contents insurance warning...

wendykearney

We completed on our old property on tuesday so i rang to change to our rented accomadation.
Old buildings and contents was aprox 450 a year so i expected to save a fair bit as i just now needed minimum contents as most of stuff in storage.
So i rang and asked to cancel buildings and move contents. (old property in rough area, rented in countryside in excellent area). I was expecting a large reduction in my monthly premium...

The policy as due to expire on 8th march so i had aprox 5 weeks to pay til renewal. They quoted me £45. I queried this but was told that even though i now had a big reduction due to being in a property with an alarm it was more expensive to insure there. So even tough my contents had gone down to min i was paying more..

I excepted this after a bit of convincing.. I then decided to check on the companies website.. They came back with £95 for year!
So i rang the comapny back, oh yes she says its because you'd get new customer discount!!! So, instead of paying nearly £500 per year for my old policy i'm now paying £95!!

This has really taught me that loyalty means nothing to companies nowadays and i will never just presume the differencies in polices are pennies.
The new policy is better than my old one as well. Car insurance wil be next to be checked up on..

wendy

Astaroth

Who is the insurer? I dont know anyone who gives a 80% new customer discount.

I suspect that the insurer may not have been 100% honest on the first quote. I assume that the quote is actually for just amending the existing policy for the remaining 5 weeks it has to run. I suspect they have waived the refund for the reduction in premiums but have charged you the administration fee for a mid term change hence the £45 for the remaining month. They should however have told you that the price included administration charges and not just said it was premium.

That or they just did a duff quote

wendykearney

They didn't say that it included an admin charge, just that my new house was dearer to insure which didn't make sense. It was Direct line.

wendy