Insurance renewal nonsense!

Draeger · 14 Mar 2016 at 12:26

My renewal landed on the doormat this morning, from Hastings. They want £163 for exactly the same policy as last year.

Now, I thought to myself 'Wut? It was under £100 last year, I'm pretty sure?'. So I checked and yes indeedy, it was £87 Fully Comp, protected NCB for a 2000 RSV Mille. So I jumped on Go Compare for a butchers at some other quotes, I'm fairly mercenary me, don't mind chopping and changing every year to get a better deal. Best quote was with Bennetts surprisingly, who were very expensive last year I recall - £88. But guess who was number two in the list? That's right - Hastings Direct at £89. I looked at the details and again, it was exactly the same policy.

Why do they do this? It's utterly bonkers? I can only assume they score off people who can't be bothered taking 10 mins of their time to change insurers? Needless to say, phoned them up and when quizzed about it the fella said 'Ah yes, but that would just be an introductory offer for new sign ups'. Hmmm. 'Ok, so you won't match it then?' - 'We can't, sir, sorry'.

I'll give you three guesses whether I renewed or not. :rolleyes:

Draeger · 14 Mar 2016 at 19:21

ShakenNstirred said:
so I rang them up and they dropped it back down to the £87

Hmmm. I doubt I must have got 'Mr Couldn't give a toss' on the phone this morning when I called to ask them to match it!

Draeger · 14 Mar 2016 at 19:34

koolpc said:
I remember the days when i had to ring up each insurance company and give each one the same info time and again! No internet then!

Likewise!! I also recall a long time ago when I was 19, insuring a BMW K100RS and it costing me £940!! :eek:

And I actually paid it!! - Double :eek:

Draeger · 14 Mar 2016 at 22:02

dsb said:
just had my renewal in, £400 more than last year rang to cancel, did'nt eve try keep me as a customer

See, this is what I can't get my head around. I can see the way you would think it would work, them operating like this - as in they just hope that out of every 10 customers they try and screw over, 6 are too lazy to do anything about it and stick with them, paying the extra premium. But then surely some of that business logic would get cancelled out by the fact that a certain percentage of people will indeed cancel/not renew with them because they feel they are being ripped off?

If they wanted to make a little extra profit, then maybe adding £10-£20 onto the premium for a renewal might be easier to swallow. But almost doubling the price? It's just nuts!! :eek: