Contents/Buildings cover renewal

mad_panda

I got a letter in at the weekend with my renewal quote for the buildings and contents insurance with the Halifax and was shocked that even though I have 3 years NCD it went up to £41 per month from £38. The total was something like £500 for the year.

Wnet onto their website for a new quote and also Comeparethemarket and got renewal quotes from £150 and £190 on Halifax.

Why does they send out a premium like that? Would going into a Bank of Scotland branch be of any help in reducing this or would it be better phoning them?

kingstreet

Lower premiums are offered to new customers to entice them in through the door. What I've phrased the "introductory shag-pile" approach the Nationwide advertised about a couple of years ago.

As a consequence of this, the subsequent premiums tend to be higher as you will lose your bright-shiny new customer status. A £3 a month increase isn't as great as you might expect, compared to some of the stories you hear on here.

Resign yourself to changing providers every year to minimise your costs. HBoS insurance brands have never been particularly competetive IMHO and you can probably get better cover at a cheaper price.

Look out for things like "Trace & Access" cover with the better quality products.

Have a look at the Defaqto ratings of home insurance products to see the cost/quality comparisons.

http://www.defaqto.com/star-ratings/home-insurance

ROY47

mad_panda wrote: »

I got a letter in at the weekend with my renewal quote for the buildings and contents insurance with the Halifax and was shocked that even though I have 3 years NCD it went up to £41 per month from £38. The total was something like £500 for the year.

Wnet onto their website for a new quote and also Comeparethemarket and got renewal quotes from £150 and £190 on Halifax.

Why does they send out a premium like that? Would going into a Bank of Scotland branch be of any help in reducing this or would it be better phoning them?

Before you decide to take a £150 quote have a good read of what it covers

does it cover exactly the same in value as the renewal ?

When I took out travel insurance with tesco ,I paid £49 for a family of 4

Looking on comparison sites I could have got it for £16.50

BUT the difference in cover was vast

£16.50 cover only covered £100 in cash lost with a £200 excess :eek: :eek:

in other words to me it was not worth the paper it was written on !!!