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Ian Jackson[_3_] February 16th 17 07:51 PM

Insurance - Large difference between renewal and new quotes
 
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?
--
Ian

occam February 17th 17 07:26 AM

Insurance - Large difference between renewal and new quotes
 
On 16/02/2017 21:51, 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?


Here's a simple trick I stumbled across accidentally.

Let your policy 'laps' by a couple of days. Do not make the renewal
payment by the deadline stated in the renewal notice. (It happened to me
due to carelessness.) When I eventually contacted my insurers with an
apology and a request to reinstate my existing policy, I was told they
have to re-issue the contract, for reasons best know to them and their
small-print. The 'new' policy was much lower in cost than my last
renewal notice. Their explanation was "It is policy to give a set
discount for 'first time' clients". Just to test the system, I repeated
this two years later, this time deliberately. Same results.


Flop February 17th 17 08:00 AM

Insurance - Large difference between renewal and new quotes
 
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
offer?"

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'.



--

Flop

2016 Resolution - lose 10pounds.
Only 15 pounds to go.

Flop February 17th 17 08:14 AM

Insurance - Large difference between renewal and new quotes
 
On 17/02/2017 09:00, Flop wrote:
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.





As an addenda I would advise you to stay with one insurer if possible -
especially for home/house insurance.

If you need to claim for eg subsidence, the question may arise about
when the defect started.

Your current insurer can suggest that you claim from your previous insurer.

[I believe that there is some agreement that current insurers must take
responsibility but I do not know how well this is implemented].

--

Flop

2016 Resolution - lose 10pounds.
Only 15 pounds to go.

tim... February 17th 17 11:47 AM

Insurance - Large difference between renewal and new quotes
 


"Flop" wrote in message
o.uk...
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
offer?"

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

tim






Ian Jackson[_3_] March 1st 17 07:11 PM

Insurance - Large difference between renewal and new quotes
 
In message , tim...
writes


"Flop" wrote in message
news:[email protected] co.uk...
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
offer?"

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).





--
Ian

Mark March 11th 17 01:08 PM

Insurance - Large difference between renewal and new quotes
 
On Fri, 17 Feb 2017 09:26:06 +0100, occam wrote:

On 16/02/2017 21:51, 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?


Here's a simple trick I stumbled across accidentally.

Let your policy 'laps' by a couple of days. Do not make the renewal
payment by the deadline stated in the renewal notice. (It happened to me
due to carelessness.) When I eventually contacted my insurers with an
apology and a request to reinstate my existing policy, I was told they
have to re-issue the contract, for reasons best know to them and their
small-print. The 'new' policy was much lower in cost than my last
renewal notice. Their explanation was "It is policy to give a set
discount for 'first time' clients". Just to test the system, I repeated
this two years later, this time deliberately. Same results.


Very Risky IMHO. You may not be covered for a few days and (IIRC)
many Mortgage companies will really not like this.


occam March 13th 17 07:14 AM

Insurance - Large difference between renewal and new quotes
 
On 11/03/2017 15:08, Mark wrote:
On Fri, 17 Feb 2017 09:26:06 +0100, occam wrote:

On 16/02/2017 21:51, 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?


Here's a simple trick I stumbled across accidentally.

Let your policy 'laps' by a couple of days. Do not make the renewal
payment by the deadline stated in the renewal notice. (It happened to me
due to carelessness.) When I eventually contacted my insurers with an
apology and a request to reinstate my existing policy, I was told they
have to re-issue the contract, for reasons best know to them and their
small-print. The 'new' policy was much lower in cost than my last
renewal notice. Their explanation was "It is policy to give a set
discount for 'first time' clients". Just to test the system, I repeated
this two years later, this time deliberately. Same results.


Very Risky IMHO. You may not be covered for a few days and (IIRC)
many Mortgage companies will really not like this.


I disagree. If they themselves agree to renew it, the continuity of
coverage is intact. What normally worries insurance companies is if you
have previously been refused insurance. The only (infinitesimal) risk
is if, in the couple of days of missing coverage, you suffer flooding or
an earthquake and fall in the 'gap' of two valid contracts.

Mark March 13th 17 02:48 PM

Insurance - Large difference between renewal and new quotes
 
On Mon, 13 Mar 2017 09:14:53 +0100, occam wrote:

On 11/03/2017 15:08, Mark wrote:
On Fri, 17 Feb 2017 09:26:06 +0100, occam wrote:

On 16/02/2017 21:51, 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?

Here's a simple trick I stumbled across accidentally.

Let your policy 'laps' by a couple of days. Do not make the renewal
payment by the deadline stated in the renewal notice. (It happened to me
due to carelessness.) When I eventually contacted my insurers with an
apology and a request to reinstate my existing policy, I was told they
have to re-issue the contract, for reasons best know to them and their
small-print. The 'new' policy was much lower in cost than my last
renewal notice. Their explanation was "It is policy to give a set
discount for 'first time' clients". Just to test the system, I repeated
this two years later, this time deliberately. Same results.


Very Risky IMHO. You may not be covered for a few days and (IIRC)
many Mortgage companies will really not like this.


I disagree. If they themselves agree to renew it, the continuity of
coverage is intact.


What if they don't or you turn them down because it's still too
expensive?

What normally worries insurance companies is if you
have previously been refused insurance. The only (infinitesimal) risk
is if, in the couple of days of missing coverage, you suffer flooding or
an earthquake and fall in the 'gap' of two valid contracts.


Much more likely risks are on the contents part of the insurance such
as burglary.


Fredxxx March 13th 17 06:45 PM

Insurance - Large difference between renewal and new quotes
 
On 13/03/2017 08:14, occam wrote:
On 11/03/2017 15:08, Mark wrote:
On Fri, 17 Feb 2017 09:26:06 +0100, occam wrote:

On 16/02/2017 21:51, 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?

Here's a simple trick I stumbled across accidentally.

Let your policy 'laps' by a couple of days. Do not make the renewal
payment by the deadline stated in the renewal notice. (It happened to me
due to carelessness.) When I eventually contacted my insurers with an
apology and a request to reinstate my existing policy, I was told they
have to re-issue the contract, for reasons best know to them and their
small-print. The 'new' policy was much lower in cost than my last
renewal notice. Their explanation was "It is policy to give a set
discount for 'first time' clients". Just to test the system, I repeated
this two years later, this time deliberately. Same results.


Very Risky IMHO. You may not be covered for a few days and (IIRC)
many Mortgage companies will really not like this.


I disagree.


Why?

If they themselves agree to renew it, the continuity of
coverage is intact. What normally worries insurance companies is if you
have previously been refused insurance. The only (infinitesimal) risk
is if, in the couple of days of missing coverage, you suffer flooding or
an earthquake and fall in the 'gap' of two valid contracts.


That sounds like agreement with the previous poster.

What are you disagreeing?


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