Another home insurance renewal rant.

[Dave7]

Been with Co-op for years even though they have pushed prices considerably higher each year.
Final straw......this renewal is up by 30%. No claims for many years etc so I phoned them to discuss it and tell them "you are forcing me to look elsewhere"...... no explanation but sorry, thats the price.
So I spent a boring hour on line and got exactly the same cover for literally half the price.
I understand (sort of) that we are only dealing with brokers but it seems crazy to me.

 

[srw]

We've had our home insurance with the same broker for about 10 years now, and in that time the price has been roughly static - even though I've lost a staff discount in that time. This year they rebroked and the price went down. A few years ago we started buying landlord insurance through the same broker, and the price has barely risen in that time.

For household cover, they are expensive, but the claims service has been mostly exemplary and they have no problem covering the bikes we own - including the tandems. For the landlord's insurance they were by some way the cheapest.

 

[Cycleops]

Change every year to get the best price. I'm very surprised they didn't drop the price when you complained, they usually do.

 

[DCLane]

My renewal did the same - no claims, etc. So I cancelled and moved. Then they've charged me anyway!

I've been on the phone with the bank and reversed it.

 

[lane]

Insurer for car cover always asking when do you renew your house insurance etc. So got my renewal quote and thought give them a call. Sorry you have called a few days too early can't give you a quote until middle of the week - OK forget it then.

 

[Moodyman]

Isn't location a big factor in insurance premium calculations?

 

[vickster]

Yes

 

[Leedsbusdriver]

Ours actually went down a tenner this year Same address and same cover, figure that out Legal and General if anyone is interested.

 

[snorri]

I understand (sort of) that we are only dealing with brokers but it seems crazy to me.

It is crazy, and after years of living with a system where customer loyalty was rewarded, it is not easy to get your mind around a system in which loyalty costs you dearly.
Things have changed, and the customer mindset must change too.

 

[Dave7]

Isn't location a big factor in insurance premium calculations?

That is what the Co-op said. But my argument is, if thats the case how could I get exactly the same cover for 50% less.

 

[Deleted member 26715]

That is what the Co-op said. But my argument is, if thats the case how could I get exactly the same cover for 50% less.

Because the actuaries have decided your area is outside the specifics of which they want to cover & effectively made you decide to leave, if yous stayed & paid then okay, if your left their risk reduced.

 

[Bonefish Blues]

That is what the Co-op said. But my argument is, if thats the case how could I get exactly the same cover for 50% less.

Because marketing spend to get you on board before the ritual gouging takes place by your new insurer. It's how it works. My Professional indemnity insurers just did exactly the same thing, and I have just paid not far off half of what they wanted to renew.

For all your regular insurances, it's worth using a decent Broker (I use A Plan) to do the leg work for you - it's rare I beat them now they know I will occasionally check that they give me the best price.

 

[tom73]

I always shop around and cross check with cash back sites never take the add on’s most I have cover though others things so simply don’t need them.

It’s also worth checking what quote you get as if you are a new customer from current provider. I’ve more than once let one run out and sign up as a new customer on the last day of the current policy. As it turned out the best price at the time.

 

[Dave7]

Because marketing spend to get you on board before the ritual gouging takes place by your new insurer. It's how it works. My Professional indemnity insurers just did exactly the same thing, and I have just paid not far off half of what they wanted to renew.

For all your regular insurances, it's worth using a decent Broker (I use A Plan) to do the leg work for you - it's rare I beat them now they know I will occasionally check that they give me the best price.

For my last car insurance I tried the local branch of Swintons (I assume they are what you mean by brokers?) but the best they could offer was nearly double the Hastings quote.

 

[Dave7]

I always shop around and cross check with cash back sites never take the add on’s most I have cover though others things so simply don’t need them.

It’s also worth checking what quote you get as if you are a new customer from current provider. I’ve more than once let one run out and sign up as a new customer on the last day of the current policy. As it turned out the best price at the time.

Did similar with Green Flag who tried to put it up by over 30%. The operative actually sugested I do it so I went online and got same as last years price.