Pissed off being ripped off for insurance

[cam.in.head]

can someone explain the point /benefit/reason of the cashback deals . why give cashback vs just do it cheaper to start with ??

[Doctor Gollum]

Kickbacks. In the same way that the only reason US airlines are profitable is because of the revenue generated from promoting Amex.

Topcashback as a company turned over around £140 million in 2023,  but it carries a debtor line of around £96million. Of that £44 million left, it made a profit of £1.4 million.*

Interestingly, it's parent company, Top Online Partner Group Ltd is listed on the board of Tribe Impact Capital LLP.

You might save a few quid here and there, but ultimately they profit from that by leveraging your membership against their earning potential.

*The company accounts are freely available on .gov.uk

[Sir Tigger KC]

I tend to get quotes from the 3 main comparison sites and compare their prices, and then go to topcashback and see if the cheapest price is available with a cashback. 

[Rangie]

I tend to get quotes from the 3 main comparison sites and compare their prices, and then go to topcashback and see if the cheapest price is available with a cashback. 

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Yes I'm the same now always check at renewal time not worried about cashback, but I don't like being taken for a ride when it comes to renewing.

[Sir Tigger KC]

I tend to get quotes from the 3 main comparison sites and compare their prices, and then go to topcashback and see if the cheapest price is available with a cashback. 

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Yes I'm the same now always check at renewal time not worried about cashback, but I don't like being taken for a ride when it comes to renewing.

Yep, if you have to argue every year with your insurer for a reasonable premium, it's time to find a new provider. 

I rarely renew, just shift to the cheapest. They don't value customer loyalty. 

[TheBoy]

can someone explain the point /benefit/reason of the cashback deals . why give cashback vs just do it cheaper to start with ??

Pretty much as DG says, though the insurance company will pay a marketing company to drive hits or purchases, and that marketing company will do deals with the cashback sites, so its rare the insurance company (or any other retail outlet) will deal directly with the cash back sites.

The way I look at it is find a cash back site that is free to use or only charges a small subscription you are happy with, and reap the benefits of that system.  Even the Gay of E where you usually only get 1% of the ex VAT, ex delivery, so usually only a few pence, it all adds up over time.

[Migv6 le Frog Fan]

Indeed it does. I would estimate Ive easily had a couple of grand from the cashback sites over the years.

[Doctor Gollum]

Indeed it does. I would estimate Ive easily had a couple of grand from the cashback sites over the years.

How much have you spent to get that saving though?

[Migv6 le Frog Fan]

From memory both sites take a fiver a year from your savings.

[Doctor Gollum]

But does the cash back exceed the amount spent via their sites Vs not using them...

If they give you £30 back but you could have bought the exact same thing from somewhere else for £30 less (probably an even greater difference), have you actually benefitted?

[STEMO]

According to MSE, they are worth it, but sometimes you wait a while for your money.

[Doctor Gollum]

According to MSE, they are worth it, but sometimes you wait a while for your money.

While someone else earns interest on it. Still seems a bit of a pointless exercise.

[STEMO]

According to MSE, they are worth it, but sometimes you wait a while for your money.

While someone else earns interest on it. Still seems a bit of a pointless exercise.

Ballache, maybe, I definitely CBA. But some think it's worth it, so...

[Doctor Gollum]

I am quite impressed by how little profit a £140 million pound company can actually make.

[Migv6 le Frog Fan]

But does the cash back exceed the amount spent via their sites Vs not using them...

If they give you £30 back but you could have bought the exact same thing from somewhere else for £30 less (probably an even greater difference), have you actually benefitted?

Yes.