Hey insurers, where’s your loyalty towards bikers?
On a recent Facebook post about never auto-renewing your insurance policy, a follower pointed out something so bleeding obvious we are surprised we’d never really thought about it.
“There’s no reward for loyalty anymore,” said Adrian.
And he’s right, isn’t he? Instead of recognising that renewing a policy is an act of loyalty, most insurers take advantage of customer apathy, ignorance or just plain laziness.
They take advantage by giving you a premium that is often more expensive than a policy you’ll find elsewhere.
And like a dog stuck with an owner who barely remembers to feed it, we still reward them with our ‘loyalty’.
Surely that’s not right?
Surely, that puts insurers in exactly the same category as the energy companies who, as soon as you reach the end of a fixed deal whack your charges up to the much higher ‘standard rate’.
And we all know what the public thinks about energy companies…
Instead, we feel insurers should work much harder to reward your loyalty.
Like energy companies, could they be compelled by law to let you know that a cheaper deal is available elsewhere?
That’s probably a nonstarter to be honest. Each policyholder has very different circumstances and every insurer has different underwriting criteria, so it’s not as simple as the energy market.
Could they be compelled to price match? Again, probably a non-starter for the same reasons.
Could they offer a reward more useful, relevant and money saving than a stuffed toy? Almost certainly, but we are not sure it’s enough.
If you have genuine and interesting ideas on how insurers could do more to reward our customer, let us know at editorial @ bikerandbike.co.uk (removing the spaces either side of the @ symbol).
In the meantime, as soon as the auto renewal reminder letter arrives in the post, get ringing round.
It’s the only way to make sure you don’t overpay for your insurance.
Get yourself sorted:
Forget loyalty. Every time you need a policy, hit at least two comparison engines and do some ringing round. It’s the equivalent of earning money.