Ripped-Off Britain

* THE ONE AND ONLY, TRUE AND ORIGINAL, 'RIPPED-OFF' WEBSITE ON THE INTERNET *

SEE THE NEW "INTRODUCE YOURSELF" THREAD: HERE - - and - - LOOK AT OUR NEW "CAR-BUYING GUIDE" SUB-FORUM: HERE

    Insurers admit renewal price rip-off

    Share
    avatar
    papa_umau
    Field Marshal
    Field Marshal

    Number of posts : 12351
    Points : 18665
    Reputation : -25
    Registration date : 2008-08-23
    Age : 73
    Location : Scotland

    Insurers admit renewal price rip-off

    Post by papa_umau on Wed 10 Jul 2013, 10:33 am

    Insurers have admitted using out-dated pricing methods to rip off customers who fail to shop around for better deals.

    The admission came in a series of letters between the Treasury Select Committee chairman, Andrew Tyrie MP, the Association of British Insurers and the now defunct regulator the Financial Services Authority.

    Find more about this article from AOL Money, HERE




    This really dodgy system, where if their customers have given them permission to hold credit card numbers and addresses on file means that they can automatically renew insurance cover every year without the clients having to do anything.

    Don't buy it folks as that is a VERY dangerous situation to be in.


    _________________
    Best of regards

    Papa......


    avatar
    zathrus
    Field Marshal
    Field Marshal

    Number of posts : 2585
    Points : 6165
    Reputation : 97
    Registration date : 2008-08-21

    Re: Insurers admit renewal price rip-off

    Post by zathrus on Thu 11 Jul 2013, 11:38 am

    It's quite surprising that they actually admit this.

    I have to agree that it is a very dangerous thing to do to let them hold your personal, credit card, and bank details in their data-bases as we have no clue how secure these data-bases are.
    avatar
    Technician
    Lieutenant
    Lieutenant

    Number of posts : 390
    Points : 2997
    Reputation : 24
    Registration date : 2011-03-08

    Insurance rip off

    Post by Technician on Thu 11 Jul 2013, 1:04 pm

    Hi all,

    Yes, quite true. I raised this very topic not so long ago myself. The only answer with these bandits is to play them at their own game.

    I am due my car insurance shortly, but unfortunately copped 3 points about 8 months ago !! ( Naughty, as I jumped a red light and should have been more alert ). I expect I will be hammered, but that still does not mean I will have to take the quote offered me by my current insurer!!!

    Technician
    avatar
    papa_umau
    Field Marshal
    Field Marshal

    Number of posts : 12351
    Points : 18665
    Reputation : -25
    Registration date : 2008-08-23
    Age : 73
    Location : Scotland

    Re: Insurers admit renewal price rip-off

    Post by papa_umau on Fri 12 Jul 2013, 10:51 am

    Yes guys, the mantra that I use of "shop around" "shop around" is always a good way to act as if more people did it the rip-off merchants out there would have to work far harder to retain our custom.


    _________________
    Best of regards

    Papa......


    avatar
    Angie baby
    Field Marshal
    Field Marshal

    Number of posts : 2473
    Points : 6118
    Reputation : 91
    Registration date : 2008-08-30
    Location : Northern England.

    Re: Insurers admit renewal price rip-off

    Post by Angie baby on Sat 13 Jul 2013, 11:07 am

    And, the comparison sites are a bit of a swick too as they rotate the ones that offer the best prices so that they all get a bite at that available cherry and they get the best commission-payments that are going.

    Also, did you know that of the dozens of companies "compared" only a very few of the top ones are interrogated to even get the chance to give a competitive price.
    avatar
    papa_umau
    Field Marshal
    Field Marshal

    Number of posts : 12351
    Points : 18665
    Reputation : -25
    Registration date : 2008-08-23
    Age : 73
    Location : Scotland

    Re: Insurers admit renewal price rip-off

    Post by papa_umau on Sun 14 Jul 2013, 11:03 am

    I did not know about the "interrogate" bit even although I did know that only the top half dozen quotes published are competitive ones.

    Yes folks, insurance is a minefield these days and even at the risk of sounding paranoid, it sometimes looks as if they are out to get you.


    _________________
    Best of regards

    Papa......



    Sponsored content

    Re: Insurers admit renewal price rip-off

    Post by Sponsored content


      Current date/time is Mon 25 Sep 2017, 4:01 pm