I received my insurance documents from Saga this morning. Shocked to see an increase from £567 to £908 for my 2019 Volvo V60. I don't know how this can be justified. Not had a claim in over forty years, and as I am retired my annual mileage is quite low.
Went on to Confused.Com and insured with More Than for £572.
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>>. Not had a claim in over forty years,
I suspect they think that one is long overdue! :-D
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>> >>. Not had a claim in over forty years,
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>> I suspect they think that one is long overdue! :-D
This might sound familiar to you Zippy. As a callow youth I granted, somewhat pre-emptively, a commercial loan on some second hand, portable plant. Not very attractive in the normal way but it wasn't a lot of money and he was a good customer.
My manager refused to sign it off. I said "He's had 22 previous agreements over the last 14 years, all settled good".
Reply - "well he's bound to get us in the end".
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>> Reply - "well he's bound to get us in the end".
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Product pricing...
We would love to price products according to risk. E.g. 10% chance of failure then repayment is capital +10% +base rate +costs + profit.
Of course the market and the regulators would never stand for it.
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Absolutely no point in getting upset about insurance cost increases.
We know that (a) a large percentage folk will renew automatically without checking, (b) they will do all they can to avoid liability in the event of a claim, and (c) they will use your credit card details for renewal "as part of the service".
Customer loyalty used to be valued by both customers and companies alike - a trusting relationship. It quite evidently does not work any more.
If you don't like the price - go online, find an alternative, either switch or use it as a bargaining tool. Don't feel guilty about it - treat them as they would treat you.
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>>Customer loyalty used to be valued by both customers and companies alike - a trusting >>
>>relationship. It quite evidently does not work any more.
And the real shame is that it drives a lot of financial services to be commodities only, to be served at the lowest price.
There is always space for some that offer (extra) quality services like the NFU and at one time LV (but alas no more) and they will become rarer.
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Volvo - Saga Car Insurance - zippy
