vinyl Posted January 17, 2013 Share Posted January 17, 2013 I recently received a letter from the Post Office "guaranteeing" to beat my insurance renewal by £25. I thought this was worth a shot and gave then a call. The actual quote from the Post Office was around £225 more than my renewal, but I was told that if I paid the full quoted premium in full and sent in my proof of renewal quote, in 60 days I would receive a cash back for the difference plus £25. It all sounded too good to be true, and that's perhaps because it was. I had had a named driver on my policy and they had claimed on their own insurance for a no fault accident. I let my old insurers know this and received an updated quote. Then I went back to Post Office to let them know there was a minor change to my renewal. I spoke to a different operator this time round who said she could find a better deal than the one they originally quoted. The new quote would include key cover. So I asked how that affected my like for like £25 off. We went through every policy that they could offer and not one had the same detail as my old companies renewal. There were different excesses, or other slight differences. She then admitted that unless absolutely every detail of the cover that I received through the Post Office matched the renewal paperwork from my old policy that I wouldn't get back my £250 in 60 days. By this time of course it would be too late to do anything and I would have paid out an extra £225 for my car insurance. Has anyone else taken advantage of the POs insurance? If so did you get your cash back? Link to comment Share on other sites More sharing options...
Stomp Posted January 17, 2013 Share Posted January 17, 2013 I think that you will find that most, if not all insurance companies offering a "guarantee" to beat renewal quotes will have a "like for like" clause. I compared my current insurer against Admiral in November. Admiral was cheaper but my then insurer offered to beat it. When I gave them the details of the Admiral quote they couldn't beat it because Admiral included a "courtesy car" in the event of a claim. So, I don't think that the Post Office is any different to every other insurance company on the market. Link to comment Share on other sites More sharing options...
vinyl Posted January 17, 2013 Author Share Posted January 17, 2013 I think that you will find that most, if not all insurance companies offering a "guarantee" to beat renewal quotes will have a "like for like" clause. I compared my current insurer against Admiral in November. Admiral was cheaper but my then insurer offered to beat it. When I gave them the details of the Admiral quote they couldn't beat it because Admiral included a "courtesy car" in the event of a claim. So, I don't think that the Post Office is any different to every other insurance company on the market. Apart from requiring a massive premium off you up front that you probably won't get back. Link to comment Share on other sites More sharing options...
Stomp Posted January 17, 2013 Share Posted January 17, 2013 Apart from requiring a massive premium off you up front that you probably won't get back. All insurance companies require a premium, and I'm pretty sure you can pay monthly or annually. If you pay annually (or up-front) you have the right to cancel and be refunded your premium less any administration fee and the monthly fee for any time you were covered. So you couldn't cancel the cover after 11 months and get all your money back for example. Link to comment Share on other sites More sharing options...
truman Posted January 17, 2013 Share Posted January 17, 2013 All insurance companies require a premium, and I'm pretty sure you can pay monthly or annually. . OP's second paragraph says.. "I thought this was worth a shot and gave then a call. The actual quote from the Post Office was around £225 more than my renewal, but I was told that if I paid the full quoted premium in full and sent in my proof of renewal quote, in 60 days I would receive a cash back for the difference plus £25." So looks like they'd have to pay in full and maybe they'd recieve the difference..would you trust an insurance company to do this? Why didn't they give the OP a competitive quote at the start? Link to comment Share on other sites More sharing options...
L00b Posted January 17, 2013 Share Posted January 17, 2013 So looks like they'd have to pay in full and maybe they'd recieve the difference..would you trust an insurance company to do this? Why didn't they give the OP a competitive quote at the start?Sounds very much like a marketing trap designed to boost cashflow...a bit like HMV continuing to sell gitft vouchers on the run-up to Xmas, really Link to comment Share on other sites More sharing options...
Mr Bloke Posted January 17, 2013 Share Posted January 17, 2013 ... Why didn't they give the OP a competitive quote at the start? ...as I understand it, the post office is just acting as a broker and probably 'rings around' to find the best deal. Link to comment Share on other sites More sharing options...
truman Posted January 17, 2013 Share Posted January 17, 2013 ...as I understand it, the post office is just acting as a broker and probably 'rings around' to find the best deal. My point is,the "best deal" they could find was £225 more than the OP's renewal yet they say they'll refund this difference plus £25 if their premium is paid in full... would you risk it? I'd be minded to give it a very wide berth... Link to comment Share on other sites More sharing options...
Stomp Posted January 17, 2013 Share Posted January 17, 2013 OP's second paragraph says.. "I thought this was worth a shot and gave then a call. The actual quote from the Post Office was around £225 more than my renewal, but I was told that if I paid the full quoted premium in full and sent in my proof of renewal quote, in 60 days I would receive a cash back for the difference plus £25." So looks like they'd have to pay in full and maybe they'd recieve the difference..would you trust an insurance company to do this? Why didn't they give the OP a competitive quote at the start? That sounds very unbelieveable. All insurance companies require proof of NCD and/or proof of quote if they are matching like for like. I doubt very much that a company like the Post Office would only give you a discount if you paid up front. I think what is more likely is that the OP has misunderstood the terms of the deal. Link to comment Share on other sites More sharing options...
truman Posted January 17, 2013 Share Posted January 17, 2013 That sounds very unbelieveable. All insurance companies require proof of NCD and/or proof of quote if they are matching like for like. I doubt very much that a company like the Post Office would only give you a discount if you paid up front. I think what is more likely is that the OP has misunderstood the terms of the deal. I can only reply to what's posted... Link to comment Share on other sites More sharing options...
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