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By (user no longer on site) 13 weeks ago
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"Just got renewal.
Gone up by almost £100 from last year.
Bastards."
How much has the value of your home and contents increased by.
Higher risk higher premium. |
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"Just got renewal.
Gone up by almost £100 from last year.
Bastards."
Mine was going up much more than that so I threatened to cancel my policy and look elsewhere. They soon brought the price down.
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"Just got renewal.
Gone up by almost £100 from last year.
Bastards.
Mine was going up much more than that so I threatened to cancel my policy and look elsewhere. They soon brought the price down.
"
You have to haggle for everything these days. Though it did not go down well at Costa  |
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Do multiple comparison searches as well as speaking with your insurer, to get them to lower it, to the best price.
Obviously, ensure like for like cover. Also consider whether you could afford to have a higher excess level. |
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"Just got renewal.
Gone up by almost £100 from last year.
Bastards."
Shop around before you renew. Insurance companies rely on existing customers thinking the price would be the same elsewhere and very often it’s not.
Different companies evaluate risk in different ways and how many claims they have had from similar situations to yours is a big factor. I was with Direct line for years for my car insurance. They actually reduced the renewal premium this year but I’d had an at fault claim a few years ago which expired. I decided to shop around and saved about 40% |
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It's odd isn't it. There was at one point, not so long ago, an understanding that the price for the same service, or product, ought to increase by no more than inflation. Not to do so was to demonstrate a lack of desire to retain your customers. In insurance, a customer who isn't making claims, is a considerable asset and therefore it ought to go down.
Somehow this is now the opposite. And yet when you look at the profitability of insurance companies they tend to be very healthy. In equity, dividends to their shareholders etc. It's quite clear where the increases in premium prices are going. It's not rocket appliances. |
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By *avexxMan 13 weeks ago
cheshire |
"Do multiple comparison searches as well as speaking with your insurer, to get them to lower it, to the best price.
Obviously, ensure like for like cover. Also consider whether you could afford to have a higher excess level."
...this,, do it every year |
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"In insurance, a customer who isn't making claims, is a considerable asset and therefore it ought to go down."
It’s not that simple tho. One could reason that someone who’s not made a claim on buildings insurance for 20 years is more likely to make a claim, from a probability point of view. The theory being, sooner or later everyone makes a claim.
For contents, the crime figures for any given area change all the time so the potential risk also changes.
But the most likely explanation is they are just putting the cost of all policies up by a set amount. Regardless of the reason it’s always good to shop around. |
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"In insurance, a customer who isn't making claims, is a considerable asset and therefore it ought to go down.
It’s not that simple tho. One could reason that someone who’s not made a claim on buildings insurance for 20 years is more likely to make a claim, from a probability point of view. The theory being, sooner or later everyone makes a claim.
For contents, the crime figures for any given area change all the time so the potential risk also changes.
But the most likely explanation is they are just putting the cost of all policies up by a set amount. Regardless of the reason it’s always good to shop around. "
I take your point that there other situational factors, but I am working on the basis that the situational factors or at least comparative. Sure crime figures change but they tend to be incremental rather than shock changes. I find it hard to believe it would increase by a factor greater than the security of someone who does not make a claim. The logic does seem to apply in motor insurance with no claims discount?
I find the everyone will eventually make a claim part a bit of a gamblers fallacy. Just because an event hasn't occurred doesn't mean it is more likely to occur next year.
And that's my assumption too, for all the bluster they are just being greedy. I find if you auto-renew they tend to try it on. Once you call they can get it down as you are a returning customer and can give you a special discount 🙄
I'm quite skeptical about relying upon the invisible hand of market competition but I agree it's the best option available at present. |
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"It's odd isn't it. There was at one point, not so long ago, an understanding that the price for the same service, or product, ought to increase by no more than inflation. Not to do so was to demonstrate a lack of desire to retain your customers. In insurance, a customer who isn't making claims, is a considerable asset and therefore it ought to go down.
Somehow this is now the opposite. And yet when you look at the profitability of insurance companies they tend to be very healthy. In equity, dividends to their shareholders etc. It's quite clear where the increases in premium prices are going. It's not rocket appliances."
You are correct it is not rocket appliances that are causing the increase. It is probably kitchen appliances. |
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Have a shop around though on the compare sites 
