My insurance dew for renewal, should I ?

Sweey_as_a_nut

I have been insured with Barclays for about 5 years now. Reading things about how banks will screw you given half a chance, am beginning to wonder how safe I will be if ever I needed to make a claim on my buildings and contents.

I am also insured for emergency cover with them, this works very good. About 3 weeks ago my boiler broke down on a Sunday I phoned and they arranged a person to fix it next day. It also broke down about 3 years ago and the same very good cover.

So are they safe, as now is the time to find out as my insurance is dew for renewal at the end of the month. Today I had my renewal notice off them , gone up £21, I phone them just before I am writing this, stating my fears about how they will skin a flea to make an extra bit more profit.

The lade who answered told me their insurance as been recommended by which magazine. She also put the premium down to what it was last year and as promised to send £20 M&S vouchers if I renew.

I will be grateful for other views, thanks.

McKneff

Youre insurance just going up £21 is brilliant, insurances are going up in there hundreds lately because there are so many claims.
You also seem to get good service from them.

But first of all, you havent said how much your insurance actually is.

This is the important bit.

Do you also have Building Insurance with them

Sweey_as_a_nut

Yes buildings content and emergency cover, When they sent the quote they wanted £249 after I phoned they are willing to put it down to £228 and £20 M&S vouchers. Apart from the twice I claimed under emergency cover for my Gas boiler, I have never claimed on my insurance in my life, now 72 years old.

*Scarlett

If you were inclined to shop around, you could possibly get the same type of cover cheaper.

As you are 72 years old an have never claimed (the emergency cover claims don't usually count against your home policy) have you considered any of the over 50s companies - Saga, RIAS, Age Concern / Age UK, Castle. Just a few I can think of - google for more.

You will normally get a better price as a new customer than you would have after 5 years with the same company.

£208 sounds like quite a good price including the home emergency cover but without knowing your property details, levels of cover, etc it's not really possible to say. However you can easily find out if you do a few quotes online. Use your current policy schedule to match like for like cover. Make sure you check excesses and levels of cover are similar.

It might be that you have a good deal with Barclays but it doesn't do any harm to get a few other quotes to check.

Insurance companies usually discount policies heavily for the 1st 1 or 2 years then the price goes up and they depend on you just accepting the premium out of convenience / inertia.

So I would say well done for having phoned them to negotiate a better deal but this does not mean you still can't find a better one elsewhere.

Hope this helps.

McKneff

You got such a great price, I tend to be loyal to those who do this for me so I personally usually stay with the same company.

Ive been with the Coop for years, still shop around thought, they have always been great when I have had to claim.

Sweey_as_a_nut

I am not really complaining about the amount I pay Barclays.

My concern is are banks safe to pay up, if something catastrophic happened, now we know what lengths they go to to avoid paying.

keith1950

Hi, I don't really see what the 'issue' about the banks is, Barclays Home Insurance is carried out by Gresham Insurance Services and they probably use any one of a number the large insurance companies to underwrite the policy. Barclays are just brokers.

Sweey_as_a_nut

Thanks Keith.
So it's nothing that Barclays can wriggle out of.

keith1950

Thats correct, all Barclays are doing is making a commision by selling you the insurance, I have personally found in the last couple of years that I get better quotes by going straight to the insurer although I would still use an agent/broker if there was a large enough cashback available through Quidco or Topcashback.
For example my recent building/contents insurance came to £139 via Sainsburys and I got £50 of Sainsburys vouchers from Sainsburys and £70 cashback through Quidco so net price for year was £19.