Change of address on insurance

Katie22313

Hi ,

I am not sure if this is the correct place to post this but I need some help.

I have just called my insurance company to change my address, they put all of this through and then informed me that my insurance will now go up from £49 per month to a staggering £81 per month just for changing my address.

Please can someone tell me if this is correct or if there is a way I can get this insurance back down.

thank you

artbaron

What postcode are you moving from / to? (Just the first part, e.g. BA1)

redux

It's true that some places are considered more risky than others, but I don't know what the full range is.

My insurance went up about 20% one time I moved, and back down a bit when I moved back near the previous place.

Maybe some insurers have different weighting for different areas, so it might be worth getting some comparison quotes, as that increase does seem rather high.

Katie22313

I moved from SG17 to SG15 the place i moved from was a worse place.

Will they charge me if I was to cancel my policy?

Arfa__

Last time I was shopping around, the best quote I got was about £650 FC, 3 years NC, 1.6 Zafira, in RM9 (Romford/Dagenham, East London). Out of curiosity I stuck my Dad's address in (small village near Shrewsbury, Shropshire), everything else on comparison form the same, and the quotes dropped to about £300!

Of course, I would never use my Dad's address, as I would surely find my insurance void when I came to claim. But it does go to show.

You could try negotiating the price back down a bit. No harm trying, worst they'll do is say no. Otherwise, get quotes from else where, see if they're any better. However to warrant switching, it would have to be a big saving to offset any cancellation/admin/non-refundable fees applied.

TBH, moving to a nicer area doesn't necessarily mean cheaper insurance and less crime. Can be opposite, rich pickings you see, higher value items to steal, maximises their return on time/risk invested...

artbaron

Katie22313 wrote: »

I moved from SG17 to SG15 the place i moved from was a worse place.

Will they charge me if I was to cancel my policy?

Those are both rated the same (B) so it's unlikely to be the cause. Garaging or parking on the street makes little or no difference so unless something else has changed I can't account for it. I'd ring them and ask them the reason for the increase.

Edit: Are you sure the increase is for all months and they haven't just added a £30 admin charge to next month's payment?

fivetide

Katie22313 wrote: »

I moved from SG17 to SG15 the place i moved from was a worse place.

Will they charge me if I was to cancel my policy?

check the details. Some will have quite bad penalties/fees but if you are not far into the policy it might be worth it.

I had to do the same once. It was cheaper to pay the fee than stay with them. They refused to match the cheaper price then, when i left had the cheek to enquire as to why!

Good luck!

Katie22313

artbaron wrote: »

Those are both rated the same (B) so it's unlikely to be the cause. Garaging or parking on the street makes little or no difference so unless something else has changed I can't account for it. I'd ring them and ask them the reason for the increase.

Edit: Are you sure the increase is for all months and they haven't just added a £30 admin charge to next month's payment?

How can I find what rating my area is?

InsideInsurance

Katie22313 wrote: »

How can I find what rating my area is?

You can't, each insurer has its own rating engine and it is one of their closest guarded corporate secrets. Even if they are using postcode sector, segment etc can vary between insurers.

Unfortunately I missplaced my old rating tables for a former client a few years ago but you can read a very dry document about the theory and methodologies here https://www.actuaries.org.uk/system/files/documents/pdf/0173-0205.pdf

In short, the rates for one area can easily be 3x the rates for another if it is a full spectrum insurer rather than ones that only target certain grades in which case they will decline cover for out of spectrum postcodes

artbaron

Katie22313 wrote: »

How can I find what rating my area is?

You can get a rough idea here. It varies of course but overall it's a decent guide.

Arfa__

artbaron wrote: »

You can get a rough idea here. It varies of course but overall it's a decent guide.

That corresponds to my findings: RM9 = Band F, SY5 = Band A. Total opposite ends of the spectrum.