Insurance - change of circumstances costs?!

Kirri

Due to being employed shortly I rang my contents insurance to advise of the change.

(Policy cost £40 in the first place)
To amend to 'employed' costs £25
To cancel costs £50!

I have nothing left of value now in my home anyway. This seems a bit of an outrageously high charge to make one small note, I can't even cancel the policy without paying more than I paid for it. Then what if I lose the job or it ends, another £25 charge?! I guess this is all correct but obviously won't be renewing with them next year!!

What do other companies charge, are they as bad as this?

Have just rang my car ins and they were helpful and made no charge for the amendment, wish all companies were as helpful...

12bdebt3

The only thing I can think of is Monkeysphere... Who is your current insurance provider?

Kirri

Monkeysphere???

I'm with Swinton, which from a quick search of this site has brought up loads of unhappy customers...

12bdebt3

http://www.cracked.com/article_14990_what-monkeysphere.html

Very interesting atricle. I was basically referring to the fact that you never actually mentioned in your thread which insurance company you are with, you just expected us to know. Not a criticism by the way; just proof that the Monkeysphere is true.

I have had no dealings with Swinton insurance. I live in a place called Swinton though and there is a Swinton Insurance branch in the town centre, which I've always assumed looks a little bit dodgy.

OK if I were you in this situation I would cancel and set up an agreement with a new company. Also you can alter your details before hand and if you say you have nothing much of value left the contents aspect of your insurance will be cheap.

If you are not in a financial position to do so then change the details and wait until it's time to renew.

Kirri

Oh, had no idea what you were on about.. I didn't plan to turn it into a rant about Swinton, just a general idea of whether this is correct behaviour to expect from insurance companies in general ie is it a common thing to charge so much.

It's pointless me cancelling due to the £50 charge, with £40 being the cheapest I could get the policy in the first place, the quote was done on bare minimum contents - I've put in a complaint anyway about the charge, not that it will make any difference as they obviously don't care about repeat customers!

12bdebt3

As far as I am aware it is not common to charge for changes, yours seems a bit high and harsh.

Regarding cancelling early that is a given; you will get a charge.

dunstonh

This seems a bit of an outrageously high charge to make one small note

£25 doesnt seem much for a broker charge.

What do other companies charge, are they as bad as this?

Anything up to £50 is the norm. The companies that dont charge tend to have higher premiums and collect it implicitly within those or the change of employment was such that no adjustment was needed (most likely in this case).

ust a general idea of whether this is correct behaviour to expect from insurance companies in general

Yes, most charge nowadays on amendments that require an actual policy adjustment. However, note that Swinton are not an insurance company.

12bdebt3

dunstonh wrote: »

Note that Swinton are not an insurance company.

Then how come they are registered as Swinton Insurance Group Ltd.?

dunstonh

arrontdep wrote: »

Then how come they are registered as Swinton Insurance Group Ltd.?

Because its the name they chose. Brokers often use names which include insurance in the title.

12bdebt3

dunstonh wrote: »

Because its the name they chose. Brokers often use names which include insurance in the title.

Fair enough then.

firstaspect

It's quite common, a lot of insurance companies will charge £20-£30 for a change.