Tesco Home Insurance (as recommended by Martin last month)

Tim_Chamberlain

I signed up to Tesco Home insurance as you can lock in up to 90 days before the policy start date. I got a great deal but since that date (back in Jan/Feb) I have made a claim on my wood flooring (due to a leak). Its all fine and being covered so I rang Tesco to confirm that I had made a claim expecting a slight increase in my premium.
NOw they WONT cover me at all because "its their underwriting policy" not to take on new business whilst a claim is still pending.
Thanks Tesco but thats rubbish...

dacouch

They said while a claim is "still pending" once the claim is settled eg the work done Tescos will probably accept you although they may want to impose a load for the claim.

(Insurers do not like taking a customer on while a claim is "Pending" and not "Settled" as they worry that the end costs may be much more than initially advised. They tend to work out any loadings or whether they will accept you based on the value of the claim)

Wutang_2

as recommended by Martin last month

...and this is why you took it out??

Tim_Chamberlain

So what should I do? My current insurance with Barclays ends on the 31st March and they are quoting almost double for me to renew.

Quentin

The tesco quote you did as recommended was to "lock in" to the price quoted.

Your claim subsequent to getting the quote means it will no longer stand.

So forget about the price you had in mind from Tesco, it's gone!

So start from scratch again getting quotes.

dacouch

The Barclays premium has doubled due to a combination of your claim and I assume you had a "New Customers Discount" last year from Barclays which they will not be allowing now.

As Quentin said start again and have a look around.

Like I said earlier, if you wait until your claim has finished you do not need to declare it as pending but as settled which will help when you get quotes from new companies