I have recently purchased a newer car as my 20 year old Ford Fiesta has finally got to the point where it won’t get through the MOT. Prior to purchasing my new car I checked insurance rates on a couple of comparison websites and once I had finished comparing meerkats at www.comparethemeerkat.com I checked the rate with my then current insurer Budget through their website. Having looked at the car insurance premiums and found that there was not much different between them, I decided I would stick with Budget to save myself the hassle of moving my insurance to another company. All of the insurance companies had quoted in the region of £300 for the year with a similar excess and a second named driver, a cost which seemed fairly reasonable.
At this point I called Budget to let them know I had just purchased a newer car and wished to cancel the insurance on the old one and transfer it to my new vehicle. Budget now quoted me a much higher total premium of nearly £800 for the year. The reason being that as an existing loyal customer of nearly 11 years I was not able to enjoy the rate quoted on their website. This website quote of £300 was only available to new customers only and not existing ones. A good case of brand new customers only. My initial reaction was that I would cancel the existing policy and then return as a new customer to take up the “new customer” rate. Apparently I am not able to do this, as I already have a policy number so would be prevented from taking out a new policy.
At this point I was left with two options, stay with Budget and pay a highly inflated £800 a year premium simply because I am an existing customer or pay a cancellation fee for my old policy and move to another insurer. Even taking into account the cancellation fee for the old insurance I would still be £400 a year better off by moving to another insurer so it seemed the best option was to tell Budget what they could do with their insurance. I can see my custom over the last decade has obviously been highly valued and I certainly won’t be using them again.