elephant.NO.uk (Elephant.co.uk)

Name: Big Blue

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Product:	Elephant.co.uk
Date:	01.11.01 (822 review reads)
Rating:

Advantages: , Quick and easy

Disadvantages: , Initially cheap but goes up rapidly

Having been something of an early adopter of the online insurance market I was delighted to hear Elephant’s blurb. Having been insured with Ironsure.com some time ago I was left high and dry (and with a hefty premium elsewhere) when they ceased their Internet business – which given the paltry amount I had to cough up for cover did not really come as any great surprise.

Anyway, back to the point! On changing cars back in the summer I gave Elephant a whirl. I shoved in my details, a quote popped up and as expected the premium was low in comparison to the other quotes that I had received. All seemed to be going well.

I broke out my credit card in eager anticipation of instant online gratification and the accompanying smug satisfaction of knowing that I had managed to get a good deal. As I proceeded through the next few screens and added in the bits and pieces that I also required – minor stuff like reducing the excess to a sensible level, adjusting the annual mileage, protecting the no claims (actually I seem to remember not even having an option to do this one but I couldn’t swear to it). Anyway, the point here is that my initially attractive quote was becoming more and more expensive with every click. In the end Elephant were less competitive than some of the other quotes that I had received (both online and over the telephone). So on a like-for-like basis the early promise had disappeared and my quoted premium had gone up by a significant amount.

Disappointed with this I relayed my story to a colleague a couple of desks away. As he was also about to change cars he carried out a similar exercise with much the same result. Hardly scientific I grant you but enough to raise a few questions. I am fully aware of all the factors influencing insurance premiums and given that we are both of similar age, live in a similar area, have the same job and both drive slightly unnecessary cars this could well account for
this but I’m not so sure.

A few websites later I came across Tesco online and they offered me exactly what I was looking for in my policy and for a considerably lower premium than Elephant. To be fair here my initial premium did increase when I tailored it to my needs but the percentage increase was nowhere near the same. I also accept that it is possible that Tesco just happened to be right for both myself and my colleague (who has also insured with them) but I would suggest that their website is definitely worth a look, particularly as there is a 5% discount for online purchase.

As for Elephant – the early form was good but when I compared on a like-for-like basis they fell sadly short of a few other companies. I am just wondering how many Elephant customers might find themselves with large excesses in the event of a claim or paying more than they first thought that they would once they add in all their insurance requirements. Clearly Elephant appear to have been smart and have stripped out all the ‘niceties’ (I can’t think of a better word) so that they can quote a very attractive headline rate. Perhaps they then hope that people are ‘hooked’ and just go through with the online purchase without really noticing their increasing premium – just a thought. Alternatively, it could just be down to my personal profile and choice of car!

Summary: