Loyalty is one of the traits I with which I was fortunate enough to be born.
I tend to be loyal and I tend to assume loyalty in return.
One thing, however, that does its best to try and keep destroying my faith in that quality is big business where loyalty is demanded (though bribery, loyalty schemes and so on) but not earned. And therein lies the crux: loyalty has to be earned.
I know that what I am about to say is reasonably well known and, indeed I blogged about insurance fair deals a few years ago and suggested shopping around each renewal. Of course I've never taken my own advice: the principal reason being that I'm in NZ when my principal policies coe up for renewal.
Anyway my latest irritation stems from my house insurance renewal. This year the sum came in at just under £1400. My house is a modest pad in an extremely safe part of the world from almost every point of view. I got fed up and went to a very reputable insurer which gets great plaudits from consumers. They wanted £550 for similar cover. No contest there then. What's more there is a linked price rise guarantee so I won't suddenly find myself in year 2 with a huge hike in premium.
Now it looks like I'll be able to go to another reputable insurer and more than halve my car insurance premium.
I think when companies use the word loyalty, it's an abuse of the word. Loyalty to Tesco, say, is not a virtue, whereas loyalty to friend, country, whatever is. I too find it extremely irritating.
ReplyDeleteYes, Frances, I agree that it's pushing the definition a bit too far.
DeleteEvery year our insurers try to hike their premiums even though we never claim anything. Then I phone them and say "What's going on?". Following their script, the oik at the other end says "I'll just have to speak to my manager". Moments later they say they can reduce the quoted premium by a substantial amount. It's like a game. I call it "The Rip-Em-Off if You Can Get Away With it Game". The term "loyalty" is clearly alien to them.
ReplyDeleteYP I popped into my car insurer this morning and they reduced the premium by 10%. That left them just under twice the price of the very reputable company from whom I got a like-for-like quote yesterday. Ah well. I know where I'll be going. You seem to be suffering from the 2x post problem that I've been having as well.
DeleteI suspect a major reason they get away with it (if they do) is that it's such a bother for us clients to compare all the "small print" conditions and make sure we don't miss anything important... (sigh) It really should be the other way round, shouldn't it? (Meaning that as loyal clients, we should be getting benefits.)
ReplyDeleteYou are correct, Monica, insofar as it is a hassle but I saved so much on my house insurance (and now on my car insurance) that it's certainly been worth it.
DeleteIt pays big time to shop around. What I don't like is that they put little benefits in to keep you with your company. for example being with the company for a long time. Then it's hard to leave them and go with another company.
ReplyDeleteRed the 'benefits' that the companies I had insurance with were more apparent than real.
DeleteI have been very lucky. My insurance company are fine. They phone a month before renewal and I have paid less than previous years for three consecutive years. I checked this year and couldn't get within a £150.00p of my current policy price one quote was £320.00p more expensive. I don't use a broker and wonder if that helps.
ReplyDeleteI don't use a broker either Adrian. My house insurance was with the bank (that should set you off!). Ironically the Mutual Society that has now got my house insurance is the very same that is charging so much for my car insurance.
DeleteAt the moment, we (= the three owners of the house I have the middle flat in) are looking into changing house insurance. My neighbour is the one who said he is going to find us one at better conditions, so I am glad to leave it all to him. Our current insurance company said they were NOT going to rise, but then they did. Someone whose word (written!) you can't trust is certainly not worth doing business with. They were not "loyal" to us, so we don't see any obligation to be loyal to them.
ReplyDeleteWhen I am a happy customer, though, I am very loyal and also like to spread the word in my circle of friends and acquaintances.
I'm with you there Meike. I too praise companies that are good to me - in the same way that I thank individuals who are good to me. Hmm. There's another post.
DeleteMy motto: "My loyalty lies where their loyalty lies."
ReplyDeleteMy insurance company has been good to me thus far, so I'm sticking with them.
My coverage is adequate for my dear old Beast and includes extras like roadside assistance and free wrecker/tow services
That's a good way of putting it Virginia.
DeleteLoyalty in the context of companies I think has a different meaning from what it does in the rest of the world!
ReplyDeleteAbsolutely Jenny.
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