Phoned my wife's insurance company yesterday to add my daughter as a learner from her 17th birthday.
Car is a 2001 VW golf 1.4 so nothing fancy, wife has several years protected NCB, schoolteacher, low mileage, so no great risk there. We have been with them, and the company they took over, for about 25 years always happy with price, service etc.
So how do you lose a customer? You tell them it will cost £3000 per year to add a 17 year old girl as a learner using the car for a bit of practice.
24 hours later we are now with Elephant. Customer loyalty has its limits.
|
|
£3k? Sounds like you've just done exactly what they asked you to - they clearly don't want to insure your daughter.
|
I agree with Gordon M. I've had this when changing cars as well as adding new drivers. Different companies specialise in different risks, and the best way to discourage a risk they don't want is to quote a daft price.
Hot hatches in the late 80's and early 90's are a classic example.
Cheers
DP
--
04 Grand Scenic 1.9 dCi Dynamique
00 Mondeo 1.8TD LX
Edited by DP on 18/12/2007 at 11:01
|
Insurance industry obviously has different concepts of customer retention. In the IT industry where I work we are constantly being told it costs 5 or 6 times as much to win a new customer as to keep an existing customer - the message being look after your existing customers.
What gets me is that there is no individual basis of risk, it also seems to be a new approach, her two big brothers were both insured as learners with the same company adding about £500 a year to the costs which seemed reasonable.
|
|
I'm please to report that my wife's insurance company have dropped their renewal quote by £80 (nearly 30%) to price match a rival. First time ever.
|
|
|
Insurance industry obviously has different concepts of customer retention. In the IT industry where I work we are constantly being told it costs 5 or 6 times as much to win a new customer as to keep an existing customer -
Commerdriver. You and I in the IT business are responsible for this insurance company acting in this way. Like this:
Insurance loyalty is largely dead now. This is due almost entirely to the ease of getting quotes on the web. Getting new ones via a web portal is also really very cheap. I now swop my building and contents cover every year to whatever deal is best, saving me approx £100 each time on the cost of my renewal quote from the incument.
Risk management. Risk management tools are now available at the front end call centre. Type in details, the model takes over - and in your case spits out that they dont really want you on this new risk.
You and I helped provide all these tools and in the process they dumped you. Its not a problem, join the new world of instant on-line insurance and get yourself a discount every year.
------
< Ulla>
|
|
The best way for insurance customers to lose potential customers is to repeatedly cold call them - AXA, please take note.
|
|
|
|
|
|
Renewal premium for my Panda with my 18 yr old learner son on, over £1500.
As at the moment he's not very interested in driving, a confused.com search comes up with myself and wife insured for £146 with Saga. Oh, the joys of being 50.
Premium with son on over 10x more expensive.
|
I just had my first two digit insurance renewal on any vehicle, ever! TPFT cover on the ZZR for this year - £97
I was paying £800 for the same cover 5 yrs ago. Since then I've topped 30 got 5 yrs no claims and increased my licence holding period by a factor of 6.
Cheers
DP
--
04 Grand Scenic 1.9 dCi Dynamique
00 Mondeo 1.8TD LX
|
|
Interesting article on house insurance in the paper at the weekend.Some companies will increase your contents cover over Christmas automatically,some will do it if asked and others won't do it at all.One of the latter group is one of the major insurers-it all shows how different companies treat their clients.
|
|
Unless you buy extremely expensive presents I would say you'd be normally under-insured if you needed a temporary increase. Besides, won't most of the presents be staying in the house after Christmas?
|
commerdriver. If you only insured it today, try getting a quick quote from Liverpool Victoria
tinyurl.com/39avz6
We added my 17 yr old L driver daughter to my wifes 99 1.4 polo. Fully comp/protected/ with breakdown. I couldn't believe the deal, snapped their hand off.
|
According to an Insurance Guru there is no such thing as a bad risk.
There is however a bad premium -
The OP change in Policy was a risk and they decided to err on the side of a good premium!
They cancelled and went elsewhere so Ins Co achieved its goal - no risk and no premium was better in their eyes than a 17 yr old.
|
|
The ins co. may have decided to forgo this risk but imo it represents only a short term benefit and could represent a bigger long term risk. A 17 yr old driver will provide income for ins providers for the next 50+ years. The risk is that there is one co. who won't get the 17 yr old's business. It is typical of the short termism displayed by the industry (imo ;) )
|
Last year I got better quote from LV (My existing insurer) thru Confused than they offered me on my renewal notice; the renewal was £220 and they offered me £160 thru confused. They agreed to honour the lower quote but I would have moved on if they hadn't.
|
|
|
I think that is exactly the point that was being made. mum had been with that insurance company for 20 odd years an both me an my brother were less to insure when we were learning. I have stuck with company I went with first time I insured in my own name and will do as long as they keep matching the cheapest quote.
|
|
Surely you can keep with the same broker but change to a different insurance firm? Oh well... It's clearly a buyer's market out there, so more legwork (or NETwork) yields lower payment.
|
Surely you can keep with the same broker
no broker involved, we have always dealt directly with the insurance company in question as they used to have a special deal with my wife's teaching union
Maybe a supplementary question, do most people use brokers? are we unusual in not doing so for normal insurance business.
Interestingly we have used brokers for both classic and disabled/converted car insurance
|
|
|
|
