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Just got an email from current provider - Pedal Cover, who we have been with for a number of years with no claims. Their underwriters are changing from AXA to NIG. NIG will not insure our property as the postcode has a subsidence risk? This is news to us. Our house is a 60s house as with the majority of houses around us. I've never heard of subsidence in the close area. There are new builds going up in what were fairly boggy fields, not too far away (about 1.5miles). Is it likely these new builds are affecting our policies?
Insurance not due until Sept, so got plenty of time to find alternative (suggestions please!)
It's a blessing in disguise. We, like a lot of others, have switched away from pedal cover. The NIG cover is not new forold either and the detailing of the cost of all the bikes to get the quote was a ball ache.
There's a thread about this... singletrackworld.com/forum/topic/insurance-pedalcover-alternatives/
Will make the 'Have you ever been refused insurance' question interesting to answer when trying to get another policy 🤔
Is it likely these new builds are affecting our policies?
Only if their surveying has found old mine workings or something under the area
I would say you've not been refused insurance as you can only be refused if you actually ask for it.
I'll take a look at the other link thanks. Should affect our next insurance as our agent has replied:
"This doesn’t class as having insurance cancelled though so you don’t need to declare this to other providers when searching for alternative quotes."
The seem to have cut off a lot of customers by changing underwriter - in our instance its because they now don't insure homes built before 1850. (ours was really built in the 1990s - everything that isn't external stone work was built then - but its within a refurbished shell that is older) Thing is - we only have contents insured, the building is an irrelevance as thats not the thing being insured. But regardless they couldn't offer a renewal with them
Will make the ‘Have you ever been refused insurance’ question interesting to answer when trying to get another policy
Its not being refused, it just isn't being offered. Pedal Cover are the broker not the insurer - they've chosen an insurer who doesn't cater for all of their customers so for those customers they have nothing to either offer or refuse to offer.
Mmmmm NIG will not insure our property as the postcode has a subsidence risk?
Its not being refused, it just isn’t being offered.
Has someone asked for a quote on your behalf - probably Pedalcover or did they just happen to know that your address was in a postcode that the insurer won't cover?
If there's been an active search then there has been a refusal. I suspect that there are Ts&Cs within your contract with Pedalcover that allows them to act on your behalf when looking for cover.
Hopefully it won't matter, but don't just assume that you (or an agent acting on your behalf) hasn't been refused cover for your property.
I was with Pedalcover for a couple of years, until the premium got hiked a bit too much. Looking around, I got similar cover from Aviva. They cover all your bikes, just need to tell them how much your most expensive one costs. This year, Aviva's renewal price was almost 20% up on last year, so I asked for a new quote from Pedalcover. They wanted nearly £800, two and a half times as much as Aviva!
Just did a quick quote on household/contents and bikes with Halifax. Shed loads cheaper than PC! Thanks lol!
Just did a quick quote on household/contents and bikes with Halifax. Shed loads cheaper than PC! Thanks lol!
That's who I went with after Pedalcover too - almost half the price!
Try to think of a "refusal" to insure as being a blanket refusal of anyone living in your postcode / or doing your job / your size of house. They aren't saying "no" to you, but to anyone in that situation. So it's generally not disclosable.
When they say no to YOU personally, then that is disclosable. Things like you've committed fraud (or they suspect you have and have got rid of you as a client). Caveat here is that if you aren't sure whether to disclose it, then you need to tell your new insurer about it and they will decide whether they needed to know.
NIG have probably declined the postcode sector due to history of subsidence in the area. We're affected too, I think we are rated at #21 of the 24 subsidence areas due to the clay soil around here. Our buildings insurance cover is comparatively very expensive - around £250. Contents (which is not greatly affected by the subsidence problem) is about £100 and bikes another £100.
These rating areas are old - they are mainly based on 1976 data. I'll let you work out why 🙂
We had similar 2-3 years back, was with M&S and had been for years and then their underwriter changed and wouldn't cover us. Our house had a subsidence claim too in the early 80s, but no issues since. We moved to Hiscox without issue, but their prices have more then crept up so will look around this year.
On the flip side, just renewed with Pedalcover for only a few quid more than past few years. Couple of ebikes and a handful of other decent ones, newish 4 bed detached house, integral garage etc.