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Author Topic: Well you all know...  (Read 392 times)

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Shackeng

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Well you all know...
« on: 16 May 2018, 23:01:56 »

...that I'm a tightwad, but I thought I'd pass on something I discovered today. As you know I like to use cashback sites, and used Topcashback to look for new home and contents insurance, my renewal quote having gone up by 25% or so. However, not happy with the terms offered, I then went through MSE. The best quote I could find was an introductory offer by the company I was with, Tesco Bank, for much less than last year, but, for new customers only. >:(
I thought I'd phone them up and grumble anyway, just to make me feel better, however I was delighted to hear that I could cancel my existing policy on its expiry date, and take the quote as a new customer, which I promptly did, via Topcashback, paying a total of 64 after cashback, less than a third of my renewal quote with the same company! :) :) :) :y
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Bigron

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Re: Well you all know...
« Reply #1 on: 16 May 2018, 23:07:47 »

Brilliant! I can do likewise with my Contents insurance, but as my house is leasehold I am obliged to use their specified insurance company for the house cover.
Good tip though, thanks.

Ron.
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Rods2

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Re: Well you all know...
« Reply #2 on: 17 May 2018, 00:53:22 »

The reason why is the Financial Conduct Authority (FCA) have clamped down on the penalization of existing customers for motor, home and annual travel insurance. Renewal notices must now contain what your current premium was so you can easily compare last years with this years premium and the FCA are monitoring companies for the percentage price difference between new and existing customers and may take further action.

The insurance broker I do work for automatically include loyalty bonus renewal discount codes for typically 10-15% in their renewal reminders when renewed directly through them as they have no third party commission to pay. Although they do a rance of insurances they don't currently do home or motor.
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TD

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Re: Well you all know...
« Reply #3 on: 17 May 2018, 06:09:07 »

Thanks Rog  :)

Just been looking at renewing my home insurance.....went on topcashback....The insurer ive been looking at will give 50 cashback for the insurance I wanted....makes it a tad over 100 now  :y
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STEMO

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Re: Well you all know...
« Reply #4 on: 17 May 2018, 06:17:37 »

Thanks Rog  :)

Just been looking at renewing my home insurance.....went on topcashback....The insurer ive been looking at will give 50 cashback for the insurance I wanted....makes it a tad over 100 now  :y
Rog? Not awake yet, Dave?  ;D
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TD

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Re: Well you all know...
« Reply #5 on: 17 May 2018, 06:47:40 »

Thanks Rog  :)

Just been looking at renewing my home insurance.....went on topcashback....The insurer ive been looking at will give 50 cashback for the insurance I wanted....makes it a tad over 100 now  :y
Rog? Not awake yet, Dave?  ;D

Ooppss  :-[ I blame it on my spell checker that changed Chris to Rog  ::) ;D
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shyboy

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Re: Well you all know...
« Reply #6 on: 17 May 2018, 09:53:59 »

Ron,
I thought that Leaseholders, along with Mortgagors, are no longer permitted to prevent you from using an acceptable alternative insurance company.
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Bigron

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Re: Well you all know...
« Reply #7 on: 17 May 2018, 12:05:00 »

Are you sure? If that's true, I will tell them to go forth and multipy!  :P

Ron.
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shyboy

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Re: Well you all know...
« Reply #8 on: 17 May 2018, 21:49:18 »

Ron,
I think I meant to say Freeholders.
My house is leasehold and I'm sure that this ruling was made many years ago. Check it out.
Mortgagors certainly can't insist on it any more.
Bill.
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Bigron

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Re: Well you all know...
« Reply #9 on: 17 May 2018, 21:59:33 »

I no longer have a mortgage, but the issue is with the owner of the land, to whom I pay yearly Ground Rent. I tried to insure the property with a company of my choice many years ago and they threatened me with legal action if I didn't stay with their specified insurer. Being a coward, I capitulated!
Now, if the law has changed in my favour, I will cerrtainly try again to change insurer, if I can get a better deal.  :y

Ron.
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