Somehow, it’s already nearly a year since I got the latest car. Which, of course, means it’s also time for my insurance renewal to come through.
As usual, the current company have massively taken the piss, nearly doubling my premium this time round. For some reason, rather than having a number of different under-writers, they’ve recently decided to stick with just the one – and that one happens to be nothing short of extortionate.
Still, that’s fine, they can fuck off.
As a result, I’ve already sorted out a new policy with a different company. It’s got all the cover and options I wanted, and is cheaper than what I’ve paid this year, let alone the ridiculous renewal price.
I truly don’t understand the business model of the insurance industry, this attitude of “keep on charging more ’til people leave”. Surely if someone’s been with a company for [x] years, and established a record of being safe, not claiming etc., then it should be easier/cheaper/better to keep them, rather than letting them sod off somewhere else?
I suppose it might be the law of diminshing returns, an expectation the customers will claim eventually. Using that it kind-of makes sense, if all the customers are paying up, and if we can get rid of them before they cost us, then we’ve made money out of it, and it’s cost “some other company”.
But it all seems pretty flawed to me, and pretty bloody dumb. Hey ho. Their loss, not mine.