Renew v Research – potential budget saving opportunity

I had my usual renewal invitation for our car. Astonishingly there was an increase of about 70%; I currently have 21 years No Claims Bonus. I called to ask why and was informed that the underwriters consider the vehicle to suffer from high claims – I reminded the adviser that Volvo has a good safety record but to no avail.

I said that I had many quotes that were substantially lower and read out six of them. He had clearly been given 4% to play with. I explained that this would not be enough to retain my custom. In the past, I have been guilty of taking the easy way and renewing without doing an in-depth review of the market, but I was away for a few days and welcomed the challenge.

I did not go for the lowest option as user feedback was not great, and there were some aspects of the cover that I wanted but were not included. So, I selected a good brand name with good customer feedback and checked that all the things I wanted were included.

The price was lower than last year, much less than the renewal invitation. It turns out that the adviser I spoke to found a few tweaks on my application that reduced the quote a little more, so I am delighted to have the same cover and online facilities at less than half price. This is not typical, but in these times when value for money is important, look carefully before renewing any contracts where a change will help – and consider everything. In the event of a claim, you might be thankful that the process is straightforward, so read the reviews and take your time.

Eamonn Dorling Dip PFS

Senior Independent Financial Adviser