What do you think about changes to policy admin fees.

[Alan]

We just changed our company name, nothing else, no change to risk, no details to veryfy. Out of diligence I notified our insurer. And they came back with a £10 fee.

What are your views? Is that reasonable? Is that common across all insurance companies? Probably is, but my gut reaction is that companies house charge £8 to change a name and they are not vying for my business. My bank charges nothing when I change my name as they want to keep me happy.

 

[We Love Barcodes]

I think most of them are at it and not just insurance companies and not just for businesses. Most insurers seem to charge an "admin" fee for any account changes from an address change to say a change of vehicle. Even companies like TalkTalk charge an extra £4.50 a month if you pay by card and not direct debit.

 

[Alan]

After a quick 'this is a rip off' email, I got a response that it was a mistake by a colleague.

It was the right response, because I'm 100% certain that I would have paid, and then made sure I didn't use them on renewal even if they were cheap.

 

[We Love Barcodes]

Glad you got it sorted, but I can't help thinking they will probably do this to everyone and only refund if they receive a complaint. Imagine how many don't complain.

 

[tony84]

Your bank you are likely to remain with for many years.
Your insurance company I imagine your likely to change annually or at the very least every couple of years.

So you will not go back to your current insurers even if they are the cheapest, does that mean you are going to speak to whoever you do go to and ask if they will charge an admin fee to change your name? Or is it one lot or rules for an insurer that just happened to have your custom at the time and another set of rules for every other insurer who probably have the same rules but did not have you have a custom.

 

[Talay]

If you earn £500 an hour and you've spent 20 minutes on this, then you've "lost" £167.67 already to recover £10.

Principle yes but at what cost ?

I'd have probably just not paid and let the buggers chase me for it and then not renew.