Keeping it simple, I had a letter yesterday from the AA.
Blah blah, member since 1986, extra special member, we love you, we'll give you loads of stuff for free, we will autorenew in December, don't you worry, we look after our customers.
Tiny print on reverse of letter = £240.
Lower is easy. So, any higher, anyone?
(Long complex boring back story about why they think I'm still a member but I'm sort of not really and don't need to be renewing with them and wouldn't be even it were free, and so on and on, can be elicited at a nudge. I'd refrain if I were you.)
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Not AA but strange experience with MoreThan. I've been insured with them for a few years now. Your'e supposed to be able to manege your account online for simple stuff like renewal. This has gone wring for the past couple of years and I've had to do it over the phone, and both times I persisted in trying to get them to fix the account. Both years they had to issue me a new policy.
Anyway, some weeks back three renewal letters came on the same day. Bear in mind that these are different policies but based on the same criteria. one was for £300 , one was for £320 and the other said (I think) go to your online account etc. When I did that it's still showing the policy from a few years back although the expiry date is updated and the renewal was £215. So I chose to renew that one.
However my online account still didn't work, so yesterday I called them to renew, asking (as usual) if they can do me "a favour" as a long standing customer. Renewal sorted at £185.
Then I asked him if he could stop the other letters, and get my online fixed, which may or may not happen. Either way I'm pleased that I got it about £30 cheaper than last year and getting on for half the cost of one of the renewal letters.
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autorenew is going to be the next PPI scandal.
I've recently taken over my old man's financial affairs and noted his home insurance renewal was going to be £650.
2015 was £500.
2014 was £400.
2013 was £330
2012 (when he switched to the company) - £250.
I pay about £250 for a huge old dump near a floodplain.
When I checked the company's own site as a new customer putting in identical details (and address) for my dad it gave me a quote of £150 (plus £50 cashback for new customers).
I cancelled his autorenewal, and took out the above policy and have just received a £50 cheque for cashback.
Time for a letter of complaint - I'm still working out which 'discrimination' line to go by - ie. old customers +/- mentally infirm (and thus disabled) - followed up by a letter to the Ombudsman when they no doubt fob me off, asking if they or the FCA can investigate and find out if financial services have algorithms for ripping off customers on autorenew.
*edit* took out the name of the company
Last edited by: Lygonos on Wed 30 Nov 16 at 14:52
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>> *edit* took out the name of the company
>>
If it's the usual company that insures older people they got to £800 for my next door neighbour when it should be around £200.
They offered to insure him for £600 but he refused and a massive letter writing compaign ensued which went nowhere. Next year they sent him an offer letter as a new customer - at £200!
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>> autorenew is going to be the next PPI scandal.
>>
Part of me agrees with you but the problem is that if autorenew is banned/altered etc so that everyone gets the same deal then everyone will pay more than the changers currently pay so you will not be able to get your £250 deal for your house and your father would pay more than £150 for his
The autorenewers, to some extent, subsidise the changers who use the price comparison sites, shop around etc. This is equally true of gas, electricity, insurance and any other regular payment contract users.
It does put the responsibility on all of us to look out for our "mature" relatives / neighbours / friends etc. Some of us will get to be the old folks in a few years time.
Last edited by: commerdriver on Wed 30 Nov 16 at 15:30
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The insurance industry has already been told to put last year's price on renewal notices so people can see if it has changed, but the FCA has given them until the middle of next year to do this, so funnily enough they are dragging their feet.
As soon as someone can stick an indirect discrimination effect on them, then I expect a reasonable prospect to give them a sausaging historically.
Maybe :-)
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That is no different to the PPI practice. The big banks advertised very low interest rates that were subsidised by PPI taken out by 70% of applicants who knew no better. They were actually getting more net income from the PPI than from interest.
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>> That is no different to the PPI practice. The big banks advertised very low interest
>> rates that were subsidised by PPI taken out by 70% of applicants who knew no
>> better. They were actually getting more net income from the PPI than from interest.
>>
I used to sell PPI to my customers for their car HP deals (most Ladas were bought on the strap) in the honest belief that it was a "good thing".
One day a customer came into the garage asking for help in making an honest claim on his PPI.
It was refused for some arcane and I thought, sneaky, reason.
I realised then, that it was a con and ceased to offer it.
This was around 1989/1990.
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It does put the responsibility on all of us to look out for our "mature"
>> relatives / neighbours / friends etc. Some of us will get to be the old
>> folks in a few years time.
>>
I AM the old folks now - and come Dec.19th. will be even older......................
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AA renewal - beat this? - smokie
