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Insurance premiums

Community Veteran
Posts: 7,149
Thanks: 51
Fixes: 2
Registered: 30-08-2007

Insurance premiums

My home/contents insurance renewal reminder arrived on Wednesday, with what I thought was a pretty excessive premium, so out of idle curiosity I did an online quick quotation with another company, to find that with very similar cover and benefits the difference in price was no less than £125 less (yes, thats one hundred and twenty five pounds) When I pointed this out to my present insurance company, they said as long as I have documents to prove it (I have now) they will price-match it.
It pays to look around, and then ask your present company to price-match. Does make you wonder where they get their prices from in the first place.
To get the necessary paperwork from the online company I had to apply for a without obligation "full quotation" This was all done by email attachment (all 12 pages of it) but was £12 higher than their online quick quote. The £125 difference is from the full quote, not the original quicky.
Experience; is something you gain, just after you needed it most.

When faced with two choices, simply toss a coin. It works not because it settles the question for you. But because in that brief moment while the coin is in the air. You suddenly know what you are hoping for.
12 REPLIES
Community Veteran
Posts: 16,820
Thanks: 1,112
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Registered: 06-11-2007

Re: Insurance premiums

It is also well known, (amongst those who know  Roll eyes ) that sometimes if you go to your present insurers, and fill in their application form, you will get a cheaper quote than the renewal... happened to me on my car insurance 2 years ago !... got them to do it at the cheaper quote... !
Community Veteran
Posts: 6,735
Thanks: 12
Registered: 02-02-2008

Re: Insurance premiums

Me too, though it was more like 5 years ago.
I recheck occasionally, though haven't this year....
Community Veteran
Posts: 7,149
Thanks: 51
Fixes: 2
Registered: 30-08-2007

Re: Insurance premiums

Its an interesting point shutter, but curiously I found that with both my recent motor insurance and home/contents insurance I was unable to get online quotes from the existing companies. I can only assume that their databases matched parts of our name/address details and somehow barred us from getting quotes, reporting back that they were unable to quote, referring to their help desk, inputting "false" information would not help too much, as most insurance premiums will vary with your "postcode lottery"
Experience; is something you gain, just after you needed it most.

When faced with two choices, simply toss a coin. It works not because it settles the question for you. But because in that brief moment while the coin is in the air. You suddenly know what you are hoping for.
Community Veteran
Posts: 18,544
Thanks: 190
Registered: 12-08-2007

Re: Insurance premiums

Quote from: shutter
It is also well known, (amongst those who know  Roll eyes ) that sometimes if you go to your present insurers, and fill in their application form, you will get a cheaper quote than the renewal...

Same story for me.  I'm with Zurich for car and home/contents.  I went to a comparative site and got a better price - from Zurich -  and the home/content insurance had better cover.
They agreed to give me the lower price.  I told them what I thought of their action but decided to stay with them as they have always given me excellent service. My savings were not small change either.  They were 15-20%. 
Loombucket
Grafter
Posts: 314
Registered: 09-06-2007

Re: Insurance premiums

I'm probably one of the few people left in the country  that use an insurance broker - and a damn' good one at that.  When the renewal arrives, all I have to do is phone them and say "'OW MUCHHuh" - within a day I've had a call back with a substantially reduced price.  They're really competitive, only handle "good" insurers (won't touch cheapo companies that provide dreadful service), handle everything for me in the event of a claim and have never let me down in the 30+ years I've used them.
Sometimes, old-fashioned is good.  Wink
Community Veteran
Posts: 18,544
Thanks: 190
Registered: 12-08-2007

Re: Insurance premiums

I guess brokers have had to look at how they do business to stay competitive.  It would concern me though if I had to phone them to say 'Ow much?' before I got the best price.  Isn't a broker supposed to check the market before giving you a quote?
itsme
Grafter
Posts: 5,924
Thanks: 1
Registered: 07-04-2007

Re: Insurance premiums

I would say not. Price is only one reason to go with an insurance company so should a broker waste their time getting other quotes if their customer is not going to move away from the current insurer? 
Community Veteran
Posts: 18,544
Thanks: 190
Registered: 12-08-2007

Re: Insurance premiums

If a broker doesn't shop around for the best deal he's never going to get your business.  Once he's got you he can possibly hold onto your business with a high level of service even if there are cheaper choices out there.
Moderator
Moderator
Posts: 16,521
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Registered: 06-04-2007

Re: Insurance premiums

I've done it the 'Shutter' way for the last 5 years.
As I've stated in another thread previously, I get an on-line quote from my current insurer (AA - well, they're brokers really) and wait for them to call me back after a few days asking why I haven't proceeded, then they beat their own on-line price for me!

Forum Moderator and Customer
Courage is resistance to fear, mastery of fear, not absence of fear - Mark Twain
He who feared he would not succeed sat still

Community Veteran
Posts: 6,584
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Registered: 16-02-2009

Re: Insurance premiums

Check out a post I made about a month ago, by doing an online check I reduced my premium by 66%, nearly £240!!!!
And that was with the same insurer, going online rather than accepting their renewal quote. Quote £350 ish online £112, phoned up saying I am not renewing (I DO WISH THEY WOULDN'T DO THAT, why do I have to phone them to cancel at the end of a contract?) and saying I am renewing online, they "price matched" themselves Crazy Crazy and I renewed at 66% cheaper.  Cheesy
Moderator
Moderator
Posts: 16,521
Thanks: 1,778
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Registered: 06-04-2007

Re: Insurance premiums

My parents had been using the same company for buildings/contents for years and wouldn't budge.
Last year I got some quotes for them showing massive savings. They phoned their insurer to say they will be cancelling who immediately beat the best quote I had got for them - they saved over £400!
To think of the amount they had wasted all those years Sad

Forum Moderator and Customer
Courage is resistance to fear, mastery of fear, not absence of fear - Mark Twain
He who feared he would not succeed sat still

Community Veteran
Posts: 18,544
Thanks: 190
Registered: 12-08-2007

Re: Insurance premiums

...........and the extra commissions they paid in that time Sad