My house insurance renewal arrived this week.  They proposed a price increase from £270 to £451 (67%) in one year. The renewal letter went on to show comparative quotes that demonstrated that they had shopped around for the "best possible price", using their "large UK network of insurers" and that this was "terrific value" because they have "over 20 years experience" in the industry.

Shocked at this increase as nothing had changed at my house I checked the market :-

a) A major price comparison website was able to show the same insurance cover was available form dozens of insurers for around £240 (yes -  this is a price reduction from last year).

b) My current insurer's web site refused to quote because of the existing renewal quote. As a test, I changed my date of birth by 1 day and then they quoted £261 (a £190 reduction on their first quote, and less than last year.)

A five page letter of complaint has been sent to their managing director to see how he justifies this rip-off pricing. My complaint letters are always polite, but never subtle. I will let you know what he has to say.

In the meantime, NEVER, NEVER allow any insurance to auto-renew. Even if there are reasons why you must stay with your existing insurer you are best advised to telephone and have them re-quote for any renewal. If you do not have to stay with your existing insurer then always check at least one price comparison website to see if there are better offers.

An article from BBC Watchdog is available here related to car insurance renewals.

 

House (and other) Insurance Renewals

Disclaimer

The information and opinions within this site are for information purposes only. They are not intended to constitute legal or other professional advice, and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances. Local Planning Apps shall accept no responsibility for any errors, omissions or misleading statements on this site or for any loss which may arise from reliance on information contained within this site. No mention of any products, shall imply any approval or warranty as to the standing and capability of any such products on the part of Local Planning Apps or its clients.

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