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Transaction Fees

Minivanman
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Transaction Fees

I must admit this gets right up my nose (maybe I should stand for leader of the Conservative Party)

The Mrs has just arranged cheaper house and car insurance - and they are charging us a transaction fee.

It's not much but that's not the point is it. I don't pay for say pie and chips and then find I'm also being charged extra for being served. Provide the product and I'll pay the bill, but don't charge me extra for providing the service!

Whatever next. Crazy2

 

 


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12 REPLIES 12
jab1
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Re: Transaction Fees

What insurance company is this, @Minivanman  - if you don't mind me asking?  I'd be tempted to tell 'em 'no thanks - I'll go elsewhere'

John
Minivanman
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Re: Transaction Fees

@jab1 

Policy Expert, part of the QMetric Group? 

 


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Champnet
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Re: Transaction Fees

Interesting, my car insurer charges a transaction fee. I assume they are acting as a broker and this is their fee. Still good value....

Minivanman
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Re: Transaction Fees

@Champnet 

In which case we can assume they are the middle man getting paid by both sides. Beginning to feel like I was in the wrong business!


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Champnet
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Re: Transaction Fees

@Minivanman Probably, but my insurance company specialises in high performance and high value cars so I expect they spend time looking a the best, but not necessarily the cheapest deals available.

Now if a broker, for a fee, continually monitored my energy usage and payments and automatically moved me to the best deals available, If the savings made more than paid their fees then I may consider that a good service.

Minivanman
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Re: Transaction Fees

@Champnet 

Well yes, as the broker is the provider and I do not see a problem with that. But if the product provider is charging me to provide the service... 

Do you think your high end insurance company would be interested in getting me a good deal on my 2006 'one litre and a bit' Fiesta? Roll_eyes 


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jab1
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Re: Transaction Fees


@Minivanman wrote:

@jab1 

Policy Expert, part of the QMetric Group? 

 


Don't think I know them, but I suppose, having thought about it, they are at least not hiding the fee in the total price. Was this transaction fee clearly stated before you clicked 'Yes please'?

John
Minivanman
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Re: Transaction Fees

@jab1 

Probably but as said the Mrs sorted it out.

Chances are we'd have paid as it came out as a good deal but also as said, it just gets up my nose for paying extra for getting something you are paying for - if you take my meaning. 

Not a million miles from Plusnet upping my internet charges by a nudge when I cancelled my phone line! Knuppel

It's not the money (well not always) it's the prinicple?

Found this BBC watchdog item about it earlier.

 


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idonno
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Re: Transaction Fees


@Minivanman wrote: Chances are we'd have paid as it came out as a good deal but also as said, it just gets up my nose for paying extra for getting something you are paying for - if you take my meaning.

I'm a bit confused. And no, I didn't come from the confused website Grin

From Policy Experts website

Policy Expert don't charge you any administration fees for:

  • buying your policy over the phone;
  • paying by debit card or credit card;
  • making a change to your policy after you've bought it (for example, to change the level of cover or add a joint policyholder), but you will have to pay any difference in premium; or
  • renewing your policy.

No mention of any transaction fee.......... I've used them in the past and can't recall any fees. Maybe the memory is fading.

Ever helpful. Grin Sure, I’d love to help you out. Now which way did you come in?
Strat
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Re: Transaction Fees

A car insurance I purchased offered 6 monthly payments at no extra charge or a one off payment.

When it came up for renewal the 6 monthly payment option had an interest charge attached.

I went online and found a cheaper quote.

Customer and Forum Moderator. Windows 10 Firefox 88.0.1 (64-bit)

Luzern
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Re: Transaction Fees

@Minivanman Do you know, who the underwriting insurer is? A good name, I hope

There is a thread in MSE albeit more on home insurance and a year old. It is mixed with mention of very low introductory offers and claims experience.

From the info you gave the company is FCA authorised, but they have issued notice of an unauthorised clone.

No one has to agree with my opinion, but in the time I have left a miracle would be nice.
Minivanman
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Re: Transaction Fees

@idonno 

None of those circumstances applied other than the use of a credit card, but this is what was in part of the email confirmation we received:

Important update about your Premium Credit Account

We've been notified by Policy Expert of a change to your insurance premium and that you have requested that we amend the amount of credit we provide to you under your Credit Agreement with us. We have accepted this request and the details of the new transaction are below.

Your revised premium

We can confirm:

  • The transaction amount is £26.75
  • The transaction fee is £3.37
  • The transaction percentage is 12.60%
  • No facility fee applies to this transaction
  • The credit limit on your Credit Agreement has been increased to £141.00

As I think I mentioned earlier it not the amount, just the principle. Sad 


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