Property buying/selling timeline - currently into week 21
04/12/20: Both properties listed for sale
11/01/21: Offers
accepted on both sales & on our joint purchase
25/01/21: Identity checks completed, solicitors instructed
27/01/21: Purchase survey & valuation complete, mortgage offer
received
05/02/21: Reduction agreed on partner's sale (under-valuation) & on
purchase. Mortgage offer amended
08/02/21: Buyers pack returned to solicitor - sellers packs already returned
26/02/21:
Partner's sale contract signed
10/03/21: Purchase searches all back
16/03/21: My sale contract signed
28/03/21: Purchase enquiries satisfied, Title
Report & contracts issued, contracts signed & returned
11/05/21: Still waiting on final enquiry in the adjoining chain to be resolved. Consent to break the chain granted, instruction to move to exchange given.
17/05/21: All parties agreed to June 3rd for completion
27/05/21: Exchanged on my sale only
28/05/21: ALL EXCHANGED!
03/06/21: Completion
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Negotiate your Renewal - It can save you money!
BigAl99
Posts: 40 Forumite
An interesting experience I'd like to share with you:
Having recieved a renwal advice pack from Tesco (Home Insurance), I did the obvious thing of reviewing whether I'm still getting value for money. I shopped around and one of the more interesting quotes I got came from Direct Line. Whilst their primary promoted insurance was more expensive, when they realised they couldn't beat the Tesco quote, they offered a tailored version. Two things went out: (1) The extra cover on building accidental damage (DIY accidents) and (2) the cover for stuff leaving the house was reduced from £3,000 to £2,000.
Since I avoid DIY like the plague and with my fully boarded loft am unlikely to put my foot through the floor (quoted example), and since I very rarely take anything out of the house worth £2,000, let alone £3,000, these option removals were quite acceptable. The difference was that the quote dropped from £405pa to £285pa (a difference of around 30%).
I then went back to Tesco and quoted them the fact (a) that it appeared possible to tailor my insurance elsewhere and (b) that their quote was then 20% less that the Tesco one.
Tesco's response was interesting because they then allowed me to make the same adjustments to my present insurance (which overall was actually better cover anyway, even after this adjustment). When that still didn't quite match Direct Line, they offered me a "loyalty discount" because of the length of time I had been insured with them (and I assume because I have my car insurance with them too). This weighed in at slightly below the Direct Line quote at £267pa (was £355).
Moral of the story - PHONE and NEGOTIATE. Don't just accept the renwal quote. Circumstances change and you may be paying for more insurance than you actually need. And incredibly, sometimes "loyalty" has its dividends. Nice to know in these days.
Having recieved a renwal advice pack from Tesco (Home Insurance), I did the obvious thing of reviewing whether I'm still getting value for money. I shopped around and one of the more interesting quotes I got came from Direct Line. Whilst their primary promoted insurance was more expensive, when they realised they couldn't beat the Tesco quote, they offered a tailored version. Two things went out: (1) The extra cover on building accidental damage (DIY accidents) and (2) the cover for stuff leaving the house was reduced from £3,000 to £2,000.
Since I avoid DIY like the plague and with my fully boarded loft am unlikely to put my foot through the floor (quoted example), and since I very rarely take anything out of the house worth £2,000, let alone £3,000, these option removals were quite acceptable. The difference was that the quote dropped from £405pa to £285pa (a difference of around 30%).
I then went back to Tesco and quoted them the fact (a) that it appeared possible to tailor my insurance elsewhere and (b) that their quote was then 20% less that the Tesco one.
Tesco's response was interesting because they then allowed me to make the same adjustments to my present insurance (which overall was actually better cover anyway, even after this adjustment). When that still didn't quite match Direct Line, they offered me a "loyalty discount" because of the length of time I had been insured with them (and I assume because I have my car insurance with them too). This weighed in at slightly below the Direct Line quote at £267pa (was £355).
Moral of the story - PHONE and NEGOTIATE. Don't just accept the renwal quote. Circumstances change and you may be paying for more insurance than you actually need. And incredibly, sometimes "loyalty" has its dividends. Nice to know in these days.
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Comments
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Awww I tried that with my home insurance this morning, they didn't even ask to find out what I had on offer elsewhere lol!
Good for you though, looks like you played the game well!
0 -
Awww I tried that with my home insurance this morning, they didn't even ask to find out what I had on offer elsewhere lol!
Good for you though, looks like you played the game well!
Yeh, you have to be pushy - I started the conversation with "I've just been on the phone to Direct Line, and they said...". When you can quote a main competitor, it gets their attention straight away. But don't lie - they know the market better than you do.0 -
Well I got a cheaper quote by £40, £70 cashback from Quidco, a £40 Sainsbury's voucher and double Nectar points in store for 2 years - I don't think they would have been able to beat that or even bothered trying lol!
Property buying/selling timeline - currently into week 21
04/12/20: Both properties listed for sale
11/01/21: Offers accepted on both sales & on our joint purchase
25/01/21: Identity checks completed, solicitors instructed
27/01/21: Purchase survey & valuation complete, mortgage offer received
05/02/21: Reduction agreed on partner's sale (under-valuation) & on purchase. Mortgage offer amended
08/02/21: Buyers pack returned to solicitor - sellers packs already returned
26/02/21: Partner's sale contract signed
10/03/21: Purchase searches all back
16/03/21: My sale contract signed
28/03/21: Purchase enquiries satisfied, Title Report & contracts issued, contracts signed & returned
11/05/21: Still waiting on final enquiry in the adjoining chain to be resolved. Consent to break the chain granted, instruction to move to exchange given.
17/05/21: All parties agreed to June 3rd for completion
27/05/21: Exchanged on my sale only
28/05/21: ALL EXCHANGED!
03/06/21: Completion0 -
So the OP managed to get a lower premium for less cover. Brilliant.0
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I received my buildings & contents renewal of £391 so I decided to shop around however I was finding it difficult as my 17 year old son has a unspent conviction (12 month conditional discharge for something really stupid). I eventually spoke to someone who could help but have to wait til tomorrow for the quotation. I then realised I hadn't reported my sons conviction to my current insurer Co-operative Insurance so I telephoned them to be told it was absolutely fine as he hadn't committed arson, fraud or dishonesty. I explained I was shopping around & the adviser told me to obtain a new quote from their website which I did and rather shockingly they quoted £286 for the exact same policy. Needless to say I purchased the insurance and next year I'll do the same thing again.0
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