Mine raised my Insurance $75 a year. Simply because they could.
I contacted them through general enquiries stating - "I have never made a claim and you still raise my premium.
No wonder businesses are looked on as only there to make as much profit as possible.
They responded within hours
“Thank you for your online enquiry.
Insurance premiums have been increasing year on year, this has been due to the current global climate, the increase in RBA rates have also affected this.”
I cancelled the insurance and went to another company.
I take no crap from companies that think they control me.
I do a good hunt every year just before my insurance is due for renewal. Like you I refused to be bullied into paying more. My daughter used to work for Swindon Insurance when she left school, she told me some hair raising tales about Insurance companies.
I don’t know what it’s like down under or north of the border but here in England car insurers hang onto you card details and remove your £££ from your bank at renewal time. I suppose that’s what makes you feel bullied. Plus, there is absolutely no customer loyalty anymore: new customers get the same thing cheaper than existing customers. Not good but welcome to the modern world.
Our insurance companies raise premiums yearly based on stats ,i.e., the number and severity of accidents and the increasing complexity of modern car repairs in a region. They inform you well in advance about it and remind you of your special right of cancellation. Since all companies do that there’s hardly anything to be gained from cancelling. Days have long gone when you could hope for a reduction in premiums because of the stats.
I cancel purely on principal.
They raise their rates knowing that the majority of people will abide it.
Why do rates never go down? Will supermarkets reduce the prices when this “Covid Pandemic” has run it’s course?
Never, people have accepted that prices are high and will remain high.
Businesses are loving it.(except those who have priced themselves out of the consumer dollar), Landlords who do not have mortgages are loving raising rents. Will rents ever come down?
Goes without saying that nobody loves rising prices. Yet if you are insured with one of the market leaders, you know that it’ll be hard to get a better deal anyway. At my age people get a massive reduction because they have had a driving licence and a clean record for a couple of decades. Novice drivers pay three or four times as much. For them it makes sense to keep an eye on the cost.
I used to change banks and insurance companies more often when I was middle-aged and I’d still do so if the increase was noticeable. There’s also a limit to bank and insurance hopping, though, if you need to take out a loan. That is because we have a credit information system and fickle customers are reported there and you may end up getting a worse deal for your next mobile phone contract. All that does not apply to me but it accounts for the hesitation of customers to cancel on principle.
As for rents, they have never decreased over here either but mortgage rates had been ridiculously low for many years.
I was hit in the side by a driver who “didn’t see me” My insurance went up by £100. When I asked why I was told ‘because you’ve made a claim within the last 12 months’. BUT IT WASN’T MY FAULT ! Why am I penalised for someone else’s bad driving?
