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Old March 1st 17, 08:11 PM posted to
Ian Jackson[_3_] Ian Jackson[_3_] is offline
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First recorded activity by FinanceBanter: Feb 2017
Posts: 2
Default Insurance - Large difference between renewal and new quotes

In message , tim...

"Flop" wrote in message
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On 16/02/2017 20:51, Ian Jackson wrote:
I've just got my annual renewal quotation for my house buildings and
contents insurance. It's 400.

I have lived in this house for nearly 40 years, and have never made any
insurance claims.

Although I appreciate the benefit of swapping insurance companies from
time to time, I rarely actually make the change. However, as 400 does
seem a bit OTT, I've started to get some online quotations - and I'm
surprised at how low they are. It looks like I can get something
adequate for as low as 120 - and with a few belt-and-braces extras,
it's still only typically 150. Even my present insurer only quotes 180.

Of course I realise that many of these new quotations will be
draw-you-in special offers, but even if I choose one in full knowledge
that I might get a bit of a shock on the first renewal, it would have to
be going some to be anything 400 (which will probably more like 440
next year).

So, although I've been with my present insurance company for 10 years,
so I'd like to know whether I should challenge them on the renewal price
(to see if they will come down to their online price), or should I
simply say "Let them stuff it", and move to a different company?

I had a renewal quote - say 350.

I checked with an online quote (like for like) and the same insurer
was offering 300.

So, I rang them up and said that "online I can pay 300. What can you

Their response was 275.

I suspect that there is a business model which says 'be ridiculous
and they will contact you. Your customer knows what you are like.
Give them the telephone number because if they don't do something
right now, they may forget and be stung for 350'.

didn't work for me

the best that they would offer was "free" emergency home repair cover,
which is actually about 50 quid if you pay for it

So I moved

Well, in the end, so did I.

The renewal (house buildings and contents) was 402 (Churchill), so I
spent a lot of time on the Meerkat website looking at alternatives. I
could have got something for 103, and the cover looked reasonably
adequate - but eventually I went for one for 140 (Legal & General).
However, I'll be keeping on next year's renewal price.

My car insurance is due next month, and if the past couple of years'
hikes are anything to go by, expect that I'll be asked for something
like 360 (fully comp, Churchill again). I'll probably go for one of the
Meerkat quotes for around 180 (RAC, who I used to be with until about
ten years ago).