Loyalty pays

[robbelg]

We regularly see news items about insurance companies exploiting loyal customers with high prices.

I've just had a renewal notice for my home insurance so of course I've been to compare the meerkat and the roll-over renewal is the best !

Earlier this year I posted the same about my car insurance.

Maybe the insurance companies have realised that keeping a customer is a good idea.

Or perhaps they've noticed that over the past 10 or more years I've changed company every year, while other people who haven't changed in many years are mugs who can be ripped off with ever increasing prices.

Rob

[maximan]

Hi Rob

For the first time in years I have just renewed my car insurance with General Accident and the premium is less than last year.
Perhaps they are learning that it pays to keep good customers.

[Alaric]

Perhaps they are learning that it pays to keep good customers.

Relentlessly chasing new customers with all that implies in marketing and incentive spending could be loss making if the new customers invariably leave after a year.

[stevensfo]

Perhaps they are learning that it pays to keep good customers.

Relentlessly chasing new customers with all that implies in marketing and incentive spending could be loss making if the new customers invariably leave after a year.

I wonder if the banks will ever learn as well? I always thought that Building Societies were supposed to be a cut above banks when it came to how they treat customers. Over the last ten years or so, I've lost track of the savings accounts and cash ISAs with Nationwide, where the rate mysteriously fizzles down to almost nothing after a year.

Steve

[Dod101]

Hi Rob

For the first time in years I have just renewed my car insurance with General Accident and the premium is less than last year.
Perhaps they are learning that it pays to keep good customers.

I did not realise that General Accident as a name is still be used. Owned by Aviva as far as I know.

Dod

[maximan]

Hi Rob

For the first time in years I have just renewed my car insurance with General Accident and the premium is less than last year.
Perhaps they are learning that it pays to keep good customers.

I did not realise that General Accident as a name is still be used. Owned by Aviva as far as I know.

Dod

Yes Dod they are owned by Aviva but still use the the name. They are a registered Trademark Of Aviva.

[pochisoldi]

Perhaps they are learning that it pays to keep good customers.

Relentlessly chasing new customers with all that implies in marketing and incentive spending could be loss making if the new customers invariably leave after a year.

I wonder if the banks will ever learn as well? I always thought that Building Societies were supposed to be a cut above banks when it came to how they treat customers. Over the last ten years or so, I've lost track of the savings accounts and cash ISAs with Nationwide, where the rate mysteriously fizzles down to almost nothing after a year.

Steve

Nationwide are just another financial provider these days.
Gone are the days where I would have recommended them as a one stop shop with a range of market beating accounts.

I used to have them as:
Main current account provider (moved elsewhere when I got an offset mortgage).
Everyday credit card provider (cashback dropped to 0.25% well before the first round of cashback reductions)
Foreign Credit card provider (forex loading added, then cashback removed for foreign transactions)
ISA provider - Beaten for "new ISA money" every year since 2014/15, beaten for "old ISA money" since 2016/17.
Non ISA savings - Last used in 2009.

The only products I have these days are the current account (£750 goes in/out on 1st working day of the month), and a "Flexclusive regular saver".

Their regular saver is the only "loyalty" product worth having - their "15+yr loyalty saver" which at 1.1% is hardly market beating, and can be easily beaten with a combination of a TSB current account for true instant access to £1500 at 5%, plus whatever is top of the pops at MoneySupermarket.

PochiSoldi

[bungeejumper]

For the first time in years I have just renewed my car insurance with General Accident and the premium is less than last year.
Perhaps they are learning that it pays to keep good customers.

I had a similar experience with General Accident this year - a tiny increase (about £8, I think), not worth the pain of shopping around. It was really quite unnerving.

BJ

[scottnsilky]

For the first time in years I have just renewed my car insurance with General Accident and the premium is less than last year.
Perhaps they are learning that it pays to keep good customers.

I had a similar experience with General Accident this year - a tiny increase (about £8, I think), not worth the pain of shopping around. It was really quite unnerving.

BJ

Lucky for you, I left GA last September because their renewal quote was much more than I found on comparison sites. Being internet only, they won't haggle like Admiral did when I was with them, before I went to GA. On that occasion, they would haggle, but not enough. They'd rather have nothing than the £300 odd I suggested.

On the subject of Nationwide BS, I had free European travel insurance until a couple of months ago. They changed the age criteria so I no longer qualify, even though we septuagenarians are healthier than ever. Fortunately, I never needed the cover. Their debit card is good abroad, well thought of by MSE.

[pochisoldi]

On the subject of Nationwide BS, I had free European travel insurance until a couple of months ago. They changed the age criteria so I no longer qualify, even though we septuagenarians are healthier than ever. Fortunately, I never needed the cover. Their debit card is good abroad, well thought of by MSE.

All of their normal debit cards (except for FlexStudent, FlexGraduate, FlexOne accounts) , charge 2.75% loading on purchases plus £1 for ATM withdrawals.

In short unless you are a kid, a student or a recent graduate, Nationwide Current accounts save you 0.25% compared to the rest of the market, and 2.75% more than a Halifax Clarity credit card.

PochiSoldi

[swill453]

On the subject of Nationwide BS, I had free European travel insurance until a couple of months ago. They changed the age criteria so I no longer qualify, even though we septuagenarians are healthier than ever. Fortunately, I never needed the cover. Their debit card is good abroad, well thought of by MSE.

All of their normal debit cards (except for FlexStudent, FlexGraduate, FlexOne accounts) , charge 2.75% loading on purchases plus £1 for ATM withdrawals.

I don't think so. I have a FlexPlus account and I get free foreign ATM withdrawals with the debit card.

Admittedly they would charge the loading for purchases, but I don't use it for that.

Scott.