Home Insurance and rip-off averted!

It is bonkers but its standard practice and I think has a recognised term. Its basically banking on some peoples' complacency and laziness. We always have a good look around for rates often before a policy is due so that we are forearmed!

Had the same thing last year with my mum's plumbing/water pipes insurance. The well-known company soon lowered it to the previous year's amount after a few minutes haggling on the phone.
Well, it would have been only a few minutes if they hadn't needed to get my mum, 120 miles away, on the phone at the same time to give them her consent.

Same thing with her phone/broadband a month ago. Mum didn't know that the deal she had been on (all previously dealt with by my late dad) had ended until the bill shot up 33%.
I checked some other companies' deals and, armed with their prices, contacted her provider, who soon offered a new contract on more or less the old price.

I hate having to do it, but it seems to be the only way to avoid being ripped off!

I must have been lucky as my bank informed me by letter that they had a better deal with my contents insurance as well as the premium being cheaper too.

You were lucky EV.

The Government or regulator or some other "high up" should address this blatant RIP-off practice. I think of it as a form of corruption.

Grannyknot well done!
But next year check out the opposition first, as they may even be cheaper than ur existing insurers.

Robbing blinders

My house is listed so my choices are limited and my insurance had gone up by over £100. I rang the broker who found another quote for £50 less but still too much. I was with Saga years ago and tried them - I've managed to save £130 and the standing order is only a bit more than last year.

All this financial juggling is hard isn't it. More on ebay today, although I find the new selling changes annoying!

Thanks, Cherry I hadn't thought of that

I do not give companies a second chance. Who wants to insure with a company who tried to cheat me by overcharging? If they will cheat on that they will cheat on anything.

If I think it is too much I look to see if I can get it cheaper and if the small print of the coverage is the same - you need to watch that - I move without wasting time negotiating them down.

Standard practice, it does not pay to be loyal to a company.
If you can receive a better deal with another company go with them and don't give the renewal company a second change.
At some point these companies will learn not to rip off loyal customers.

My husband never queried any insurance renewal prices, just paid up. A couple of years before he died, daughter 3 took us in hand, and saved us a small fortune over a few different insurances, including the car. She`s still doing it, thankfully.

Loyalty means nothing these days - you'd think that once you had been with a company, you'd get a discount but no, you're more likely to be charged double!

I recently changed from our usual insurers and got a better policy that was several hundreds of pounds cheaper.

My son was in the same position, phoned and the price reduced. The following year - a huge rise. He phoned, and was told that as he had a discount the previous year they were not prepared to reduce it! So watch for that!

Turn the tables. Six weeks before your renewal is due contact the insurer (if you have had no claims in the last year). Tell them that given your claims history you are prepared to renew with them at a rate that is 10% lower than you have paid them to date. They will try and haggle, so then you negotiate a decresase of "only" 5% or you will go elsewhere. 90% of the time you will win a decrease....the other 10% will be their offer to renew at the same as the old rate. Remember, you are the customer and they need you a lot more than you need them.

We're stopping our private health insurance as it's gone up by 40% and they won't negotiate, nor with our broker! Probably to do with age and the fact I had major surgery last year but I was grateful that I only waited 2 weeks for it while NHS patients wait months (hip replacement).

We're going to put money away in a savings account instead.

When your renewal is due just check details on a comparison website. Existing insurers will more than likely match that. Job done !

I have managed to get British Gas to reduce my new price increase for water pipes etc. by several pounds but not as much as I would like. I have also managed to get the estate agents selling my flat to reduce their commission by £500 by threatening to sell via another agent. Don't just pay up!
Also have looked into reducing my home and car insurance via Compare the Market and its amazing how much I can save for next year.
Also the same with my private health insurance. Have a much better deal now.

For three years, my landline and broadband have been with My Post Office. When my renewal was due, they wrote to me, inviting me to ring to negotiate a deal which I did and ended up with 50% off what I would have paid. This was as a reward for my loyalty. A very good and fair deal!

Camelotclub can I suggest you consider Benenden. £10.25 per month per person. Check out their website www.Benenden.co.uk

DH spends quite a lot of time on the phone when renewal comes up for various insurances ( luckily calls are free). He quite enjoys it, the other people not so much. I can remember the time when I did renew with the same company each year, as there was no increase, but that was quite a while ago.

I have haggled or switched all my bills and I have saved over £2k a year

Have a look at Money Saving Expert, founded by financial journalist Martin Lewis.
Www.moneysavingexpert.com

There is a wealth of information on the site, both by Lewis and his team and by posters on the forum. They are very good at flagging up good deals on things like insurance or how to navigate the system effectively.

Highly recommended.

For years l was paying £300 plus for house insurance. I was told to shop around l went with another company it went down by 200 pounds. The next time when they increased it and charged more for excess l went with age UK now l pay less than £100. I can't believe l was paying all that extra money for so many years. Just think what I could have done with it.

I was renewing my husband's health insurance - they quoted £3,255.73 and I got them down to ££1,832.15 by removing dental and psychiatric cover. All insurances are a complete scam imho