FabSwingers.com forum: Renewals

By *imbo59se OP Man
over a year ago

North Norfolk area

No, not another should I stay, or should I go....

I have a vague recollection that there was talk of banning the practice of inviting the renewal of a product (insurance, mobile phone contract, broadband, Sky/BT/Virgin etc etc) at a higher price than a new customer could get the same product at.

Did this ever happen can anybody tell me?

By *lderflower_AppleWoman
over a year ago

Basingstoke

This was an initiative driven by the Financial Conduct Authority, so definitely impacts insurance, warranties etc. However, do remember that insurance renewals are (supposed to be) tailored to your personal circumstances, so higher risk factors like an increase in your age, number and types of claims you've made etc will impact the price you are offered at renewal. Providing you are giving the exact same details getting a quote as a 'new' customer to a firm that's offering you a renewal cost, it's illegal for them to offer you a cheaper price as a new customer.

By *lderflower_AppleWoman
over a year ago

Basingstoke

Just to add, I doubt that other industries like communications would have picked up on that initiative, unless the individual businesses wanted to become more 'ethical' when compared to their peers.

By *imbo59se OP Man
over a year ago

North Norfolk area

Thanks for your responses.

It's not insurance, I spent far too long in that industry not to know the game on renewals.

BT were on earlier, looking for me to upgrade today, on services that aren't renewable until late September....need to do some research I think!

Thanks again.

By *lderflower_AppleWoman
over a year ago

Basingstoke

"Thanks for your responses.

It's not insurance, I spent far too long in that industry not to know the game on renewals.

BT were on earlier, looking for me to upgrade today, on services that aren't renewable until late September....need to do some research I think!

Thanks again. "

Unless they're giving you a mega offer I'd always wait until your contract has expired. Much more bargaining power then as you can threaten to move away immediately.