Home Insurance - anyone else's renewal seems to be beating new policy price?

lesley_rod

Hiya,

So round it comes again my home insurance (building and contents) is up for renewal.
My renewal price (taken out last year with cashback through QuidCo) is £165.09. This is only slightly more than last year (£165.97 minus cashback of £32) as no cashback available on renewal (new customers only in t&c's).
However spent the past couple of hours searching and like for like even with cashback is costing closer to £180-190, so I'd seem to be cheaper renewing. Obviously I'm happy to do this!
I've been checking to ensure I get best price for insurance for years but I've never had this happen before.
So I'm curious, has the way the market works changed?

Lesley

Just_Some_Guy

Nah you just got lucky in that your current insurer is doing a good deal on renewal quotes for whatever reason. Happened with my car insurance last year where the renewal was £100 cheaper than anything else. I don't know why they gave such a reasonable quote but it got me to renew!

dunstonh

So I'm curious, has the way the market works changed?

No, there are some providers that will have an internal bonus for no claims/low risk people that will be equivalent to year one discounting (or better). Not all companies go with the year one discounting model.

mikey72

dunstonh wrote: »

No, there are some providers that will have an internal bonus for no claims/low risk people that will be equivalent to year one discounting (or better). Not all companies go with the year one discounting model.

Or maybe they're starting to see customers shopping around more, and have stopped putting on an extra loading hoping loyal customers won't notice.

Either way, it's about time existing customers started getting a better price than those offered to other insurers customers.


Keep voting wth your feet if you don't off yours though.

lesley_rod

Thanks for the replies!
I'm definitely not complaining, it's the way it should be! Just not the way I normally find it.

One and only home insurance claim was in 1994, ex through mug through front door, not sure I'd even claim for that now (lol would struggle as I don't cover for accidental damage anymore) . I guess I'm a safe bet.

The bit I found strange was that no one else came close to beating them. I'll hold off as renewal date isn't until 18th just in case some offers appear but suspect I'll have to admit defeat this year.

Just for a laugh I compared Post Office with their 'we'll beat your quote by at least £50' line - at over £390 for comparable insurance that's a hefty £230 punt I'd be taking on them actually paying up! No chance.

skyeceilo

The AA increased their renewal by £10 for me so i shopped around and got one £40 cheaper plus £50 cashback. It might sound naive but i was wondering about this legal service all insurance companys offer.... Are they any good? Or are they all the same? My company offers its staff a legal service free of charge which we phone for advice etc but not just on legal stuff - on anything really. I've always paid for the legal service in the past as i thought they would help make claims for you say in a car accident if its not your fault etc ( hope that makes sense)