Do you inform your insurance company when you're not renewing with them?

Comhrá

I got my insurance renewal email last week.

Full no-claims for 20+ yrs. No penalty points, never had a driving conviction or disqualification of any sort....in short, a squeaky clean record for 25+ years.

Went from €527 last year to €847 this year. Granted I have a new 2020 Passat 1.5 tsi with similar performance to my last car, a 161 1.4 tfsi Audi A4.

Needless to say, I'm not renewing with this crowd and I've gotten a quote elsewhere which is fairly close to what I paid last year.

Question:

Do people bother telling their insurance company when they're not renewing, and just go ahead with another company when they get a better quote?

I'd normally inform a company when I don't intend to renew with them but I found this premium increase so huge I don't think I'll bother showing them the courtesy of telling them I'm not renewing.

Nigzcurran

That'll show em!

Do you not have to tell them so you get the no claims confirmation back?

NIMAN

I've had increases like this before, but I'd always call them to see if they want to match any new quotes I got.

Sometimes they do, sometimes they don't.

northknife

I would ring up current shower, tell them you have quote for €500, don't tell them who with but that you don't want the hassle of changing but that you will if they don't match it. Just see what they come back with

Elemonator

Ring your current provider and tell you have a quote that is significantly cheaper than the one they are offering you. If they don't match it or have a lower premium you will renew with the new crowd.

wonski

Some insurers will auto renew if you don't tell them you don't want to.

Just got a letter in the post from Liberty this morning clearly stating that.

123 does the same I think.

Might depend on the previous payment method, but better give them a call or drop an email to make sure your account is not debited on renewal.

bazz26

ReginaldSmythV wrote: »

Do you not have to tell them so you get the no claims confirmation back?

They are obliged by law to issue you with your NCB schedule when they issue your renewal quote.

In my experience they usually ring you to remind/bug you the closer it gets to the renewal date. I notified them in the past I'm not renewing but some in the call centre didn't read or get the memo and still ring. I'd don't pay by DD so auto renewing doesn't apply to me but if I did pay by DD I'd definitely tell them on email and/or phone I wasn't renewing.

Comhrá

I didn't pay by DD last year so shouldn't have to worry about auto-renewal - though I'll read their t&c's carefully just to be on the safe side.

If they call (remind) me nearer the date, March 21st, I'll just enjoy telling them that as they've increased my premium by 60% approx, I'll be saying goodbye to them.....but will perhaps look forward to doing business with them again in the future.

Mickeroo

ReginaldSmythV wrote: »

Do you not have to tell them so you get the no claims confirmation back?

Don't think so, anyone I've ever been with always sent out the no claims with the renewal letter.

bazz26

You should read up on the practice of dual pricing by insurance companies.

No. Most of the time they couldn’t care less.

Comhrá

bazz26 wrote: »

You should read up on the practice of dual pricing by insurance companies.

I have indeed. They're able to profile customers according to age-group etc. to see who's most likely to renew without bothering to shop around. The practises of the insurance industry are indeed well documented.

As the saying goes, Caveat Emptor.

TuringBot47

wonski wrote: »

Some insurers will auto renew if you don't tell them you don't want to.

Mine auto renew probably because I'm on direct debit.

con747

You should always get 5 or 6 quotes minimum for insurance because you would be amazed at the savings for a mornings work. The same with all service providers, you will get a better deal by putting time and effort in, and the odd fib about better quotes!.

wonski

TuringBot47 wrote: »

Mine auto renew probably because I'm on direct debit.

I would say most do, for some reason they think debiting your account few times a year gives them the freedom of doing it for another, but they are not so keen to charge credit/debit cards after a year.

There is probably a reason for that, but the bottom line is check the paperwork for auto renewal bits, if not sure ring them.

I've had a bit of fight years ago with Tesco over it when they cancelled my "policy" with them due to me "not returning" the disc and certificate and no payment after their auto renewal, so I do make sure all is in order these days.

Another trick to make sure you stay with them

newmember2

wonski wrote: »

I would say most do, for some reason they think debiting your account few times a year gives them the freedom of doing it for another, but they are not so keen to charge credit/debit cards after a year....)

No, I pay the year by CC and I switched last renewal to a different company and paid my premium, only to find the previous year Insurer taking their renewal quote off my card a few days before the renewal date. I was really surprised to hear that they had the power/authorisation to do this. Money was refunded a few days later.

To me auto renewal is an insane idea. I would never authorise that on something like motor insurance. Having said that I allow auto renew on other less costly items.

Eggs For Dinner

bazz26 wrote: »

You should read up on the practice of dual pricing by insurance companies.

I totally disagree with the practice of dual pricing. It should be outlawed by legislation. However, insurers are no different than Gas, Electricity, Broadband, Sky, Mobile providers etc.

TheBoyConor

Why would you ring up to give them courtesy? They are only call centre hacks anyway, they couldn't give a bollox what you think.

And f em. They would hang you in a minute if they could find a way of avoiding paying out if you made a claim.

Personally, only that insurance is legally necessary, I would be happy to be driving completely uninsured.

ofcork

I was paying boi by dd so had to ring and cancel or would have auto renewed,had to send back cert and disc.

Turbohymac

Simply shop around and if you get same level or better of cover just go with the new insurer.. no need to contact current insurer they won't care

Bikerman2019

Last week, FBD renewed at 505 for terraced house, 210k rebuild and 40k contents.


I rang AA insurance and including 10 percent off for other policy, with 250k rebuild and 50k contents, I got €247 euro I told FBD they were waaaaay off and they dropped to 470 euro.


I cancelled there and then on the renewal day.