insurance scheme for member clubs|
In their latest
newsletter the Federation of Britiish Historic Vehicles Clubs (FBHVC) mentions
a motor insurance product endorsed by the FBHVC (see alongside) and only available
to member clubs, adding "you can be confident we have the product you need
at a price that is competitive. Why not put us to the test?"
your renewal reminder arrives be prepared so you can shop around - don't just
roll over and renew as so many policyholders do. Clearly when you do check out
motor insurance quotes from other good providers you do need to make sure the
scope and quality of the policy is the same or at least similar to the existing
Motor insurance ratings for daily cars in a recent Which? magazine
rewarded - sadly the opposite can be true|
Insurance and utility service
providers can take advantage of customers who may not feel sufficiently engaged
to start shopping around for a quote, so face near auto-renewals with incremental
price hikes. Older age groups are seen as particularly good targets for accepting
price hikes with little challenge or next to no haggling - and the service providers
know it and exploit it as an intentional part of their business model. So "passive
loyal stuffees" are disadvantaged while the market has tipped in favour
of those that are prepared to hunt around for a better deal, haggle with their
existing provider and if necessary walk away and renew with another supplier.
For many older classic car enthusiasts the thought of shopping around and haggling
for a motor insurance quote is not attractive, but sadly it's time to rethink
loyalty - is it worth staying at any price?
a NEWS item released in December 2017 we
highlighted how the consumer magazine Which? had a lead feature in its January
2018 issue on "why loyalty doesn't pay" noting how providers
of motor insurance and other essential services are quietly taking advantage of
their most loyal customers (often older customers) whilst offering new customers
attractive deals. Sadly you have to haggle these days to get a fair deal rather
than meekly accept a high renewal premium as a passive "loyal stuffee".
Providers are usually prepared to offer incentives, typically a reduction in their
charge or renewal premium, but only if you ask for it!