Car insurance - is it me????

sneggysteve · 19 Jun 2014

Just had my car insurance renewal from LV at £328. Checked the usual sites for comparison (as everyone should) and guess the cheapest company for EXACTLY the same cover - LV of course but only £272.

Rang LV who said I should cancel my current policy and take out a new one at the lower figure. They could not match the £272 because it was too big a gap!!

Is it me?

Random Orbital Bob · 19 Jun 2014

This has come up many times. Its because of the search engine price wars. Basically existing customers (renewals) are subsidising new business in order for the headline search price to attract the web searchers to that site. You have to just jettison the old way of thinking (loyalty etc etc) and assume you're new to the market every year when you renew. That's the way to get the best deal and its not just with cars either...all insurance premiums are going that way.

Racers · 19 Jun 2014

Similar thing happened to me, I didn't get a renewal quote so I went through Compare the Market and went with the same company who then wanted me to supply proof on no claims!
I had to ring them in the end.

Pete

Random Orbital Bob · 19 Jun 2014

you couldn't make it up could you!

kdampney · 19 Jun 2014

We have 2 cars with Admiral Multi-car. The renewal was due this weekend, so I gave them a call to update some details, and while chatting they offered me a 'loyalty discount' of around £50 off one car. I did a price comparison last night for both cars, and I couldn't find anywhere that would beat the quote on either car (Admiral came up in the searches but not as good as the discounted total), so I'm renewing with Admiral (the same happened last year too).

Finally loyalty has paid off...