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Original poster

Car insurance

27 replies

dentistattic · 14/02/2022 13:27

I'm currently in the process of changing my car. My existing insurer is Elephant, and I've always been well looked after. I've got 13 years NCB. The new car will be brand new.

The quote they've given me is about a third more than I'm paying currently. On a price comparison website, I can get insurance for much cheaper.

Is that a con to try and reel you in? If I change providers, is it likely that next year will be a huge step up?

Or should I just suck it up and stay where I am?

Thanks

OP posts:
FawnFrenchieMum · 14/02/2022 13:30

Car insurance is something you should look around for every year IMO, just make sure you go with a repeatable company that has good reviews for paying out. I don't think I have ever stayed with the company for more than a year, I often go back the following year though.

Original poster
dentistattic · 14/02/2022 13:41

Thank you @FawnFrenchieMum. Can I ask you why you change every year?

OP posts:
Chasingsquirrels · 14/02/2022 13:45

It's a commodity. You shop around every year to get the best price.

FawnFrenchieMum · 14/02/2022 13:57

Because no car insurance offers customer loyalty. It’s something you literally want the cheapest good cover. You don’t gain anything at all by staying with a company.

Northernsoullover · 14/02/2022 14:04

If you change mid policy they have you by the short and curlies. Are you changing mid policy?

Original poster
dentistattic · 14/02/2022 15:11

Yes. Got three months left of policy...
so maybe go with them for now, then renegotiated with a different company in June?

OP posts:
Chasingsquirrels · 14/02/2022 15:39

It could well be cheaper to abandon your existing policy & just start a new policy for the new car - even if you don't get a rebate for the last 3 months.

Kite22 · 14/02/2022 15:45

What @FawnFrenchieMum said.

No insurance company rewards loyalty.

Often, I will be sent my renewal, then I trawl through a couple of insurance sites, then call my current company to tell them I am leaving, and they then match the best quote I have.

You'd be daft to just pay the renewal, any year.

In terms of the new car, part way through a policy, you need to do the maths with the quotes. There is often quite a big 'release fee' (they will call it an admin fee) when you only have about 3 months left, but, if you have researched the new price, you will be able to see if it is still worth paying that, or not.

marqueses · 14/02/2022 15:45

@dentistattic

Thank you *@FawnFrenchieMum*. Can I ask you why you change every year?
I'd ask why anyone would pay more to stay with the same insurer each year, you're buying a generic product, crazy not to shop around

That said now that insurers are meant to charge everyone the same the scope for saving money by switching will be much redcued.

NightmareSlashDelightful · 14/02/2022 15:50

Get in touch with Elephant's customer service people. I'm with them, and for two years in a row now they've given me a renewal quote that was stupidly high.

But I can't be bothered to move it so I got alternative quotes from a comparison site, then got in touch with Elephant and asked if they could match/get near the cheapest comparable quote. They always get within £20 of it so I stick with them.

Worth a try.

RagzRebooted · 14/02/2022 15:52

@FawnFrenchieMum

Car insurance is something you should look around for every year IMO, just make sure you go with a repeatable company that has good reviews for paying out. I don't think I have ever stayed with the company for more than a year, I often go back the following year though.
Same here, though last year my provider came out cheapest in comparison despite the renewal being a lot higher so I called them and got it for the cheaper price. The rules are changing now so that should not happen.
ChittyBangs · 14/02/2022 15:57

I work for insurance.

Sadly, there's no loyalty.

If you get a cheaper price for your new car elsewhere, ring elephant and tell them the price you've got. They may match, they may not.

You will probably have to pay a cancellation fee, and depending if you paid your premium in full or monthly you may get money back.

So premium paid in full, minus cancellation fee, refund whatever is left.
Pay monthly, pro rata refund, depending how much this is, if enough to cover canc fee you may end up with few quid refund or nothing. Or you'll pay the fee.

With your car being brand new it is normal to see an increase as the risk is higher.

I always shop around each year.

swds · 14/02/2022 15:57

@NightmareSlashDelightful

Get in touch with Elephant's customer service people. I'm with them, and for two years in a row now they've given me a renewal quote that was stupidly high.

But I can't be bothered to move it so I got alternative quotes from a comparison site, then got in touch with Elephant and asked if they could match/get near the cheapest comparable quote. They always get within £20 of it so I stick with them.

Worth a try.

You do know it’s not any more hassle to move it once you’ve done the quotes? Even the no claims is mainly electronic now.
marqueses · 14/02/2022 16:01

And @dentistattic this applies to all other insurances too, buildings if you own your home, contents, pets if you have any, travel etc

You should be price checking everything, with comparison websites that remember you details from one year to the next it's a total no brainer and as @swds it's not like it's any effort to set up a payment to a new insurer

Original poster
dentistattic · 14/02/2022 16:06

I've only been paying approximately £27 per month for my insurance with Elephant every month. I didn't think to look around, as thought that was pretty decent.

However I will take on board everyone's advice, snd look elsewhere.

Thank you

OP posts:
Kite22 · 14/02/2022 16:44

Whether it is 'decent' or not depends on sooooooo many other factors. Mostly your postcode, but then things like your NCD, how long you have been driving, your job, where you park your car, how many miles you do, what type of care you have (engine size, but also other factors) and then lots of other things besides. £324 is low compared with a lot of people, but it is considerably more than I pay, for example.

marqueses · 14/02/2022 16:45

@dentistattic

I've only been paying approximately £27 per month for my insurance with Elephant every month. I didn't think to look around, as thought that was pretty decent.

However I will take on board everyone's advice, snd look elsewhere.

Thank you

Good idea, there only way to know if it's a fair price for the cover is to see how much it would cost elsewhere, you can't work it out or compare with anyone else due to the complex algorithms for car insurance
RedHelenB · 14/02/2022 19:03

I've stuck with LV since a no fault accident claim because they were very efficient sorting out my car write off and I didn't have to faff with explaining the accident to new insurers every year.

Kazzyhoward · 14/02/2022 19:37

@RedHelenB

I've stuck with LV since a no fault accident claim because they were very efficient sorting out my car write off and I didn't have to faff with explaining the accident to new insurers every year.
Likewise, I was very impressed with Admiral when some prat ran into my car, they answered my phone calls pretty quickly (no long queues), gave sound advice and did what they said they would, meaning no need to chase them.

What a contrast with a claim I had to make against Churchill insurance who were bloody useless. I had to make literally 20+ calls to them, often being in the phone queue for 30-60 minutes each time and then getting staff who hadn't a clue, and didn't do what they said they would, hence the 20+ calls.

I'd stay with Admiral as long as they weren't ridiculously more expensive that others, but wouldn't use Churchill if they were the cheapest - saving a bit of money is no substitute for decent customer service when you need it.

Asdf12345 · 14/02/2022 19:40

I use a local broker who write to me each time it’s up saying what the renewal price is with the previous insurer and normally recommending an alternative.

I’ve never managed to match them with online quotes.

HundredMilesAnHour · 14/02/2022 19:48

I've also stayed with LV= because they've been fantastic with several no fault claims. But that's actually why I signed up with them as they have an excellent reputation when dealing with claims.

N0va · 14/02/2022 19:49

I use a different provider every year (so far, never used the same one twice!) and use Quidco to get cashback every year too! Definitely shop around and via cashback (Quidco or topcashback)

anotherbrewplease · 16/02/2022 08:11

£324 per year OP - sounds like a lot to me.

I do have an old car though. My insurance was £167 for the year - fully comp

girlmom21 · 16/02/2022 08:14

My insurer quoted me twice the price of what the price comparisons are saying. It happened last year too. Always shop around! With a brand new car you'll get some kind of insurance- normally about 3 days worth- from them.

WombatChocolate · 16/02/2022 11:20

Loyalty doesn’t pay.

However, if you’re happy to pay what can sometimes be more than £200 more than several better deals available, that’s up to each individual.

Cheaper doesn’t mean less good service. Switching doesn’t usually require explaining any previous claims in any complicated way. You usually do t even have to evidence the NCD as the firms all have a data based and can check them across.

Easiest thing is to use GoCompare (this also gives you up to £250 of excess refund if you have to claim) and input your data. It will show loads of quotes. You can look at each and choose one or ignore. It will save your data. Next year you just log in and after a few questions to check if your situation has changed you can get it to give you current quotes - takes a couple of minutes only.

Armed with that info, you can contact your current insurer if you’d rather stay with them. They will almost always come down on price to keep you. Whether they will meet your lowest quote is another thing, and then it’s up to you to switch or stay with them. However, you’re likely to have saved money either way.

I’ve just renewed. Renewal from current insurer was £177. GoCompare offered me £134 with a different insurer. Phoned current insurer and they matched it. My price was already decent but I’ve saved £40.

To me, the fact people stay and do t even look into alternatives because they’ve had good service is crazy. You often hear of people saving over £300 or £400 by switching. Every year, I think I save over £30 on my renewal quote by a 3 minute search snd sometimes a phone call…..and you can see my insurance is already low.