Insurance premium increase.

[SteveG]

Originally Posted by Darren69

Am I getting fleeced?

Probably.

My Swinton renewal (multibike) came in at nearly £100 more than last year, so I phoned and told them I wasn’t renewing.

A like for like comparison with others came up with a similar figure to last year… funnily enough not just from other providers but also by starting a quote process as a “new” customer with the same provider.

Once I had figures to hand I called them again to confirm I wasn’t renewing and challenged the price hike. And as if by magic I got the cheaper deal from them.

It’s easier IMO and preference to stay with them for admin purposes - but I’m sure I read somewhere the authorities had outlawed the dodgy practice of insurance companies hiking premiums as a “reward” for loyalty and renewals. ..

[utopia]

I had a similar experience with my car insurance this year.
Well actually its only half a car really .. a citroen C1 which I bought a couple of years ago when I decided that I was maybe getting too old to rely on bikes alone for my transport.
Anyway, approx £250 per year (with Churchill) for the first two years. I think actually it dropped slightly for the second year, as you might expect with a year's no-claim bonus.
I expected a further drop this year but was offered a price above £300.
I too checked with other companies and got much lower quotes so I rang Churchill and they stuck to their guns initially but caved in after a little more persistence and offered a quote of around £260.
Still an increase which I objected to on principle but I went with it in the end for the sake of an easy life.

Originally Posted by SteveG

It’s easier IMO and preference to stay with them for admin purposes - but I’m sure I read somewhere the authorities had outlawed the dodgy practice of insurance companies hiking premiums as a “reward” for loyalty and renewals. ..

If I remember correctly the law was changed to outlaw the practice of giving discounted premiums to new customers, rather than outlawing the hiking of premiums for existing customers.
So the companies have retained their carrot to get new customers by offering them a RELATIVELY lower premium as a result of hiking the costs to their existing customers.
So this demonstrates their disregard for both their existing customers and also for the spirit of the law.
They care not one jot about loyalty .. only profits.

[mickj]

My three bike renewal came in at £10 more this years and is £60 less than the next best deal I can find for the same cover.