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Insurance Question

Discussion in 'Motors' started by zetec452, 14 Jan 2006.

  1. zetec452

    Sgarrista

    Joined: 15 Sep 2003

    Posts: 9,454

    Hi,

    I’ve been looking around for some new insurance as I feel mine is a little high.

    At the moment im paying £695.12 for TPFT with 7k mileage per annum, for a car worth 4500k and two years NCB with MoreThan.

    If I was to register as a new customer with morethan, with the exact same criteria with the car value slightly lower at £3500 due to the amount of miles on it, my insurance is reduced to £433 per annum. Quite a saving.

    So my question is can I cancel my current morethan policy and then just start a new one? Or alternatively cancel it and then register a new policy with NU at £485 per annum.

    Cheers
     
  2. pabloB

    Wise Guy

    Joined: 19 Oct 2005

    Posts: 1,124

    Location: Chelmsford Essex


    Seems odd to me, I'm an Insurance Underwriter but I don't do Motor. Have you rung them up to query this?? If you think it's high go to a broker and see what they can do for you.
     
  3. zetec452

    Sgarrista

    Joined: 15 Sep 2003

    Posts: 9,454

    Well there is a difference between the value of the cars so that will make it cheaper the second time around. I will give them a ring tomorrow. Just interesting to see whether I can just cancel and sign up.
     
  4. Big Spender

    Wise Guy

    Joined: 31 Oct 2004

    Posts: 2,317

    well would you rather cancel it and just throw away ** ncb that you will get at the end of this period? would it not be better just to continue on this policy, get your 3rd year ncb and then get a lower quote come renewal?
     
  5. zetec452

    Sgarrista

    Joined: 15 Sep 2003

    Posts: 9,454

    But can't you move your NCB around? I can go to another company and i'd still have 2 years NCB. Unless im mistaken.
     
  6. Big Spender

    Wise Guy

    Joined: 31 Oct 2004

    Posts: 2,317

    yes, but what im saying is since you're already with this company you've started building up your NCB for this year, so you might aswell continue with this policy get your 3rd year then go to another company, you will still have your 3yrs NCB
     
  7. [TW]Fox

    Man of Honour

    Joined: 17 Oct 2002

    Posts: 155,909

    I would have thought the value you put for your car has no bearing on the price of the policy.
     
  8. Vanilla

    Sgarrista

    Joined: 18 Oct 2002

    Posts: 9,185

    Fox is right, value has very little impact on it.

    What your company is doing is common, they sometimes offer you a renewal price that is more expensive than what you can get even with them online! They are relying on your lazyness and trust to make some money.

    Come near renewal call them up and demand the lower price or them to match the best price you've found online.
     
  9. Ev0

    Capodecina

    Joined: 18 Oct 2002

    Posts: 13,840

    Aye it's the old trick of ringing up as a new customer and taking that quote rather than what they offer as a renewal :)
     
  10. xcessive

    Wise Guy

    Joined: 28 Jul 2003

    Posts: 1,548

    Location: kent

    Funnily enough i sorted out the insurance on my car this morning.
    I too was in the same boat. The renewal quote i got was £671.99 but when i got a new customer quote off the website it came to £541.99

    I rang them up to find out where i stand and i am eligible for a cheaper quote than the renewal but i only get a 5% discount.
    In the end the quote cost me £584.97
    I was VERY happy seeing as the nearest quote i got to that was about £700 and that was with Adrian Flux.
     
  11. zetec452

    Sgarrista

    Joined: 15 Sep 2003

    Posts: 9,454

    If thats the case im going to phone them tomorrow and ask this question. If they won't allow me to re-register for them ill go to NU for £485.

    My renewal isn't until June.
     
  12. zetec452

    Sgarrista

    Joined: 15 Sep 2003

    Posts: 9,454

    I've just had a nice little chat with morethan and asked why if I cancel my policy and take out a new one I save over £200 pounds. They tired to state it was due to the online discount and that insurance prices change all the time. Shame I ordered my original policy online.

    I’ve cancelled and will get another insurance policy for over £200 pounds cheaper. I’m a happy bunny.