I recently received my annual quote for £281 plus £26.50 for a legal premium and thought no more of it and expected them to help themselves to the money at the end of August, as usually happens.
Today I had an email from Comparethemarket.com so thought I'd give them a go and they checked loads of insurance companies. The cheapest was my own Privilege insurance company at £161.12 plus the £26.50 ie £120 cheaper than they were going to charge me as an existing customer.
I phoned them and was told that they are aware of the discrepancy and that they were happy to match the on-line price. So I saved £120 with a phone call.
So if you are currently with Privilege run your details through the compare the market website and see what you can save.
Yes, exactly the same thing has happened to me with this company within the last month. I didn't save as much as you but every little helps, as some random grocer says.
Always worth redoing your insurance quotes every year. Insurance company's want new customers and will offer much cheaper rates. Customer loyalty is dead.
I had exactly the same with a different but well known company and they had to accept the cheaper quote, otherwise I was off elsewhere!
It's not just Privilege, virtually all companies offer a better premium to new rather than existing customers. I change every year unless my current provider can closely match the prices I've found as a new customer.