Car Insurance

[JohnD]

just received an email from my insurers saying they will soon stop ripping me off.

What a shame government regulation was necessary to force them to behave honestly.



"An important update on new regulation


Hi John, I'd like to tell you about a new regulation from the Financial Conduct Authority (FCA). For all motor or home insurance renewal quotes generated on or after 1 January 2022, we'll make sure the price you pay is the same or cheaper than if you were a new customer with us for a like-for-like policy."

 

[Harry Bloomfield]

Got one similar last week from property insurer.

 

[pcaouolte]

just received an email from my insurers saying they will soon stop ripping me off.

It seems more likely that insurer will soon start "ripping off" new customers to the same extent as existing customers. They are not likely to reduce the prices for existing customers without increasing prices for new customers.

 

[Harry Bloomfield]

Too late now, but the best advice would have been to find a good insurance deal, then stick with them...

I already have mine.

 

[Andydevon]

Good God would that not be from a Tory Government would it?

 

[Mottie]

I got the same.
Hi Steven, I'd like to tell you about a new regulation from the Financial Conduct Authority (FCA). For all motor or home insurance renewal quotes generated on or after 1 January 2022, we'll make sure the price you pay is the same or cheaper than if you were a new customer with us for a like-for-like policy.

Although......it's not as straightforward as it seems. I'm sure I read on moneysavingexpert that like for like policy price must be from the same source. If you bought direct, or from money supermarket or compare the meerkat or anywhere else, they only have to match the price you would have got from that source so it may still pay to shop around.

 

[cdbe]

I just got the same:

Hi Chris, I'm sorry to tell you that as someone who always shops around to renew their car insurance and takes advantage of new business discounts which are subsidised by other customers who can't be arsed, your insurance is going to cost you more in future!

Damm!

 

[norseman]

I've been insuring various vehicles in my ownership for 57 years. Put simply it's the biggest legal rip-off of all time.
Insurance companies hate comparison sites whilst failing to comprehend that if it hadn't been for their greed such sites probably wouldn't have got off the ground.

 

[Astra99]

My car insurance renews on 1 January 2022. I went on the comparison sites, and subsequently received an e-mail from the company that has my home insurance business, offering a £40 discount for a second policy. It ended up with a saving on my renewal of over £30, so I accepted it. When I told my current insurers I would not be renewing, they offered a discount of around £10 to stay! Still a saving of £20+, so I declined their offer! Let's see what happens next year! What makes me cross is that they can offer discounts to keep the business, but only if you threaten to go elsewhere!

 

[Harry Bloomfield]

Still a saving of £20+, so I declined their offer! Let's see what happens next year! What makes me cross is that they can offer discounts to keep the business, but only if you threaten to go elsewhere!

I do that almost every year and every year they come back at me with a discount. It is almost a ritual now, with them sending my renewal and me ringing and asking them to try harder.

 

[joe384]

Doesn't Admiral group own a load of the insurance companies anyway? And confused.com? Total scam.

The insurance company I had last year (from comparethemarket) was actually a broker themselves who got there policies from other companies. These "insurance" companies are just agents for the underwriters. The Legal department also a seperate company etc etc. Hire car company charging insane prices for the cars. So many fingers in the pie it's no wonder it costs so much.