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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

to wonder why our house insurance has gone up 10% (no claims)

18 replies

PollyPerky · 30/06/2017 09:19

Got the renewal letter. 10% increase since last year. Changed insurers last year so this would be the 2nd year with this company (JL Financial services.)

i know all insurance tends to go up but is it worth calling them to query why it's 5 x the rate of inflation?

OP posts:

Iambubbles86 · 30/06/2017 09:26

Major changes came in the last year particularly relating to how personal injury claims on motor claims are handled (not the fault of insurance companies BTW) meaning insurance companies are having to pay out even more on injury claims, the losses have to be recouped somewhere so its pulled back by increasing premiums across the board

Allthebestnamesareused · 30/06/2017 09:28

Always always use a price comparison site. Then when you have cheaper quotes elsewhere go back to your insurer and see if they will match (or get closer) - they invariably do!

SquinkiesRule · 30/06/2017 09:28

We got a letter saying something about a tax increase on insurance, could be bull I don't bought cheaper from someone else.

snotato · 30/06/2017 09:31

I always shop around when my insurance comes up for renewal,then ask my current insurer if they can beat the lowest quote I received.they always at least match it as they don't want to lose my custom.

lornathewizzard · 30/06/2017 09:34

One of Martin Lewis's 'rules' is never to auto renew. Will very often be a better deal elsewhere

Original poster

PollyPerky · 30/06/2017 09:35

well that's exactly what I did last year and switched. It takes time to get new quotes- don't want to use price comparison sites as they are rigged- the companies pay to be included- so it's a case of choosing some and doing your own research.

OP posts:

Tazerface · 30/06/2017 09:36

Mines gone up too. I went on a comparison site and can reduce by £300

It's probably the increase in tax on insurance products.

thegreylady · 30/06/2017 09:39

Ours has gone up too. I just changed it last year!

Fairylea · 30/06/2017 09:41

If your area has had an increase in the amount of burglaries etc it may be a postcode thing.

minionsrule · 30/06/2017 09:42

Oh and Insurance Premium Tax invreased by 2% from 1st of june

wasonthelist · 30/06/2017 09:44

Some of it is due to the "tax cutting" Tory government increasing tax (as they always do)

www.bbc.co.uk/news/business-40107955

As for the "query why it's 5 x the rate of inflation?" you could try but it's a pointless comparison isn't it?

bruffin · 30/06/2017 09:45

My friend queried similar rise and reduced the quote to lower than previous year.

glitterglitters · 30/06/2017 09:46

I used a price comparison site the other day.

My home and contents went from £650 (!!!!) to £250 with better cover.

ShotsFired · 30/06/2017 09:47

@snotato I always shop around when my insurance comes up for renewal,then ask my current insurer if they can beat the lowest quote I received.they always at least match it as they don't want to lose my custom.

Why would you do all the legwork and then let your current insurer get the benefit? They have a fair chance to retain my custom by offering me their best quote first off. If they send me a stupid renewal quote, I will take my custom to the firm that wants to be more competitive for my business.

I'm certainly not going to let them chance their arm and still reward them for it!

BarbaraofSeville · 30/06/2017 09:48

Insurance premium tax went up again on 1 June. The percentage has tripled since it was introduced - it used to be fairly trivial but now it can be quite a hefty chunk.

With insurance (and utilities and TV/mobile/broadband etc) you should shop around annually or risk paying over the odds. That's the business model these days. PITA but the alternative is that they will overcharge anyone who doesn't question prices.

Also keep an eye on elderley relatives. There has been reports on Moneybox and the like where elderly people have been paying over £1k per year for house insurance for standard 3 bed semis with not much in the way of expensive contents becasue they don't tend to have lots of gadgets or sporting equipment in low risk areas because they've just taken the renewal at face value. Particularly disgusting that it's often from companies who claim to champion older people's rights and market their services at this sector of the market.

I don't see an issue with price comparison sites really - they serve a purpose and Moneysavingexpert is a good place to find advice on using them effectively, along with pointers about other places to check that aren't on price comparison sites. I've never found cheaper outside price comparison sites BTW - Direct Line are one of the bigger ones not on there, and they've never been a good deal for me.

user1471545174 · 30/06/2017 09:48

Challenge it! I had this and they put it back down to the usual level.

user1471545174 · 30/06/2017 09:50

I did mine over the phone after receiving the new figure. Explained there had been no claims, I had been a customer for X years and that was it, it went down again.

It's easier than switching.

ShotsFired · 30/06/2017 10:13

@user1471545174 It's easier than switching.

I don't find switching notably difficult though?
And I do take exception to companies who try to take the piss, and I refuse to reward that with my hard earned money.

In my opinion, the (non-)effort of switching is more important to me than rewarding a company who will happily try to screw me over unless I take the trouble to stop them.

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