Home and Contents insurance.

Discussion in 'CycleChat Cafe' started by gavroche, 27 Apr 2018.

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  1. gavroche

    gavroche Getting old but not past it

    Location:
    North Wales
    Just had a letter from my bank about taking out home and content insurance which is due for renewal on 14 May. My present policy is not with them. As a valued customer, they are offering me 40% off plus another 10% introductory offer so I filled in their form for a quote. It works out still £30 a year dearer than on a compare website. It doesn't make sense does it? Of course , I will not be taking advantage of their 40 +10%offer . What a joke!!
     
  2. ianrauk

    ianrauk Tattooed Beat Messiah

    Location:
    Atop a Ti
    Insurance company renewals are all a big joke. It's the same every year, Renewal comes in at a higher rate. I get on the phone to tell them im switching (armed with quotes from comparison site). Bit of tooing and froing, either them matching last years cost or matching a quote or I go elsewhere.
     
  3. I like Skol

    I like Skol Hold my beer and watch this....

    Location:
    Ashton-under-Lyne
    Not sure what your point is here?

    You have had a 'discounted' insurance offer from a company you are not previously insured with. It is more or less in line with the market (£30pa is not a big difference if compared like for like on a comparison site). You can do better so have not considered it, simply move on.

    There are lots and lots of service providers and retailers that run this business model, with near continuous sales and offers (DFS, Halfords, etc) and this is nothing new or extraordinary. Only a fool would pay these firms the full, non-discounted price.
     
  4. swee'pea99

    swee'pea99 Legendary Member

    Or, in my experience, an elderly person.
     
    Phaeton likes this.
  5. Andrew_P

    Andrew_P In between here and there

    They work on the basis people are lazy and let it auto renew. I bet the vast majority let it happen at least for the second year.

    My Virgin deal ran out and it leapt up to normal price, I had already decided to leave, fiest phonecall and they offered to lower it back down.

    I just wanted Freeview and basic internet without new contract best they could do was £48 had to have phone and 12 month contract early disconnect fee capped at £240

    I cancelled 24 hours later, same deal £30, two months free partial refund of this payment and 30day contract no penalty.

    Awful way to treat customer's.

    Swallowed my ethics and took the deal couldn't face changing it all over for £3 less and slower internet!
     
  6. Paulus

    Paulus Getting older by the minute

    Location:
    Barnet,
    I have renewed my house and contents this week. I was with Direct Line, have been for many years. I spent a short while on a compare site and saved myself £400. My previous company couldn't get anywhere near it. The cover is also slightly better.
     
  7. Eddy

    Eddy Guru

    I maybe wrong but I read the post as the cost is cheaper on the comparison site for same insurance company that is offering these discounts to him.
     
    gavroche likes this.
  8. I like Skol

    I like Skol Hold my beer and watch this....

    Location:
    Ashton-under-Lyne
    I think you are both talking about inflated renewal offers? This is not what the OP is discussing and is an entirely different situation and one that I agree is pretty shameful practice.
    Maybe, it isn't clear and I assumed the reference was comparing a 'hugely' discounted loyalty based fee against the market best. I did consider your interpretation but thought the OP would have been clearer about it if they were being that specific?
     
    Eddy likes this.
  9. swee'pea99

    swee'pea99 Legendary Member

    Edna, who lives over the road, so essentially the same house but with less toys, has been with the same company for years. I get comparator quotes every year, and this year we're paying about £240, building & contents. My wife discovered recently that Edna's premium, having increased steadily over the years, is now a bit north of £1100.
     
  10. I like Skol

    I like Skol Hold my beer and watch this....

    Location:
    Ashton-under-Lyne
    Like I said, a shameful business practice :cursing:

    I don't have much time for the compo claim culture but this is one time I would like to see the compensation vultures get their claws into the guilty businesses. Your Edna could easily be due several thousand pounds if this has been going on for a decade or more.
     
    raleighnut likes this.
  11. Beebo

    Beebo Firm and Fruity

    Location:
    Hexleybeef
    This in spades.

    A company like AXA or Direct Line have 3 or 4 levels of cover, offering a different product from a budget policy which will have many exclusions a low cover levels to a premium product with few exclusions and unlimited cover.

    You get what you pay for, and care must be taken. If you are anything other than a standard risk you shouldn't rely on the aggregators.

    I work in the industry and even i am surprised at the shenanigans they get up to, and the fact that policies are mis sold constantly.
     
    C R likes this.
  12. swee'pea99

    swee'pea99 Legendary Member

    You don't though. That's the problem. If it was just a case that cover varies and if you want better cover you have to pay a higher price, fair enough. Nothing wrong with that. The problem is that for the unwary - which largely means trusting older people, who have a faith in institutions the young know better than to share - what you pay reflects not your cover but your vulnerability, ruthlessly exploited by organisations with the ethical standards of a mugger.
     
  13. lazybloke

    lazybloke Über Member

    Location:
    Surrey Hills
    I had a similar offer from Santander. They promised an introductory offer, cashback and probably unicorns. And if I switched early from another insurer, Santander would even cover any penalty charges.

    Walked out 10 minutes later laughing my head off because Hastings Direct were £250 cheaper, with a BETTER policy.
     
  14. swee'pea99

    swee'pea99 Legendary Member

    With or without unicorns?
     
  15. Piemaster

    Piemaster Guru

    Location:
    UK City of Culture
    The whole thing makes no sense, but just seems the way the insurance industry has gone.
    Why would you risk losing a customer by taking the mick instead of trying to retain them? Surely it costs money to advertise, and the price comparison site and big players must spend vast amounts on it, rather than use that to keep your rate increases moderate? And the comparison sites aren't a charity either.
    I'll guess they are just playing the numbers and those auto-renewing are covering the costs by more than they spend on advertising.
     
    Drago likes this.
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