Home Insurance and rip-off averted!

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

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.

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.

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!

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

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!

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.

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.

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.

Thanks, Cherry I hadn't thought of that

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!

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

Robbing blinders

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.

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.

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!

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!