A question about : Double Discount Car Insurance Loophole!
Nationwide* is offering drivers 'double the difference' if you find a cheaper quote (same cover level) from now till 31 Oct. Its insurance is not traditionally that competitive, yet this means you can really push the savings.
Step 1. Get a quote from Nationwide
Step 2. Use m'Car Insurance Cost Cutting System to find the very cheapest so you can undercut it
Step 3. Take out Nationwide's insurance, then present it with the lower quote to get double your discount back.
Nationwide does stipulate this must be a like for like quote - ie comprehensive for comprehensive. It does also have a few other t&cs which give it a 'get out of jail free card', but most people should be able to get the discount back.
And if Nationwide turns out to be the cheapest, then you're still winning anyway.
Important Update
I know many of you have said great idea, but im scared to pay out so much more. Well do remember even if Nationwide don't agree to give double the discount, you have a 14 day cooling off period. This is from its t&cs
Please read your Policy carefully and keep it in a safe place. If You do not feel that this Policy meets Your requirements, please send it back to Us straight away. If it is returned to Us within 14 days of receipt We will refund the premium in full provided no claims have been made during that time. The full annual premium will be due if a claim has been made during that period.
Click reply to discuss
Further Q&As ADDED 5/9/05
OK further clarification for you:
Some Qs I emailed Nationwide and its responses
Q. Can I check, the excess on claims must be within Ј25 (and is this within Ј25 or a difference of Ј25 or less)?
Yes. So if you have a compulsory excess of Ј100 and voluntary excess of Ј100 with us, we would allow a combined excess of any where between Ј175 and Ј225.
Q. If the policy you're comparing doesn't have European cover, would this knock it out?
Yes. We work hard to make sure our standard policy is a great package. The comparison quote needs to include all the things we cover as standard. This includes cover for driving in Europe for up to 90 days, temporary courtesy car and any additional options like legal assistance and breakdown services.
(addition from martin: this is one to be vary careful of, I belief the offer is rather disengenuous of Nationwide, as these are options on many insurance policies, still just search for the cheapest with the equivalents)
Q. If you are going for a monthly policy then are you factoring in the interest cost in the APR
Yes. Just multiply the monthly cost by 12 for both ours and the competitors quote for a like for like comparison.
Q. What happens if the difference is more than the cost of the second policy (ie nationwide is Ј1000, the second policy is Ј400)
As long as the quote is on a like for like basis, we will honour the price promise.
FYI, this is what we say about the price promise: BUY from us and if you then find a better quote, we'll refund double the difference. The policy needs to be purchased from us before the price promise can be claimed upon.
(addition from martin: duh.... as if i hadn't noticed! 
Q. I presume though it says Nationwide can cancel this promise at any time, if you took out the cover when the promise is on, but then it was cancelled before you claim, it'll still be valid?
Yes
PS. I've altered the link to Nationwide above so that when you click it, a little revenue is generated for MoneySavingExpert.com. As usual this doesn't impact or change either the recommendation or the result in any way. Read more on this sites non profit driven ethical stance.
Best answers:
- These are the terms and cons from Nationwide website
Price Promise Terms & Conditions
A Price Promise claim form is available from your local branch or by calling 08457 30 20 10. Full terms and conditions are listed below:
This offer applies to Nationwide car insurance purchased by 31 October 2005 and any claim subsequently made up to and including 28 November 2005.
The level of cover, policyholder and all other details for the quote must be the same as your Nationwide car insurance policy.
A valid claim must include an original quote dated after the commencement date of your Nationwide car insurance policy, but within 28 days, together with a copy of your Nationwide car insurance schedule.
A refund will be paid out on double the difference in the total cost of your car insurance premium charged.
Claims will be paid out subject to a minimum amount of Ј1 difference in annual premiums.
Only one claim per customer.
Nationwide reserves the right to withdraw this offer at any time.
This offer is not available in conjunction with any other offer or promotion.
Subject to satisfying the required criteria, you will receive your cheque for double the difference in annual premiums within 28 days of sending us a valid claim form.
Send your completed claim form to the following address: Nationwide's Car Insurance Price Promise, FREEPOST, Horizon West, Canal View Road, Newbury, RG14 5ZP.
Doesn't look like a lot of chance for them to weasel out of paying up.
Ben - The Insurance is provided by Churchill. So whats stopping me buying from Nationwide and then getting the cheaper quote from Churchill (i've quoted online using both and churchill is cheaper) and asking for a refund.
It just can't be that simple! Surley....
Mark - I got a quote for Ј560 and my renewal is Ј370, I'm not taking the chance !
- Just had a quote from Nationwide for my Rover ... Ј1070.
Norwich Union have quoted Ј500 for an even better policy with lower excess etc.
So if I take out the cover, they will refund me almost what I paid?? Is this going to be the first time ever that I get paid to insure my car?
I'm a bit wary about it. Has anyone successfully claimed yet? - Goodness me - it looks like there's going to be some fun with this offer based on the figures quoted in the last few posts.
- Does this mean like I had a tesco quote and rang to ask about the access they said for the voluntary access of Ј200 it said it was automatically Ј200 for fire or theft or Ј150 voluntary with automatically Ј100 fire n theft but on the nationwide it said a different combination. Would this void the double back thing and would proof just be by printing the quote out from the net?
Also, would this be for monthly payments = monthly payments and would the interest charged have to be the same aswell, amount of months to pay ect? - I think I will wait to hear if someone has claimed successfully.
I have been quoted Ј170 for my renewal (Diamond), but with Nationwide they want Ј300 ! So they will give me Ј260 ??? for nothing ?
Seems to good to be true - LloydsTSB were doing this same offer last year and I had no trouble claiming. And I cant imagine Nationwide wanting to give themselves a bad name for not paying up. I would say go for it. Just make sure the excesses etc. are the same.
- On Martin's tips email he always says that you don't have to wait till renewal to switch to a different insurer and cancel and get a refund, but I've noticed that all insurers that I've dealt with charge a Ј40 - Ј60 "admin fee" if the policy is cancelled before the end of the term. This makes it seem like a bad idea to cancel before renewal... because if you do then you have the admin fee deducted and thus lose some of the savings you would be making...
Am I missing something here? - Based on the wuote they have just given my fiancee of Ј1046.85, compared to Ј466.00 with Norwich union. Looks like we could be in the money!!!
Still a bit wary tho!! :confused: - I didnt take the risk - insured my rover for just under Ј500 today. Didnt fancy paying out over a grand only to find myself being caught out by the small print. I reckon they will catch people out on the 'like for like' policy bit. It's possible that they might have some feature in their policy (not sure what) that most other insurers don't provide hence people never being able to match it 'like for like'.
Sorry but I'm not about to take the risk. I'd rather pay out Ј500 quid to insure the car rather than pay a grand and risk the claim falling through!! - Let us all know what happens Bonj. My insurance is due later this month but like a lot of you I'm wary of the risk.
- My first posting, so let's hope it ends up in the right place!
My car insurance is due for renewal on Sunday 4 Sept, and the cheapest quote I've found is from Privilege.com at Ј226.80 (I'm a very careful, lady driver!!!) and there's an option of paying in interest free instalments.
Nationwide quote Ј273 if paying in full. That's Ј46.20 more, so a potential Ј92.40 refund. However, if paying in instalments - prepare to pay an APR 24.2%
Interestingly (well I thought so), the on-line application form for Nationwide looks identical to the Privilege.com one (but both are owned by RBS), so I feel mildly confident that the quotes will be like for like.
However, concerned about "a valid claim must include an original quote" I phoned the Nationwide who said a quote printed from the internet might not hold up for as an original quote. I spoke to the Claims Dept: 0845 605 9140 and they confirmed that the quote must be obtained in a like for like manner. i.e. if you buy on-line, the other insurer's quote must also be on-line, so print off the quote.
There is of course a 14 day cooling off period after purchasing insurance, so if my claim was processed and rejected within that time scale I could cancel the insurance.However, they do say claims will be processed within 28 days.
I'm dithering about whether to go with Nationwide - a possible Ј46.20 loss if they don't accept my claim against a Ј46.20 net gain if they do. Not sure if I'm prepared to gamble - perhaps that's why I never make any money! Who wants to dare me in the interests of research?
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