Insurance Rip Off

[Hymie]

It’s that time of year for my annual rant against the insurance industry.

Last years’ fee for annual fully comprehensive cover on my car: £215.35

Notification of this coming years’ fee (for above – no change other than another year of no claims and the car a year older): £228.64

Annual fee for coming years’ insurance (as above) quote on-line from the same insurance company: £187.10

Why must insurance companies rip off their loyal customers – and only give the best deals to new customers – it’s time the government stopped this.

[bookbinder]

Insurance companies give good deals to new customers to entice them to sign up. As far as loyal customers are concerned, the companies know that they are reluctant to go through the hassle of changing their company.

[Toorak]

Give them a call and tell them that if they won’t match the lower quote you will take your custom elsewhere - I’m sure they will oblige

[BAKERS DOZEN]

Hopefully something is being done about it but not happenng just yet.

https://www.moneysavingexpert.com/news/2020/09/insurers-face-ban-on-hiking-prices-for-existing-customers-at-ren/

[Hymie]

I’ve already signed up for the on-line quote – no doubt they will soon be contacting me to ask why I have not renewed the policy (as notified).

[Old_Geezer]

They do it because they can. And have no scruples.

[teacake44]

A lot of the time they get ripped off, tit for tat I'm afraid, we pay for the ones that rip them off.

[bobbinwales]

A dont think the goverment should get involved in things like this- they have plenty of other pressing matters and theres no way to police it anyway. Are they overcharging you or undercharging new customers, probly a bit of both. We were probly ripped off for renewals even more in the days before comparisson sites and discounts for new customers when pepel usualy stayed with the same compny. Its an open market so we after shop around and use comparisson sites and take advantage of the best deals including discounts to new customers. You can even say your not renewing then go back to the same insurer as a new customer at a lower price

[brainiac]

Same thing happened to me with LV, been with them for 10 years. So I changed to Churchill, saving £80 for better cover.