What is it about banks and insurance companies that makes us love and trust them so much!!
The other day I received the annual renewal notice for my house and contents insurance. As a loyal customer I had no need to worry, the policy would be renewed automatically and so I could just sit back!
Sit back! I was almost horizontal, apoplectic with rage. The premium increase was £500. Once back in the upright position I telephoned to enquire why.
“I note from your file that you complained about the premiums last year so we applied a range of discounts to reduce the premium…..”, came the reply. (I think using the word “complain” was a bit rich, but never mind.) ……” and as you have been a loyal customer for many years I can re instate a discount of 40%. How does that sound?”
I replied, perfectly calmly I might add, that I had just obtained a quote on the internet for half as much again. And the company? Yes, you have guessed. The very one I was on the phone to.
A silence. Followed by “Ah, well that is for new customers…..”
So your best advice then would appear to be to cancel my existing policy as a loyal customer and re apply as a new customer. “I can’t comment on that,” was the reply.
So, having confirmed I could, I cancelled my policy and re applied. And the final premium? Less than I had been paying for the last 12 months!
Leaves you speechless, but maybe not surprised. Is there any wonder banks and insurance companies have the reputation they have!