Insurance (general moaning thread)

[DeskJockey]

Following on from the fun and games with the car insurance, it is now time for the home insurance, and what a treat!

Current provider invites us (based on current info) to renew for an increase of 20%. Updating the information to reflect new items added (total value of about £5k) recalculates to an eye-watering 113% increase over last year, and 78% over the initial renewal offer.

Off to the Meerkat we go, and updating the stored information, that returns a best offer (that is as close to equivalent as I can get it) 57% higher than last year, and 31% higher than the initial renewal offer.

Duck me what a fun experience.

So, I thought perhaps a general thread for all insurance-related moaning.

[Jobbo]

Holley knows my insurance tribulations recently. Final premium was less than 20% of the first quote… not without some effort on my part though.

[DeskJockey]

That's some saving!

[Explosive Newt]

Had a similar experience. Why is it going up so much and so fast?

[DeskJockey]

Same reason they all give: cost of claims, bla, bla. Basically because they can.

[dinny_g]

Mine's doubled in 3 years, despite no claims etc.

I'll definately be shopping around come renewal time in August.

[Holley]

Biggest issue for insurers has been the cost to replace fences, roof tiles, kitchens, bathrooms etc. Prices for materials haven't really come down since Covid and so the cost of a claim is much higher for an insurer.

I was told by Uinsure that they've increased rates by 25% this year, Paymentshield is 35% up on last year.

When looking at comparisons, check things like the single item limit (ideally over £2k), coverage in outbuildings is included, any exclusions to outbuildings not adjoined to your property, bicycle limits, total coverage for alternative accommodation, trace and access coverage - as can all vary quite a bit.

I think if you can get it between 10-20% of last years premium, you're doing well.

[Swervin_Mervin]

Oh good. I look forward to our imminent renewal then. We're limited to who we can go with because of underpinning.

[dinny_g]

Biggest issue for insurers has been the cost to replace fences, roof tiles, kitchens, bathrooms etc. Prices for materials haven't really come down since Covid and so the cost of a claim is much higher for an insurer.

The issue is the assessors - my brother found a small water leak in the kitchen cabinet where his boiler was. Not from the boiler itself but from upstairs in the bathroom. He called the insurance company who sent one out, along with a plumber. After about 30 minutes, the issue was tracked down to a faulty sealing between the bath plughole and the bath.

The assessor said he'd have his report in a few days - the claim value ? €47,000, which included new kitchen including flooring, New boiler, new bathroom, fully fitted and decorated, and the dining room and living room re-decorated as it was continuous space form the kitchen and so, the decorating had to match etc.

He told them to get to fuck, paid the plumber cash in hand to repair the plughole and re-painted the kitchen wall

[Gavster]

Mine (Landlord buildings insurance for 2 x units in a single building) took a big jump (around 40% IIRC) in the autumn and I didn't allow enough time to ring around loads of places for comparables. Should have also got a surveyor to assess building for rebuild costs too. Ended up just going with the renewal instead.

[jamcg]

I perhaps see a bit more in the line of repair work than most given the industry I work in. You can immediately tell around my area (Teesside) who are having insurance work done, because all the tradesmen are in vans with Sunderland/Newcastle addresses on the side of them (about 30-40 miles away)

You know then that the insurance companies are just paying someone whatever they have quoted for the work, no matter how ridiculous the price, as any local company would immediately have 2hrs per day less labour in just from travelling time, so god knows how inflated their total bill is

[Swervin_Mervin]

Oh good. I look forward to our imminent renewal then. We're limited to who we can go with because of underpinning.

And there we go. A 50% increase. Lovely.

So, now to do the merry dance.

RAC renewal has come through as well and that's similarly eye-watering.

[DeskJockey]

The joy! Good luck.

[Swervin_Mervin]

So, breakdown cover (with RAC). Had a renewal quote 24% higher than last year. Was going to bin the renewal and go down the cashback route (currently c£140 off higher cover levels with AA and RAC), but that tends to necessitate switching cover provider and then doing the same year on year.

Phoned RAC to cancel the auto-renewal and we commenced the "let's see what we can do for you" routine. Firstly, an extra 3 months free for the quoted renewal price. Nope. Wait 5mins and then we get a renewal quote drop to c11% higher than last year. Still thinking I could do better on the cashback deals I said no ta. Cue another wait whilst a discussion was had "with their manager", before offering a further reduction down to just 5.5% increase - £9.99

Go on then.

I wish we didn't have to bother with this nonsense.

[jamcg]

I can’t think of any other industry that thanks you for your loyalty by doing the opposite of thanking you for your loyalty

[mik]

I can’t think of any other industry that thanks you for your loyalty by doing the opposite of thanking you for your loyalty

Sky
VirginMedia
Vodafone
EE
AA breakdown
etc etc

But yeah - it's not a long list, and it is a really shitty approach.

[Mito Man]

I’ve said this before - Nationwide Flex Plus account - now £13 per month but still cheap for what it is. European AA breakdown cover with all the boxes ticked included, it covers an unlimited number of cars and it covers the policy holder. You can sit in a strangers car and then use it and I have tested that.
I’ve also claimed on their phone insurance successfully.
https://www.nationwide.co.uk/current-a ... /flexplus/
Don’t put any money in that account as there’s 0 interest paid but it’s worth it for everything else.