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Tescos Car Insurance - Challenge your renewal quote

Making your money go further
murraypaul
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Tescos Car Insurance - Challenge your renewal quote

#407419

Postby murraypaul » April 27th, 2021, 6:23 pm

This has happened to me for the last three years now.

a) I get my insurance renewal, and they have added about 20% to the quote from the previous year's figure.
I haven't had any accidents, nothing has changed about my lifestyle that would affect the quote.
This annoys me, as it feels like they are trying it on.

b) I go to tescobank.com, do not log on, and ask for an insurance quote, entering all the details exactly as they are on the renewal.
The answer that comes back is less that I paid the year before, this year about 20% less.
(Another suggestion would be that be default the online quote had £350 voluntary excess, but setting that to £0 did not increase my quote, so try that.)

c) I phone Tescos and ask for the renewal, but at the online quote price.
They check that the cover is the same, and agree.
I have to be fair, they don't attempt to challenge this at all, it is a pretty painless process.
Basically you've caught them, fair game.

The result is:
Previous year's payment ~£260
Original renewal ~£310
Actual price paid ~£215

The result is that they end up getting less and less money from me year after year.
I understand that on average they will profit, as people won't bother to check, but I'm surprised they haven't flagged my account not to bother trying it on. If they had just quoted the same price as before I'd probably have just paid it.

So if you find your renewal quote has gone up, you don't necessarily need to move insurer if you are happy where you are, just see what the quote would be if you were a new customer.

didds
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Re: Tescos Car Insurance - Challenge your renewal quote

#407467

Postby didds » April 27th, 2021, 8:33 pm

murraypaul wrote: but I'm surprised they haven't flagged my account not to bother trying it on.


I'm not. They dont have to. They

* could lose you completely - but its a numbers game anyway. Your £215/£300+ is a spit in the iocean to them.
* end up with a lower quote - which they are happy to quote anyway clearly so again - the difference is a spit in the ocean to them
* actually get the renewal quote as you maybe next time dont bother. The difference is stilla spit in the ocean of course.

[quoteIf they had just quoted the same price as before I'd probably have just paid it.[/quote]

that's very true I perceive. its cl;early not how their business model works - see above

So if you find your renewal quote has gone up, you don't necessarily need to move insurer if you are happy where you are, just see what the quote would be if you were a new customer.


yes... but wheile Im doing that Im as likely to have done a price comparison website check anyway and if somebody is cheper Ill go with the other isnurere. having done the leg work Im not going to give the old insurer my business - I've done all the work for them!

Glad you got such a positive result :-)

Dod101
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Re: Tescos Car Insurance - Challenge your renewal quote

#407482

Postby Dod101 » April 27th, 2021, 9:32 pm

Insurance has now become a commodity and so long as the insurer gets the overall price they need to cover a bit more than the overall claims that is all that matters. It saddens me as an old timer insurance man who was brought up and trained in the theory of insurance where individual risk counted for something. Tempora mutantur

Dod

pje16
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Re: Tescos Car Insurance - Challenge your renewal quote

#418068

Postby pje16 » June 8th, 2021, 10:24 am

You should ALWAYS check annually for car insurance
optimum time is approx 3 week before renewal date
I rarely go with the same co 3 years running as I find once they have "got you" they think you won't bother to look around the prices creep up
This year I paid £210 less than 2 years ago - no changes in car or circumstances

raybarrow
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Re: Tescos Car Insurance - Challenge your renewal quote

#418179

Postby raybarrow » June 8th, 2021, 4:22 pm

Hi,

Our car insurance quotes have both gone down. My Fiesta with Tesco and Mrs B's Ka with Churchill. House insurance with Hastings Direct has gone up very slightly approx £10. I wonder if the algoritham they use comes form the same stable as the Covid data one.

As has been said, it costs only a few minutes to check our the competition.

Ray.

pje16
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Re: Tescos Car Insurance - Challenge your renewal quote

#418181

Postby pje16 » June 8th, 2021, 4:25 pm

oh I should have mentioned, my renewal quote went down by £20, and saved another £80 on top of that by moving to a new provider


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