Eggy
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| posted on 27/7/15 at 08:47 PM |
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Fees
Watch your insurance fees guys & girls......
Sold my kit so phoned to cancel my (AF) insurance.
Policy cost: £110 inc £35 set up fee.
3 months insurance (April to July): £48.68
Refund to customer: £2.96
Explanation: Due to cancellation fee (another £35!!) and OTHER charges....
I know there's always the get out clause (check the small print) but why does it cost so much to cancel a policy?????
If I'd left it a few weeks more - I would have owed them money to cancel my insurance!!!
[Edited on 27/7/15 by Eggy]
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benchmark51
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| posted on 27/7/15 at 09:13 PM |
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I had a similar experience with my old tintop, I bought a replacement vehicle and tried to end the policy 3 months early. The insurer (Kwik-fit)
wanted £50+ fee. So I just let it run out, however I was refused 'proof of no claims' untill the policy expired. Fortunately my new
insurer understood this and trusted me to forward proof of NCB later, which I did.
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ReMan
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| posted on 27/7/15 at 09:32 PM |
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Just had exactly the same
Policy £160 change to another vehicle with one month left to run £56
Thanks but no thanks!
Edited to add. In reality the fees are probably part of the get it as cheap as possible culture off Insurances/Ryanair, where there's no margin
left for niceties. And anything worth having is extra.
And everyone hates the insures one side polices
Be wary of choosing the cheapest always.
[Edited on 27/7/15 by ReMan]
www.plusnine.co.uk
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Brook_lands
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| posted on 27/7/15 at 10:15 PM |
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I know we complain about the cost but I'm sure insurance companies cut the initial cost to the bone especially for new customers. they then have
to squeeze every penny when they have "got you!!!"
Recently I've changed companies every renewal, you have to ask why a renewal premium of £350 becomes nearer £200 when you go back on line and
pretend to be a new customer.
Original premium was £200, two months in I changed cars, phoned up insurance, went through details, expected the £25 admin fee as per T&C, nearly
fell of my chair when the Guy said that will be £135!! WTF, I asked him why my premium had effectively jumped 70%. Chap went into "script
mode" about different cars have different risks and cost of repair etc, etc. At this point I asked him to look at what I had changed from and
to. They were identical make and model except the "new one was a few month older and blue instead of black.
Silence ensued followed by the need to speak to his manager. Anyway long story short it after much back and forth it came down to £50 at which point I
gave in.
What's the betting when my renewal comes through it will be for nearer £350 than £200 so then we will go through the whole process again. All I
can think is enough people just automatically renew at the increased premium to off set the cost of enticing new customers in.
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spiderman
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| posted on 28/7/15 at 01:18 AM |
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I use Peter James for my classic Triumphs, not had to claim or cancel a policy but can not fault them for price or service.
Spider
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Charlie_Zetec
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| posted on 28/7/15 at 08:22 AM |
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Unfortunately there's little to no "brand loyalty" any more these days. Most organisations are keen to lock you in for a year, but
just aren't competitive when it comes to renewing - coming from a sales background, I was always taught that new customers were a bonus, but
customer retention was key! Seems the tides have turned, and now they just want new business.
I think insurance is the highest topic in this area, as most of us have experienced - but the other is banks/building societies and mortgage
providers.
I always put aside a whole day each year for car or bike insurance renewal, as it's so tedious, and I really despise going through all the same
details repeatedly just to try and save myself some money, when theory suggests my current provider should be doing that as standard (assuming they
are looking after my best interests).
Artificial intelligence is no match for natural stupidity!
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