Assurant premium hike.

chartreuse_2

dunstonh wrote: »

If you start a new plan then most providers will treat it as a new application and start the qualifying period again from scratch (typically anything upto 180 days).

I know - the insurer I quoted above has an exclusion period of 90 days, which is waived for people who have existing cover and transfer their cover to this policy.

That's why I'm trying to find out if there's an industry standard definition of "transferring cover". (I have emailed the insurer to ask, so I'm not exclusively relying on this forum )

kazzymac_2

I too have received a letter from Assurant today. I was paying £13.96 per month unemployment cover for which the 90 day exclusion period expired two weeks ago. My letter today has increased the premium to £25 per month - same reasons given above for the justification. I called them and they were very unhelpful except I was given the email address for complaints.



Just wanted to add that I have been on their website and they are quoting me £14.50 per month for new cover!

pknottm

Me too!!

Just received the letter and my premiums have risen 91.48% from £7.86 to £15.05!! (Unemployment cover only!)

If I go online and enter my details for a new quote, it comes out as £13!!

Can anyone recommend another provider? (unless everyone else is putting their premiums up as well!!)

chartreuse_2

As I mentioned above, Best Insurance (who, oddly enough, are Martin's cheapest pick for under 50s) will waive their 90 day exclusion period, if you're transferring from another provider.

I called them this morning. Apparently you just take out a policy and, if you end up claiming in the first 90 days, they'll ask to see evidence of your previous policy and that payments were up to date. Nice one!

So, I've applied for cover with them, monthly premium is £15.43, which is a few pence more than the £15.37 I was paying, but a lot less than the £29 odd that Assurant wanted to charge me!

I spoke to a couple of people at Best Insurance and both said that they're getting loads of business right now - most of it due to the letters Assurant sent out that arrived yesterday.

I suppose Assurant must be banking on people not switching, but I'm a little surprised that they didn't call me back (as they promised) after I called them and said I wasn't prepared to wear a 100% increase and would go elsewhere if they didn't cut it...

dunstonh

When businesses increase their price they do so on the expectation that they will lose x% of business. However, the numbers that stay and pay more often more than make up for that. They end up with lower admin, lower insurance risk but more or same income.

pknottm

I've just rang the 0844 8711 187 number (from the Assurant letter) to cancel, and the automated answer message says welcome to "Best Insurance", which is the one recommended by Martin.

http://www.bestinsurance.co.uk/index.asp?siteID=906

Are these the same company?

chartreuse_2

dunstonh wrote: »

When businesses increase their price they do so on the expectation that they will lose x% of business. However, the numbers that stay and pay more often more than make up for that. They end up with lower admin, lower insurance risk but more or same income.

That part of it makes sense - indeed it's the foundation of many inertia selling approaches.

I'm just surprised that they seem to have gone for an "all or nothing" tactic, rather than having a Plan B, to retain (at a not so dramatically increased, but still higher, premium) customers who state their intention to take their business elsewhere.

Pocoyo

We had the letter this morning too. Will be cancelling or switching.

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pknottm wrote: »

I've just rang the 0844 8711 187 number (from the Assurant letter) to cancel, and the automated answer message says welcome to "Best Insurance", which is the one recommended by Martin.

http://www.bestinsurance.co.uk/index.asp?siteID=906

Are these the same company?

Not as far as I can tell (although it would be mildly amusing if they were....)

Best Insurance appears to be a trading name of British Insurance Limited, who are registered with the FSA # 302674, at an address in Essex. Assurant General Insurance Limited are registered with the FSA # 202735 , at an address in Berks.

There doesn't seem to be any overlap between the companies as regards data held on the register (individuals, names etc).

Oh, and don't ring the 0844 number! Use a geographic one. Saynoto0870 doesn't have an entry for the number on the letter, but gives 01753 849000 as a general number for Assurant, which worked for me yesterday.

anna_whd

Sorry if this is a really silly question but can you use the mortgage protection insurance thats on best insurance as income protection? Ie can it pay other bills or purely your mortgage? I am also with assurant for full income protection so looking at alternatives!