DON’T SWITCH TO VITALITY IF YOU HAVE ACCUMULATED NCD WITH ANOTHER INSURER.
I was with AXA for 5 years until Sept 2017. Vitality matched AXA’s policy and renewal (65% NCD) to £420. A year has passed and Vitality’s renewal came through at a staggering £684.
I made a complaint. I informed Vitality that they miscalculated my premium. According to their renewal pricing policy, my premium was due to increase by 3% not 63%. Their response was, and I quote:
“A concessionary one-off £200 write-off was applied to match your previous providers terms. The implication of this is that the write-off stands for a 12 month period, but then at renewal, without a concessionary discount applied, the premium returns to its original price to calculate the next renewal.”
Am I only one that finds that incredibly bizzare?
Here’s something from Vitality’s own website about renewals
“Q: Will I keep my no-claims discount if I switch to Vitality from another insurer?
A: You may still get an equivalent discount when you join us. You’ll need to send us your renewal quote and certificate of insurance. Then we’ll look at how many relevant claims you’ve made, and how long you’ve been insured.”
(Read the rest at: Vitality.co. uk/health-insurance/renewal-rates/)
What they don’t tell you, is that the discount will not apply the following year.
My argument to Vitality, is that if I had known this, I would never have switched. My renewal today with AXA would have been in the region of £450-£470. A like for like policy for Vitality’s £684 equivalent.
These tactics are disgusting, unethical and immoral. It’s a ploy to rob us of our hard earned money and years of NCD, in order to fill the pockets of the top level hierarchy. Vitality’s renewal policy is apparently based on what is called the ABC model, created by Vitality themselves. Here’s what Neville Koopowitz (CEO of Vitality), says on their own website about this model:
“We believe that no member should ever be surprised when they get their VitalityHealth renewal, which is why we have introduced the ABC model, a groundbreaking approach that sees the effects of age, medical inflation and wellness engagement combined to deliver a fairer, more intuitive and transparent pricing structure.”
Vitality.co. uk/media/70-percent-of-pmi-policy-holders-do-not-understand-ncd/
This ABC model should be called the CON model. And someone needs to teach Neville his 123’s, because a 3% increase does not add up to £684.
Reviewed on: 28th September 2018
