iGo4 Insurance - Beware of charges!

newsgroup_monkey

Firstly, iGo4, like many of the newer insurance companies, have extortionate charges. I was aware of this and didn't see any need to pay them.

In November 2012, my insurance was due for renewal. iGo4 weren't the cheapest, but offered a great amount of cover - this is contents only at £150.38.
Taking the monthly cover (yes, expensive APR) it came to £168.27.

In early December, I received a letter from them basically accusing me of lying and not mentioning a "claim in 2008". So the insurance was going to cost £14 more*

With a £35 charge for "mid-term adjustment". I argued it, but they told me that there's nothing I can do.

A change of circumstances meant I had to move in early Feb. Less than 3 months into the policy. So I assumed (according to them) that I could change the address online, without charge.

Assumption wrong. The website said I had to call their call centre.

So I called them and guess what "Sorry, no quote. We can't offer you insurance". Strange, because everyone else will. And it's cheaper.

Here's where it all kicked in. Now I'm being charged £60 for cancelling the policy. £60! In addition to £52 in interest charges (WAT?).

So although I've already paid £78.15, I still owe £118.34 and I can no longer pay monthly (it's not that I can't afford it, it's just a pain).

So the breakdown?

Original policy £150.38
Total payable including APR £168.27

Actual costs for less than 3 months:

Time on risk charge (including interest of £52) £136.49
Cancellation Fee (? I didn't cancel, they did!) £60

REAL total payable £196.49

In my opinion, I would not recommend ANYONE insure with iGo4.

If you insure yourself with iGo4, you have been warned!

*We had some water ingress in 2008 and whilst we didn't end up making a claim, we did ask our insurers if we could - it turned out it was classed as "Accidental damage" for which we didn't have cover. So note: No claim made (although insurer was notified). I've never mentioned this since to any other insurer (because there was no claim) and they had no reason to query it. We re-insured with the same insurer later in 2008 and with negotiation, the annual cost was the same.

Quentin

So many people fall foul of the requirement to disclose losses (not just "claims").

And as you have discovered, this comes back to bite you!

newsgroup_monkey

yup, I accept this. In hindsight, I should have cancelled the policy and taken the hit.

My biggest grumble is the £52 in interest charges and £60 in cancellation charge in addition to an unfair portion of annual insurance.

Indeed, the ombudsman agrees these charges are unfair
I've spoken to them. They'll contact iGo4 and we'll take it from there.