| Boring post - home & contents insurance 12:31 - Jul 12 with 766 views | clive_baker |
Had an email & letter from my provider telling me it auto-renews in a couple of weeks. Going up by 75%. Sorry, what now??
Just got another quote online that doesn't just not go up, it actually brings it down slightly vs. what I've been paying. Do these companies just rely on people not checking? Absolute frauds. |  |
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| Boring post - home & contents insurance on 12:47 - Jul 12 with 698 views | ElderGrizzly |
Yes, they rely on you not checking.
Ring them with your new quote and they will probably match it. You then of course say "f@k you, why not just do that to begin with?" and still move to the other provider. |  | | |
| Boring post - home & contents insurance on 13:40 - Jul 12 with 658 views | 05Jchamb |
At risk of being boring (but then you did admit it was a boring OP) UK private Home and Motor renewals must now offer the same pricing to existing customers as they would a new customer of the same risk. This came into effect on Jan 1 2022.
Part of me preferred the old system as I was essentially subsidised by those who didn't shop around and as the poster above pointed out, you could usually leverage a competitive quote to avoid the hassle of switching providers. However, do accept that there are certain groups who find this difficult and on balance it's probably not fair for me to profit at their expense.
Would be interested*** to hear if you have success this year negotiating your renewal quote (75% up) down on the basis of the competitor as I have previously wondered whether the law change would affect their willingness to do this.
Also just remember that different providers will have quite wide variance in T&Cs / coverages which will materially affect your payout in the event of a claim. Not always as easy as saying X is 75% Cheaper than Y so must be better. Less relevant for Motor as that is a compulsory, and therefore broadly homogeneous product, but for buildings / contents there's no point buying a policy that you later find out wasn't really worth the paper it's written on. Better off self insuring. |  | | |
| Boring post - home & contents insurance on 13:46 - Jul 12 with 640 views | Swansea_Blue |
Ignore, apparently it's all changed. [Post edited 12 Jul 2022 16:02]
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| Boring post - home & contents insurance on 15:58 - Jul 12 with 590 views | C_HealyIsAPleasure |
| Boring post - home & contents insurance on 12:47 - Jul 12 by ElderGrizzly |
Yes, they rely on you not checking.
Ring them with your new quote and they will probably match it. You then of course say "f@k you, why not just do that to begin with?" and still move to the other provider. |
Complete nonsense, it used to be true but insurers now can’t charge more on renewals than they do for new business, as another poster has pointed out. In the OP’s case it will just be something they have changed in their rating
As always, it is best to shop around - although again as the other poster has pointed out anyone that has been used to doing that historically will probably find much less benefit from doing so now |  |
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| Boring post - home & contents insurance on 16:02 - Jul 12 with 577 views | Swansea_Blue |
| Boring post - home & contents insurance on 15:58 - Jul 12 by C_HealyIsAPleasure |
Complete nonsense, it used to be true but insurers now can’t charge more on renewals than they do for new business, as another poster has pointed out. In the OP’s case it will just be something they have changed in their rating
As always, it is best to shop around - although again as the other poster has pointed out anyone that has been used to doing that historically will probably find much less benefit from doing so now |
Ah, ok. I didn't realise it had change. I made a decent saving the last time I had a renewal. | |
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| Boring post - home & contents insurance on 16:14 - Jul 12 with 548 views | clive_baker |
| Boring post - home & contents insurance on 13:40 - Jul 12 by 05Jchamb |
At risk of being boring (but then you did admit it was a boring OP) UK private Home and Motor renewals must now offer the same pricing to existing customers as they would a new customer of the same risk. This came into effect on Jan 1 2022.
Part of me preferred the old system as I was essentially subsidised by those who didn't shop around and as the poster above pointed out, you could usually leverage a competitive quote to avoid the hassle of switching providers. However, do accept that there are certain groups who find this difficult and on balance it's probably not fair for me to profit at their expense.
Would be interested*** to hear if you have success this year negotiating your renewal quote (75% up) down on the basis of the competitor as I have previously wondered whether the law change would affect their willingness to do this.
Also just remember that different providers will have quite wide variance in T&Cs / coverages which will materially affect your payout in the event of a claim. Not always as easy as saying X is 75% Cheaper than Y so must be better. Less relevant for Motor as that is a compulsory, and therefore broadly homogeneous product, but for buildings / contents there's no point buying a policy that you later find out wasn't really worth the paper it's written on. Better off self insuring. |
That's interesting re. the rule change, and good news. I always felt for those, perhaps elderly, with less access to the internet and alternative quotes who would get mugged at renewal time for various services.
I found that the new home insurance provider actually gives better accidental damage and maximum payout than my old one, and the contents is pretty much identical. I didn't even put it to my existing provider to see if they can beat it, I know this will sound ridiculous but I feel like they don't deserve a right of reply in this instance. I put the reason for leaving down to an excessive increase in premium and i'll leave it at that. | |
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| Boring post - home & contents insurance on 16:18 - Jul 12 with 540 views | jeera |
| Boring post - home & contents insurance on 16:14 - Jul 12 by clive_baker |
That's interesting re. the rule change, and good news. I always felt for those, perhaps elderly, with less access to the internet and alternative quotes who would get mugged at renewal time for various services.
I found that the new home insurance provider actually gives better accidental damage and maximum payout than my old one, and the contents is pretty much identical. I didn't even put it to my existing provider to see if they can beat it, I know this will sound ridiculous but I feel like they don't deserve a right of reply in this instance. I put the reason for leaving down to an excessive increase in premium and i'll leave it at that. |
So how come your renewal was far higher if the rules have changed and that's not supposed to happen?
You made a claim at some point? |  |
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| Boring post - home & contents insurance on 16:29 - Jul 12 with 505 views | C_HealyIsAPleasure |
| Boring post - home & contents insurance on 16:18 - Jul 12 by jeera |
So how come your renewal was far higher if the rules have changed and that's not supposed to happen?
You made a claim at some point? |
No one said increases aren’t supposed to happen, insurers can still increase the premium if they want/need. They just now have to charge the same price for both new and renewing customers (ie. if the OP was to call them as a new customer he should be quoted the same price as his renewal), so no more discounted premiums for new customers that are effectively subsidised by renewing customers paying higher premiums | |
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| Boring post - home & contents insurance on 16:31 - Jul 12 with 500 views | jeera |
| Boring post - home & contents insurance on 16:29 - Jul 12 by C_HealyIsAPleasure |
No one said increases aren’t supposed to happen, insurers can still increase the premium if they want/need. They just now have to charge the same price for both new and renewing customers (ie. if the OP was to call them as a new customer he should be quoted the same price as his renewal), so no more discounted premiums for new customers that are effectively subsidised by renewing customers paying higher premiums |
Heat got you a bit moody today or something?
My question wasn't loaded. It was just a question. | |
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| Boring post - home & contents insurance on 16:34 - Jul 12 with 491 views | C_HealyIsAPleasure |
| Boring post - home & contents insurance on 16:31 - Jul 12 by jeera |
Heat got you a bit moody today or something?
My question wasn't loaded. It was just a question. |
Not sure what was moody about that, was just explaining how the rules work | |
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| Boring post - home & contents insurance on 16:36 - Jul 12 with 482 views | jeera |
| Boring post - home & contents insurance on 16:34 - Jul 12 by C_HealyIsAPleasure |
Not sure what was moody about that, was just explaining how the rules work |
Tone's a bit off today.
Other poster talking 'complete nonsense'.
Telling me 'No one said...'
It's ok to treat people in the same manner you would in any normal chat.
Hey, maybe you do. | |
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| Boring post - home & contents insurance on 16:54 - Jul 12 with 462 views | ElderGrizzly |
| Boring post - home & contents insurance on 15:58 - Jul 12 by C_HealyIsAPleasure |
Complete nonsense, it used to be true but insurers now can’t charge more on renewals than they do for new business, as another poster has pointed out. In the OP’s case it will just be something they have changed in their rating
As always, it is best to shop around - although again as the other poster has pointed out anyone that has been used to doing that historically will probably find much less benefit from doing so now |
Not complete nonsense as it happened to me last year :)
Of course, the fact the rules have changed was something I wasn't aware of. Sounds a sensible move. | | | |
| Boring post - home & contents insurance on 17:31 - Jul 12 with 441 views | clive_baker |
| Boring post - home & contents insurance on 16:18 - Jul 12 by jeera |
So how come your renewal was far higher if the rules have changed and that's not supposed to happen?
You made a claim at some point? |
*touch wood I've never made a claim in my life on home or contents insurance. None of my circumstances have changed at all, I was surprised to see it was going up by so much. I understand a little increase, I'm sure their cost base is increasing like everyone elses but nigh on 75% increase is a p take. [Post edited 12 Jul 2022 17:32]
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| Boring post - home & contents insurance on 17:34 - Jul 12 with 425 views | Swansea_Blue |
| Boring post - home & contents insurance on 16:54 - Jul 12 by ElderGrizzly |
Not complete nonsense as it happened to me last year :)
Of course, the fact the rules have changed was something I wasn't aware of. Sounds a sensible move. |
Same. But happy to be corrected as it’ll hopefully save the painful renegotiations each year. | |
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