I told them.
As it happens I genuinely spent some time in obtaining alternative figures but I wonder whether this is necessary. Are the insurance companies relying on our inertia to increase their premiums and would we all get a better quote if we just queried the renewal figure that they come up with?
I am now about to renew by paying less than I did 3 years ago with the same company. An awful lot of us must be paying a lot more than we need to (I have never queried my premium before over the past 20 years).
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My wife did the same - IIRC Swinton renewal came back at £270, about £50 more than she paid last year - when they were cheapest.
e-sure quote £179. Call to Swinton and e-sure quote was matched.
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Last time I renewed I got bored getting lower prices and just gave up when it felt cheap enough.
The initial renewal quote was high, so I got a quote from company B and presented it to A, who undercut it, I went back to B, who undercut it again, I went back to A, who undercut it and I finally accepted, I told B about it and they offered to undercut it, but I called ennui. At this point I was at about 50% of the original quote with better cover.
If I'd had a week to dedicate to dutch auction ping pong they'd be paying me.
Edited by Dipstick on 17/01/2008 at 08:49
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I have tried many different ways of arranging insurance over the years. Online, on the phone etc. Ultimately though, I find the best deal v least hassle route is to use my local high street broker. They are great, they ring me about a month before renewal is due to ask if they can still have my business and then obtain quotes on my behalf. They normally present me with three options and take the time to talk through the relative merits of the policies and the effect of different excess agreements etc. On the one occasion I needed their further help after being rear ended they just dealt with it and had me mobile again in a temporary car within two hours. When my car was fixed they arranged collection of the loan car and had mine delivered back to me.
Good old fashioned service at sensible prices.
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Did you pay with white fivers, Mr. Benn.
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Last time I renewed I got bored getting lower prices and just gave up when it felt cheap enough. >> If I'd had a week to dedicate to dutch auction ping pong they'd be paying me.
That's what brokers used to be for. They did all the work and then gave you the result.
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