Admiral Insurance - £1000 extra payout insurance

Siliconslave · 28 Mar 2012 at 18:03

Just had a call from Admiral trying to sell me a rather odd top up on my insurance. For £99 (£79 after the 'ask my manager' discount) on top of my £990 2 car policy they'll hand out an extra £1k with any claim, regardless of fault.

I'm really not sure what to think of this, on one hand I know that its just a risk offset - they know they'll get some more money from me in exchange for the risk that I may get it back if I make a claim.
I'm sure that they will then claw anything back in subsequent rises in insurance, or claim the extra from the 3rd party.

Anyone else been offered this? and no, i didn't take them up on it.

CaptainUnlikely · 28 Mar 2012 at 18:17

I didn't get offered it when I renewed yesterday, instead they were selling me "improved personal injury cover" increasing personal injury payouts for all named drivers plus me as the policy holder from £5k to £35k.

[TR]SweetSpotOz · 28 Mar 2012 at 18:24

Minstadave · 28 Mar 2012 at 18:29

Are they just trying to drive up insurance claim cost to mental levels?

Bry · 28 Mar 2012 at 18:40

they phoned me up after renewing and offered me it for £49.99 so seems a bit odd they offered u it for £99

Sin_Chase · 28 Mar 2012 at 18:54

£49 a year for a chance to bag £1,000 extra regardless of fault?

I'll take those odds.

Dave85 · 28 Mar 2012 at 22:42

maybe his was 99 as its a multicar policy. Does seem like it would have a lot of strings attached to it.

aproctor · 28 Mar 2012 at 23:27

I would hazard a guess that more than one car has to be involved.

[TW]Fox · 28 Mar 2012 at 23:36

I don't see why you'd do this as:

a) You wouldnt want to claim from your own insurance if its a non fault accident unless you wanted faff and hassle anyway - infact most of the time they just pass you on to an accident management company, therefore there is no claim on your policy therefore no £1000

b) Surely if you were to spend less money on going for a lower excess this would have a similar effect?

Haggisman · 29 Mar 2012 at 10:13

Hmm, about to renew my policy with Bell next week, wonder if they will offer the same. Considering my car is only worth ~£1200 this could be a good way of doubling it's value XD

Rich_L · 29 Mar 2012 at 10:16

Simples, get it for 10 years then on the 10th year, if you haven't crashed buy a 50 quid scrap car and trash it into a wall somewhere

At least then it'll have cost nothing

Siliconslave · 29 Mar 2012 at 11:21

Bry said:
they phoned me up after renewing and offered me it for £49.99 so seems a bit odd they offered u it for £99

its for two cars, but as I said they dropped it almost instantly when I said i wasn't interested.

DAvE18 said:
maybe his was 99 as its a multicar policy. Does seem like it would have a lot of strings attached to it.

I know, but they were suggesting it was just 'any claim' no extra paper work etc.

[TW]Fox;21575067 said:
I don't see why you'd do this as:

b) Surely if you were to spend less money on going for a lower excess this would have a similar effect?

yes, if the excess was very high, its £250 I think so not really massive

Regardless its a little odd, feels sort of like they are short changing you on a 'standard' policy or asking you very directly to gamble on crashing for the extra money :S

Joe T · 29 Mar 2012 at 12:35

We've been offered this recently (at £49.99), and not gone for it.

Personally my view is - if it's a good enough deal from Admiral's point of view that they feel it worth ringing customers to offer it to them, then it's likely to be a poor deal from a customer's point of view.

Duke · 29 Mar 2012 at 12:46

They offered me this on renewal yesterday for £20 so took it.

Haggisman · 29 Mar 2012 at 14:07

Wouldn't this affect premiums following an accident, as they usually ask you for the value of the claim, and this would instantly add £1k on to it?

Third Opinion · 29 Mar 2012 at 17:05

Haggisman said:
Wouldn't this affect premiums following an accident, as they usually ask you for the value of the claim, and this would instantly add £1k on to it?

Agreed you have to declare the claim and amount. Even with a protected no claims it is calculated that the risk of you having another claim within 3 years rises dramatically.

With the price of premiums these days I reckon they will get there £1000 back three fold in increases for the 5 years you will have to declare it.

Nothing is for nothing with insurance.

Happy · 29 Mar 2012 at 19:48

Duke said:
They offered me this on renewal yesterday for £20 so took it.

I took it on mine for £35, seemed worth it.

Rids · 29 Mar 2012 at 20:20

Congratulations on crashing, heres a grand?

Sounds incredibly strange.

Randomface74 · 29 Mar 2012 at 20:23

Why are you investing in your own failure?

PMKeates · 29 Mar 2012 at 23:53

billysielu said:
Why are you investing in your own failure?

Siliconslave said:
For £99 (£79 after the 'ask my manager' discount) on top of my £990 2 car policy they'll hand out an extra £1k with any claim, regardless of fault.