Insurance

[MSS]

Originally Posted by cb750chris

It seems insurance companies don't realize how much brand loyalty could help them.
My insurance renewal last year came in some £90 more than I could renew with the same company through one of the comparison sites. Rang up and got renewed at the better price - but they seemed surprised when I declined auto renewal.
Then this year, did they learn? No... Another company (LV) came in cheaper, so now with them - didn't even bother chasing up the existing company - they obviously didn't want my business.

Loyalty is a two-way concept and the insurance companies (same as telecomms - broadband, mobile etc.) are merely responding to what society wants. Since the 1980's. the population has been moving to a dynamic where each person wants to negotiate a better deal than everyone else. The result is differential pricing to cater for this behaviour.

Couple the above to the political system that establishes regulators whcih measure the maturity of a market in terms of customer churn, the industries have no option but to establish tariff structures which facilitate this.

This is all the result of the citizens believing that they must achieve better pricing than everyone else and the regulators feeding the dynamic in order to keep themselves in unproductive but highly rewarded jobs.

The industries will always adapt to the changing winds in order to survive and make a more or less pre-determined level of profit by giving people what they believe want.

[gadget1960]

Originally Posted by vacuman

Then again, less than £1 a day out of your pocket and them risking paying out many 10s of £000s if you bounce off a few cars down the motorway. 15k per year is above average mileage as well. I've not done 1,500 in my ZTT since last Christmas and I'm paying £123 with Pete Best.

Not convinced that even at £1 per day car insurance is good value for money, do you have any kind of refund per year if you don't have a crash .. no, every year the premium just goes up and up. There is no premium reduction for loyalty to any one company.
If someone else has a crash insured or not ... I have to pay for it somewhere down the line. My father owned two insurance companies to cover his drivers of the taxi company he ran and joe public.
He once told me it was the easiest money he had ever made.
I have been fortunate enough never to have had an accident or even been involved in one but every year my premium rises, and I have to do all the running around for the best quote because there is no such thing as loyalty premium reduction.

[MSS]

Originally Posted by gadget1960

..........do you have any kind of refund per year if you don't have a crash .. no, ...............

No claims discount.

[cb750chris]

Originally Posted by mss

Loyalty is a two-way concept and the insurance companies (same as telecomms - broadband, mobile etc.) are merely responding to what society wants.

I agree, loyalty is a two way concept. However given that last year the renewal quote was £90 more than they were offering a new customer, that isn't encouraging loyalty -rather suggesting they would rather overcharge the existing customer?

[MSS]

Originally Posted by cb750chris

I agree, loyalty is a two way concept. However given that last year the renewal quote was £90 more than they were offering a new customer, that isn't encouraging loyalty -rather suggesting they would rather overcharge the existing customer?

They are offering what the public and the regulators want. This is differential pricing and a certain level of customer churn. If the over level of churn did not occur, the market will be deemed to be failing to support competition.

[gadget1960]

Originally Posted by mss

No claims discount.

Hahahahahaaaaaa. when my premium goes up every year even though I have never ever had a claim I feel the NCB isn't worth the ink it took to print it.
I pay only to line insurance companies pockets and for everyone else's mistakes / misfortunes no matter what.
My RS Turbo was considered a super high risk car driven by a super high risk driver apparently! (28 in 1988) ...in a decade that was the worst ever for car theft / TWOC / insurance claims etc: yet it cost me less than I pay now for my 75. Go figure.
Insurance companies in general will never be able to convince me that their quotes are relevant to my personal situation, it's a cross we all have to bare, some it suits 'n' some it doesn't. I am of the latter.

[MSS]

Originally Posted by gadget1960

Hahahahahaaaaaa. when my premium goes up every year even though I have never ever had a claim I feel the NCB isn't worth the ink it took to print it.
I pay only to line insurance companies pockets and for everyone else's mistakes / misfortunes no matter what.
My RS Turbo was considered a super high risk car driven by a super high risk driver apparently! (28 in 1988) ...in a decade that was the worst ever for car theft / TWOC / insurance claims etc: yet it cost me less than I pay now for my 75. Go figure.
Insurance companies in general will never be able to convince me that their quotes are relevant to my personal situation, it's a cross we all have to bare, some it suits 'n' some it doesn't. I am of the latter.

I pay between £123 and £165 for each of my cars.

So all I can say is "Thank you for funding my insurance".

[gadget1960]

Originally Posted by mss

I pay between £123 and £165 for each of my cars.

So all I can say is "Thank you for funding my insurance".

Between £123 and £165 !! that's good of them letting you pick a number you feel more comfortable paying.

[MSS]

Originally Posted by gadget1960

Between £123 and £165 !! that's good of them letting you pick a number you feel more comfortable paying.

Ok - one car £123, another £145, third £163 and fourth I think £153 PA.

[vacuman]

Blame all the cash for crash companies. I'm sure most of us have had cold calls from companies "about your recent motor accident".

The compensation culture, and the vultures that feed off of it, thrives on our wildly inflated premiums. Hence costs are no longer proportionate to what we all remember from when we were young and had all our own hair and teeth.