You don't need to be an 'investor' to invest in Singletrack: 6 days left: 95% of target - Find out more
Just opened my email to see our home insurance renewal sitting there. Gave me quite a shock.
This is for buildings and contents. No claims made in the last year, nothing changed, nothing added....
They're quoting 31% increase over last year. Obviously a serious discussion needed and some shopping around but I'm interested in what others may have experienced. I mean ... 31%....
Best I could do on my car insurance this year's a 10% increase in price!
Direct Line, up from £180 to £190 per year.
My renewal (with Halifax) was £169 down from £200 the previous year. Shopping around got it down to nearly £100.
Mine went up £100 to £1200 so less than 10% increase
Thanks... I probably wouldn't have been surprised to see around 10% (some articles suggest a general, average increase of 9.1%) but 31% will have to be addressed.
Like Rockhopper I'm with Halifax and saw a few % reduction this year.
Unlike Rockhopper I just let it roll over, so probably could have got it cheaper if I'd been bothered to shop around a bit.
About £350 with c. £4.5k of named bikes on it.
Nationwide 10 pound increase this year
I change mine every year because the insurance companies almost always increase the premium on renewals.
Car brake down services are even worse - I swap between as/rac annually.
I also go through a cash back service (Quidco) on every renewal, car/home/brake down, which gives on average about £150 back a year.
Have you tried ringing them? I know it sounds patronising and all the paperwork says use the web page for best price etc but last year my premium went up about 25% so I rang them and simply asked 'I've checked the meercat and is that your best price' or something like that and they instantly reduced it to within a tenner of the previous year.
Could be worth a try although most claim not to do this anymore. N.B. it was Churchill so not a complete random. The AA breakdown are another one I've never paid the renewal price in full. They are chancers but choice was v. limited when we had a 20 year old camper.
Nationwide 10 pound increase this year
Interesting. That's who we are with. I've got to get to the bottom of this
@notsospeedydaz was that buildng and contents? Any bikes included?
I change mine every year because the insurance companies almost always increase the premium on renewals.
Not any more, the law changed last year so now they have to offer the same premium for new or existing customers.
Which is great because unlike everything else changing house insurance is a ballache of forms, tickboxes and small print if you're adding bikes/valuables.
Yes, I'm going to call them on Monday and do some research in between.
Ours went up by £14, to £248. I didn't even bother trying to get a cheaper quote.
Our Nationwide quote was close to 30% more in April. Same as the OP no claims or changes. I queried it to be told that rates change as they assess risk annually (really?!! nss) but couldn’t explain what had changed their end. Went to LV for almost identical cover at 10% less than last year’s quote from Nationwide
Our quote was 35% increase. Suspect they have got around the new rules by giving us some optional elements free last year and trying to charge for them on renewal.
Price comparison sites were pretty useless this year.
On the basis of recommendations on a previous thread on here I got a cheaper quote through Aviva.
Our Nationwide quote was close to 30% more in April. Same as the OP no claims or changes. I queried it to be told that rates change as they assess risk annually (really?!! nss) but couldn’t explain what had changed. Went to LV for almost identical cover at 10% less than last year’s quote from Nationwide
Thanks.... that's very useful to know it being Nationwide. Looks like I'll be jumping ship. Might try LV as we've our cars insured with them.
Nationwide weren’t competitive at all for me, even with 25% discount for having an account.
If anyone is a member of LV (i.e., the Life insurance part of the business) then ring them up and tell them. I let them know about this last time I rang and got quite a healthy extra discount. Can't remember how much, but worth having.
Nationwide renewal down from £26 per month to £19
Our renewal with Esure was up from £285 to £320.
They'd massively over estimated the replacement value of the specified bikes - apparently index linked automatically.
Brought it down to £308, ballpark for similar cover with a reasonably respectable insurer
AXA : renewed a few days ago (home and contents) down from £182 to £177
I queried it to be told that rates change as they assess risk annually (really?!! nss) but couldn’t explain what had changed their end.
The risk isn't really about you and your house (in the way that car insurance risk is about the car and who's driving it) - it'll be more about your locality - while nothing might have changed about your house and your use of it the pattern and cost of claims around you might have - whether thats crime related or storm and flooding related or any other pattern. The trend for 'garden rooms' is having an effect on peoples insurance (whether you have one or not) - unlike 'sheds' they tend to have power, light and heating and a habit of catching fire and that impacts on neighbouring properties. So if you're in the kind of neighbourhood where people would build that kind of thing that could be a factor too.
Quidco compare got mine for £114, and £28 cash back to come off that
Ours was down to £440 ish from £490 last year - Aviva.
Glad as changing is a massive ballache (lots of flat roof makes us non standard).
The risk isn’t really about you and your house
I think but can’t be sure that it was mainly due to the size of the house and therefore the rebuild costs under the current inflation of materials etc. as it was the buildings element that changed significantly rather than the contents. Clearly Nationwide are less interested in insuring us than they were hence the quote. Some insurers( direct line for example) won’t do an online quote when I enter the details -I have to phone. DL were very similar to the Nationwide quote after their team had made a rebuild cost estimate. Perhaps LV were more interested in gaining customers at the time?
Our home insurance went down a bit (<5%)
However just had car insurance renewal and thats gone down about a quarter!
Slight change of subject, but my house insurance is coming up next month.
Currently with Aviva, they did a thi g where I tell how much my most expensive bike is worth (but don't have to specify it) and then any others in the house are automatically covered.
This appears to be very good for serial bike swappers, those of us with lots of moderately expensive ones (7 in the £700 to £3k bracket) and they also cover them away from home.
Does anyone know which other insurance cos do this, ie only have to specify one bike and away from home cover? It's a long slow process going through them all
Ours has gone down a bit. LV.
Thanks for all the replies. Much appreciated. The experiences here seem very variable.... higher cost and lower cost.
Time for me to do battle I guess. At least I've gained a better understanding of real experiences so thanks again.
Just thought I should update this thread.
I've had two phonecalls with Nationwide. The first to see whether they would offer a better price than they quoted for the renewal. They had no interest at all in doing so, not even the usual "you could increase your excesses" Zilch, nada... that's the price.
The second call was when I cancelled the renewal. Again, no interest in why or any attempt to "keep me".
In the meantime we've taken a policy with LV and have saved well in excess of £100
I rang Halifax to tell them not to auto renew. She did the standard let’s see what we can do routine - one thing I wanted to change was my burglar alarm, I never use it so I took it off the proposal. The premium went down by £5!
Then I added my Occam H30 at £2500 as well as the existing 901 for £1600 and after some hunting around the final premium was £140 which I thought was rather good!
Our renewal in today and a 50% change on last year. The right way tho!
No idea why better read the stuff check they’ve not reduced our cover somehow.
Direct line, no change in situation and only ever 1 claim 10 years ago with same insurer (storm damage to fence). It didn’t increase premium then or since and can’t see any link to big reduction now.
Helps offset the heating cost increase a wee bit.
Nationwide renewal came through this week and it's gone from £322 down to £282.
Dragging this thread up again and I've just had a 30% increase building & contents with Barclays.
I rang up whinge and they said that the new rules from the FCA only apply to limiting the increase to what a [i]new[/i] customer may pay.
"From 1 January 2022, new rules from the industry regulator, the Financial Conduct Authority (FCA), will mean that premiums charged to all renewing home and private motor insurance customers by their insurance provider cannot be greater than the price they would charge to an [b]equivalent new customer for the equivalent policy[/b].
What they did say is that you can essentially cancel without penalty, being refunded for the unused days of the policy, which allows for a bit of shopping around if you've only twigged after the renewal.
So. I may still look around, although Barclays do appear to be good at the customer service.
Who's good for buildings/contents that covers bikes new for old these days?