Two ways of analysing "business" puzzle me

[Evans Electric]

The likes of us  ,  self employed tradesman , sparks , plumbers , gas fitters , builders, car mechanics  etc etc   would all relish a full , active list of returning customers  who make us their first call .  

Not so with business's like vehicle insurance ,  house insurance , banking & building societies  , energy distributors etc. 

They now actually send out renewal  letters  worded like  ..."   If of course you are unhappy with our new terms /  interest rates  / renewal fee you may want move elsewhere & we can help you  with that "         What the hell is that all about  !!!!!!    

If you were in that type of business would you not  be cherishing your existing customers  while at the same time taking on new ones .  

Take my building society that has just lowered savings interest rates again ,  and offered every assistance  should we decide to jump ship .        Doesn't  a building society function by offering interest to savers  offset against a higher interest charged to buyers  . ?    So the last thing you want is savers withdrawing their dosh  preventing you from offering loans .

Hence the famous   James Stewart film " Its a Wonderful Life "     when everyone loses confidence in their local Building & Loan Company  turn up demanding their savings back .   

 

[Murdoch]

The fact that insurance companies have to remind you what the last years premium was, in the renewal letter, has put the proverbial cat among the  pigeons as lots of them can't increase their rates without people actually noticing

Most of us use comparison sites but those who don't have, in some cases been getting ripped off

Interestingly my van insurance is with LV and for me they have been "competitive" for years - the same with our house insurance

What I would like to see is the banning of auto renewal of insurance ..............

 

[ProDave]

And when interest rates go negative in the next recession, the banks announce you will be charged interest to keep savings, watch the queues build as savers want their money out.  the ultimate run on the banks?

Oddly though a couple of weeks back my broadband and phone package was up for renewal.  And without question, BT offered to renew it at the same discounted rate, offered to put us to a higher level of service at no extra cost, and double the data allowance on a mobile phone SIM.  Oh and they gave me a pre loaded £50 mastercard for free as well.  I was left wondering what "went wrong" because I usually have to fight by threatening to switch to another provider just to maintain the same deal.

 

[Geoff1946]

The likes of us  ,  self employed tradesman , sparks , plumbers , gas fitters , builders, car mechanics  etc etc   would all relish a full , active list of returning customers  who make us their first call .  

Not so with business's like vehicle insurance ,  house insurance , banking & building societies  , energy distributors etc. 

They now actually send out renewal  letters  worded like  ..."   If of course you are unhappy with our new terms /  interest rates  / renewal fee you may want move elsewhere & we can help you  with that "         What the hell is that all about  !!!!!!    

If you were in that type of business would you not  be cherishing your existing customers  while at the same time taking on new ones .  

Take my building society that has just lowered savings interest rates again ,  and offered every assistance  should we decide to jump ship .        Doesn't  a building society function by offering interest to savers  offset against a higher interest charged to buyers  . ?    So the last thing you want is savers withdrawing their dosh  preventing you from offering loans .

Hence the famous   James Stewart film " Its a Wonderful Life "     when everyone loses confidence in their local Building & Loan Company  turn up demanding their savings back .   

I agree, it's strange!  The worst , "offender", I've encountered is Virgin Media who openly offer new contracts at less than half what they are charging their loyal customers, AND simultaneously heap on increased prices. I'm just waiting for the BT fibre network  to reach here and I'll be off! 

 

[Evans Electric]

Interestingly my van insurance is with LV and for me they have been "competitive" for years - t

Ah   yes  our car is with LV  for the last  2 yrs and they've been competitive  with us too .      Previously I'd be changing every year .  

I changed my van  when the renewal was hiked up ,  went with "A Plan"   who were at the ELEX  exhibition  Coventry ,  reasonably offer  and stuck with it this year too .

 

[binky]

LV van insurance this year £540, 5 mins on a certain earkat website,  £340 including breakdown cover that had been quoted as an additional £80. I'm not so much annoyed with LV as the insurance broker I've been using for years - seem to have lost the plot!!

 

[Murdoch]

 I'm not so much annoyed with LV as the insurance broker I've been using for years - seem to have lost the plot!!

I am surprised that only one would use a broker for car or van insurance these days if the vehicle is not customised ...

 

[binky]

up to now they have been really good, always coming up with good deals, better than I could find myself. However, they have grown and like a lot of companies, service has clearly declined.

 

[Sharpend]

It’s all very well paying cheaper but the truth is you only find out how much value for money you are getting when you make a claim, I’m with More Than and they are not the cheapest but I will not be with them next year. I’ve been involved in two claims with them and they are a nightmare, next year I’ll be with direct line slightly more expensive but their customer service seems so much better and their policy is superior i.e: if you vehicle is damaged by attempted theft then you claim via them and are not penalised in anyway and it doesn’t matter how many times this happens. 
We all say if you buy cheap you buy twice so why do we adopt a different theory when it comes to insurance? 

 

[binky]

don't disagree, but insurance companies are generally all lettuced! I used the broker for many years, it was useful when I did have to make a claim 7 years ago, but, they clearly aren't making any effort this year.

 

[Geoff1946]

I've really tried to support my local broker, ignoring a few extra pounds many times on the grounds that there is someone local to talk to in event of a problem. However, I've found recently that this has become  unsustainable. Wife and I, both retired and with infinite NC records. We have two cars, - a diesel to tow the caravan and a Jazz as local shopping runabout. For the Jazz broker quoted approx. £340. Reputable on line, (Tesco bank) around £100 less. There were others a bit cheaper still. So, sorry local broker, but that's just too much to ignore.

 

[Rob.]

Cheaper options on comparison websites for sure. However going for the small no name brands/businesses are great if you don't have to use them. 

Watch what happens if you have a claim

 

[NozSpark]

It’s not just the small companies that you have to watch out for...

my nephew had a drunk driver crash into the side of him about 3 years ago..... the other party was prosecuted for the accident so he definitely wasn’t at fault..... Aviva (the other parties insurance company) still haven’t paid out and because of this he is tied to his insurance company and can’t move because the accident is still over him

 

[Evans Electric]

My sparky colleague  had similar problems .

His car was parked on his own driveway ...the guy opposite reverses off his driveway , up the pavement and into my mate's car .   No idea why .   

When my mates comes to renewal  months later ,  Churchill have  hoisted his premium up , " Because he has made a  claim "        But how unfair is that !      He,s sitting in the house  , car is on his property when its damaged , bloke admits  blame  .....thanks very much we'll jack your premium up !! 

 

[Murdoch]

It’s not just the small companies that you have to watch out for...

my nephew had a drunk driver crash into the side of him about 3 years ago..... the other party was prosecuted for the accident so he definitely wasn’t at fault..... Aviva (the other parties insurance company) still haven’t paid out and because of this he is tied to his insurance company and can’t move because the accident is still over him

Thats obscene ... not paying out after 3 years. 

He needs to write to the insurance ombudsman 

 

[NozSpark]

Thats obscene ... not paying out after 3 years. 

He needs to write to the insurance ombudsman 

His insurance (Tesco) have paid him out, but as it wasn't his fault the other parties insurance (Aviva) should have reimbursed Tesco for those payments.... so as it stands it's not fully sorted so he has the accident against him if he goes for a quote with any other insurer ----- Tesco's are not holding it against him, but he can't shop around!!

 

[NozSpark]

Thats obscene ... not paying out after 3 years. 

He needs to write to the insurance ombudsman 

His insurance (Tesco) have paid him out, but as it wasn't his fault the other parties insurance (Aviva) should have reimbursed Tesco for those payments.... so as it stands it's not fully sorted so he has the accident against him if he goes for a quote with any other insurer ----- Tesco's are not holding it against him, but he can't shop around!!

A funny thing with this accident was that his black box company had rung the emergency services before he managed to!!! ..... his car was totally burn't out

 

[Sharpend]

His insurance (Tesco) have paid him out, but as it wasn't his fault the other parties insurance (Aviva) should have reimbursed Tesco for those payments.... so as it stands it's not fully sorted so he has the accident against him if he goes for a quote with any other insurer ----- Tesco's are not holding it against him, but he can't shop around!!

I don’t see how that is the case, I have changed my insurance whilst a claim is still outstanding unsettled, the new company asks for you to let them know once it has been settled with evidence of settlement. :C  

 

[NozSpark]

I don’t see how that is the case, I have changed my insurance whilst a claim is still outstanding unsettled, the new company asks for you to let them know once it has been settled with evidence of settlement. :C  

I think that the main problem was that as this accident happened within his first year after passing his test, and the fact that the fault hadn't been determined (by the insurance companies) that he couldn't get any NCD with any new insurance company... and as the saving from his first years NCD was significant, if he did move companies it would have cost him quite a bit more

 

[Sharpend]

I think that the main problem was that as this accident happened within his first year after passing his test, and the fact that the fault hadn't been determined (by the insurance companies) that he couldn't get any NCD with any new insurance company... and as the saving from his first years NCD was significant, if he did move companies it would have cost him quite a bit more

ah! I see, a little more complicated then. Although it still sucks and this is where we know that insurance is a scandal, I wonder was the other driver also penalised in such a way - thus both insurance companies making that bit extra off of both to negate any costs??