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ASU/MPPI Insurance Premium Doubled!
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CQCQ
Posts: 3 Newbie
Paymentshield have just almost doubled my monthly ASU premium (siting 'uncertain times/unemployment/incease in claims etc!!). I appreciate there could be a percentage increase, but can they get away with almost doubling my premium (from £22, to now £40/month)!!?? Normally, i'd compare the market, switch and save, but the company I work for is just being bought out, so i need this cover for the next few months at least. Can anyone advise?! Thank you....
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can they get away with almost doubling my premium (from £22, to now £40/month)!!??
Yes. As confirmed in the dozen or so posts/threads already made in the last week.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I still ( so far) am only seeing 15-30% rises on my policies ..
Out of interest was this a plan taken via a website ( as per Martin's article) who were orginally selling P/S plans at lower premiums in the first placeAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0 -
Just an observation.
I've compared my PaymentShield increase with others and it would seem that our increases are virtually the same at 80%.
Whats interesting to note is that there doesn't appear to be any leveling - e.g. the revised premiums bears no relation to the amount insured or the job categories we fit into.
(example: I've got 25% more coverage, but my revised premium is £15 less)
My theory is that depending on how you ended up with PS (which intermediary/route used to obtain a quote) you either got a brilliant initial premium or a not so good one, and therefore the impact of the increase is variable. I should add that my sample size inst significant to prove this.
My very low intial premium + 80% is still a good deal*
The other higher premiums + 80% doesn't compare so well*
*Checked against the L&G policy that Torquil Clark were able to offer yesterday for existing mortgages.0 -
IIRC, wasnt there different versions of the product as well? Some inherited from a different underwriter or something like that?
If I am correct, that would also explain the difference as they may have absorbed the cost (or pocketed the difference if they other way) when that happened and are now standardising the book.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
The 15-30% changes I've seen have fallen from new and old plans ..
( think NU took on the entire book last yr - new and old, but yes there were previous underwriters )Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0
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