Home Insurance renewal dilemma!!

debandandy

Hello all,
I am new to this so please bear with me!!
I have received a renewal for my home insurance cover recently. I applied on line for the same cover with my current insurer and it came out about £110.00 cheaper???
Could I cancel the renewal on my existing policy and reapply as a new customer?
Thank you.

lisyloo

Could I cancel the renewal on my existing policy and reapply as a new customer?

Yes, as long as you aren't contrvening any terms and conditions that say "only for new customers".

Make sure you get some proof of cancellation.
Ideally in writing.

If someone says they'll do it over the phone, then unfortunately this sometimes does not happen.
At the very least get their name (bob or sue won't do) time and date (recording may be available), but preferably get it in writing.
An alternative is cancelling by snail mail and paying 75p for recorded delivery.

Might sound a small hassle but it's less hassle than if they lose your cancellation and you have no record.

Mr_K

debandandy wrote: »

Hello all,
I am new to this so please bear with me!!
I have received a renewal for my home insurance cover recently. I applied on line for the same cover with my current insurer and it came out about £110.00 cheaper???
Could I cancel the renewal on my existing policy and reapply as a new customer?
Thank you.

Certainly possible, did it with Sheila's Wheels and got cashback as a bonus. Check you're not on autorenew or they'll just renew you old policy unless you tell them.

Probably best to proceed as follows:-

- Ring/write to them saying you don'y want to renew. They'll probably lower the premium to try and get you to stay, but ignore that unless its a better deal than the one you've found.
- Arrange a new policy via a cashback site.
- Once in place (and you're cashback has tracked ), ring them again to ensure they haven't got 2 policies for you.
- go through the same rigmarole next year.

Bit of a hassle, but the money saved/made can run into 3 figures. It also ensures you review your cover each year.

McKneff

You are not cancelling the policy, you are just not renewing it, while you are on the phone to tell them you are not renewing it see if they will price match to the quote you have got without reducing any cover,

lisyloo

Yes aboslutely right.
Make sure they understand you just want the policy not renewed, you don't want to cancel it right now.
It's real importatnt with call center people not to use the wrong terminology so make sure they understand what you mean, otherwise they might cancel your current policy.