Disgusted at car insurance company quote

[IAmGrootToo]

AIBU to think that insurance companies attempt to take advantage of their customers' loyalty?

Purchased a new car on Thursday. Did all the changes online. I also increased mileage by a few thousand, removed breakdown (as it comes with new vehicle) and added a named driver.

Previously I was paying £70 a month (I've only been driving a year and have one year NCD). I have no points or claims or convictions etc.

Well, the company have just got back to me with my new monthly payments following the changes (they don't give you this info immediately unless you phone to make changes). They only want to start taking £280 a month from me now!

Can't believe it. The car I've bought is in the same category as the previous one. The named driver is my mum who has been driving for a decade and has no points or anything either. I have no idea how they could justify this increase. I have ten months left of the policy before renewal.

Well, I've just did a new quote online and have found that a 5 star defaqto company will give me the same cover (actually, better cover with free motor legal) for £63 a month. I need to wait until payday on Thurs before I can afford the £126 deposit but oh my goodness what a difference.

I appreciate that different underwriters use different systems to weigh up financial risk, but this about £220 a month difference. How can this be explained?? Has anybody else experienced something similar?

I just feel bad for people who don't know any better or who can't afford a deposit or the cancellation fee to make the switch. Isn't there a new law or something that says insurance companies need to make all customers aware that they are not obliged to stay with their current company and are free to shop around? Or is that only at point of renewal?

Anyway, sorry to be bleating on about this. Just really shocked!

How much have you increased the mileage by - that will increase your premium, although £70 to £220 is a heck of increase? To be honest I think most people know to shop around and it looks like you have a good deal from the new insurer.

that law and the reminder of the previous year's premium applies only at renewal, and quite a few still flout it.

if the exit penalty and the new charge costs les.s, leave. Loyalty is for fools and has been for some time.

it is worth a quick phone call to ask them to price match.

Increased from 11000 to 15000 as my mum will be using it on and off throughout the year too. I expected an increase due to an extra driver and mileage but not that much. Have no idea how their underwriters came to the conclusion that I'm now a huge risk due to a few thousand extra mileage.

I bet it’s diamond? The same happened to me this year.

Don't accept this. Direct Line (who I've been with for years, max NCD, low mileage, low value car, auto-renew every year) tried to put my annual premium up to over £700. . I compared it to their website - put in exactly the same details - and it was about £320. They honoured that when I rang and complained.

Welcome to the crappy world of insurance. Best to change provider every year, keep your details handy to make it easy as possible.

Definitely pays to shop around. Our car insurance is due next month, we have been with Direct Line for years and I am hoping they don't increase it by the percentage they did our house insurance! I cancelled that and went elsewhere. Totally penalised for loyalty and never once made a claim.

To be honest, even if they ever agreed to price match, which I doubt they ever would, I'd not stick with them. I could imagine that I'd need to phone and haggle with them every time I wanted to make a future change and they'd attempt to charge me an absolute fortune.

The other company seems to have better cover and a higher star rating anyway. I'm just in awe at the difference in their risk calculations. I'd love to know how they work it all out and come to two completely different premiums.

I always shop around with car insurance to get the best deal, otherwise you do end up paying a fortune for it. Existing customers are always treated poorly i think, companies are more interested in getting 'new customers' rather than maintaining current ones.

15000 is an awful lot of miles, are you sure? That would be one big reason for the increase. Very high or very low mileage increases the risk apparently. A named driver if you are inexperienced will usually lower the premium.
It's also cheaper to pay in a lump sum rather than monthly.

Get other quotes, insurers routinely penalise loyal customers.
Just check the core coverage is equivalent or covers your needs.

Also check your mileage - unless you are regularly driving longish distances to work 15K is quite high. Last time I renewed I found JohnLewis came out cheapest for our cars - I mention them because I hadn't even realised they did car insurance until my neighbour mentioned it. They don't appear on most comparison sites.

What are the cars concerned? Why did you have, and what do you have now?

If you play around on an online service you'll find that there's a sweet spot for annual mileage. Our family car is better for me at 11,000 than 10,000. I don't get it either!

DH is an actuary - no longer in private vehicle insurance but he was for a long time.

You'd be amazed at what makes you more likely to have an accident which will cost the company less. For example, people with gravel driveways are nearly 30% less likely to have their car stolen.

It really comes down to statistics plus a little for profit.

Being disgusted is ridiculous. You're free to shop around.