Latest Insurance Quote - Thank you price comparison sites!

[ciao_chao]

So lots of people may be cynical of price comparison sites, but this time its worked out, I went with AXA in the end, so a reputable insurer. For an hour and half of work, I've saved just under £300 on cover versus my current broker's best rate. I'm astounded just how much difference there was, my current broker couldn't match my price (and neither could Adrian Flux...sorry). I expect that a lot of insurers are banking on the convenience of auto-renewal, but honestly this difference is totally worth the effort of searching around, I was probably on the comparison sites for around an hour in total, so it begs the question, how much is your time worth? Since loyalty seems to mean nothing these days, why not make the most of what technology has to offer?

Hopefully this is helpful.

[Herbie]

Comparison sites work by making a lot of assumptions. Just make sure that all the info is correct and if it is, great job

[ciao_chao]

@Herbie That is a very good point. What is worth mentioning is to those who want to try the comparison method, please look at your renewal paperwork as that typically has a very detailed breakdown of information to then supply to the comparison system. Furthermore I was asked to confirm the details on the underwriters own website and that’s when you really have to double or triple check it’s all been entered accurately (which is wasn’t in my case) and amend it manually to get an updated quote. 

[zoricib]

16 hours ago, ciao_chao said:

So lots of people may be cynical of price comparison sites, but this time its worked out, I went with AXA in the end, so a reputable insurer. For an hour and half of work, I've saved just under £300 on cover versus my current broker's best rate. I'm astounded just how much difference there was, my current broker couldn't match my price (and neither could Adrian Flux...sorry). I expect that a lot of insurers are banking on the convenience of auto-renewal, but honestly this difference is totally worth the effort of searching around, I was probably on the comparison sites for around an hour in total, so it begs the question, how much is your time worth? Since loyalty seems to mean nothing these days, why not make the most of what technology has to offer?

Hopefully this is helpful.

+1 on using comparison sites...Adrian Flux quoted me £1500 whilst what I got form confused.com was £540....

[Shahpor]

I did this last night as my insurance is due in 2 weeks.

In no particular order, I searched:

Confused.com

Comparethemarket

Gocompare

Moneysupermarket

In the end I went through Confused to a company called Dialdirect (never heard of them before) for a reasonable sum.

I always do a comparison every year as it doesn't take long and you don't get any sort of loyalty for sticking with the same insurer.

[bigglesfllesundone]

I use a broker in Bristol. Ashley Rodwell 0117 960 4101.

Co-incidentally, 10 minutes ago I had a text from my friend thanking me for the reccomendation, his wife's renewal was £720, AR could do it for £328. 

If you use a broker then hopefully they should be batting on your side as their customer, rather than if you deal with a comparison site or deal direct with eg Tesco.

I have no connection with the company other than having used them for 20 years.

[paulrnx]

I’ve always found it best to check the market every year at renewal time. I’ve saved thousands over the years for all of our cars by doing this. I tend to only ever go with a well known company when I make the choice though which precludes some of the crazy cheap deals you often see.

[paulrnx]

On 7/2/2021 at 9:53 AM, Shahpor said:

I did this last night as my insurance is due in 2 weeks.

In no particular order, I searched:

Confused.com

Comparethemarket

Gocompare

Moneysupermarket

In the end I went through Confused to a company called Dialdirect (never heard of them before) for a reasonable sum.

I always do a comparison every year as it doesn't take long and you don't get any sort of loyalty for sticking with the same insurer.

👍 The only loyalty you have is that you normally receive a higher renewal price than you can get if you shop around. No loyalty at all. Insurance is a business transaction. You pay for twelve months, enjoy the twelve months protection and then move on. That said, there have been some occasions when I have renewed because the renewal premiums remained competitive. I absolutely agree it is important to shop around every time.

[ciao_chao]

On 7/6/2021 at 8:47 AM, paulrnx said:

👍 The only loyalty you have is that you normally receive a higher renewal price than you can get if you shop around. No loyalty at all. Insurance is a business transaction. You pay for twelve months, enjoy the twelve months protection and then move on. That said, there have been some occasions when I have renewed because the renewal premiums remained competitive. I absolutely agree it is important to shop around every time.

It’s interesting that a lot of competitive market sectors do try and offer some level of loyalty incentive. I wonder if insurance having a captive audience (we legally must be insured) allows the industry to take a different approach?

[paulrnx]

11 hours ago, ciao_chao said:

It’s interesting that a lot of competitive market sectors do try and offer some level of loyalty incentive. I wonder if insurance having a captive audience (we legally must be insured) allows the industry to take a different approach?

There is legislation afoot to require insurance companies to charge the same for existing customer renewals as they do for new business, on a like for like insured basis of course. Traditionally insurance companies have offered lower premiums to new business. They have lots of data showing that a fairly high percentage of people just renew so I suspect they feel they don’t need to be quite so competitive for existing renewals.

[ciao_chao]

17 hours ago, paulrnx said:

There is legislation afoot to require insurance companies to charge the same for existing customer renewals as they do for new business, on a like for like insured basis of course. Traditionally insurance companies have offered lower premiums to new business. They have lots of data showing that a fairly high percentage of people just renew so I suspect they feel they don’t need to be quite so competitive for existing renewals.

Well that confirmed my hypothesis, though its probably just going to make the premiums go up for new customers, rather than down for renewals. It's quite the palaver to answer all the questions, and be on hold for so long just to go through that process. The cynic in me says that it's deliberately complicated to dissuade people from shopping around, so maybe if nothing else, that would become more straightforward?

[Malc]

guys, here we go again .....  renewal of my Saga insurance on the 3 year fixed price thingy I spoke about earlier in the year was it ? 

The Honda Legend comes in another staggering, whooopppeee, unbridled generosity of a reduction in my upcoming premium ( due 1st Agust ) of ...  wait for it, yes you guessed

a whole   1 yes .............. 1 penny

I have only just got it in the post so Monday I'll be spending a little more of my " precious " leisure ! time chatting with someone there who will, initially giggle in amazement and then take what Saga have said seriously and try to make some logic of it all to me ....................  unsuccessfully tho I'm sure

remembering their CEO's PA's challenging time on the phone to me apologising for only being able to offer a midstream reduction of £13.23 to chop 3500 miles from the agreed mileage ( of 7k ) due to covid

Let's see ............  wot a bugger it all is trying to make any sense of these insurers minds and rationality 😵

Malc

[paulrnx]

To be fair to insurers. What we paid last year is almost irrelevant because that was for cover back then and. It now. Just shop around that’s the main thing really.