Removal cancellation insurance.

jojorose

Hi all

Im hoping to move in a month or so. Its a long move so we have quotes from a professional overseas mover. What concerns me is the insurance for the event. They want £300. I think thats quite a lot we are only going to the Isle of Wight LOL

They also wanted insurance to cover the goods while in transit but my contents insurance covers this anyway

Any ideas? Am I looking for an event cancellation? With house moves as they are and the fact that this is the second attempt at moving I really am loathe to pay more than I need to.

I dont know where to go to get quotes for this. Im not sure exactly what to call it either. Hope you can help.

eddddy

So are you buying a property on the Isle of Wight?

And you haven't exchanged contracts yet?

Or is it something else?

Normally, you wouldn't confirm with your removal firm until you've exchanged contracts - so there would be no need for cancellation insurance.

(Until you exchange contracts you don't know what day you would be moving - or even if you will be moving at all.)

You probably need to explain your circumstances more clearly, and what factors might cause you to change your plans about moving.

jojorose

The removals firm want me to take out an insurance in addition to the removal fees for contents, (which i have clarified with my Contents Insurer is covered so not required) and also to cover cancellation. I want to know if i can get quotes elsewhere for the cancellation to see whether this is a reasonable quote because as I said it seems steep.

I cant indeed book until I exchange contracts.

eddddy

jojorose wrote: »

The removals firm want me to take out an insurance in addition to the removal fees for contents, (which i have clarified with my Contents Insurer is covered so not required) and also to cover cancellation. I want to know if i can get quotes elsewhere for the cancellation to see whether this is a reasonable quote because as I said it seems steep.

I cant indeed book until I exchange contracts.

I don't see why you need cancellation insurance at all - which is why I don't understand why you are considering buying cancellation insurance.

What circumstances would cause you to cancel the move after exchange of contracts?

FutureGirl

Check your home insurance wording, as this section will usually have exclusions relating to moving.

marlot

My home insurance covered my goods during moving, as long as the items were packed and moved by a professional firm.

ThinkingOutLoud_2

This tries to justify why - http://www.ajstephensonremovals.co.uk/blog/128-removals-insurance-cancellation

As is clear it is really pretty rare for the agreed date to be changed...

Feels like this is a big money spinner for the removals firm playing on fear - or should be cheaper.

If you take a £2k removal and assume that it happens one move in 100 (and I know no one it has ever happened to). That suggests if a risk premium of £20 each plus their profit, costs and insurance tax. Doesn't seem to make £300 good value.

Of course, if you don't buy, then you are at some risk. Same as any insurance. But how unlikely is this?

Maybe heading to the IoW means higher costs with ferry, distance and overnight for the crew?

Maybe some removal firm could explain how often this actually happens and so justify the apparent high cost?

eddddy

ThinkingOutLoud wrote: »

This tries to justify why - http://www.ajstephensonremovals.co.uk/blog/128-removals-insurance-cancellation

As is clear it is really pretty rare for the agreed date to be changed...

Feels like this is a big money spinner for the removals firm playing on fear - or should be cheaper.

That link is just nonsense.

They're trying to exploit people who don't understand the house buying process, by selling them unnecessary insurance.

I would urge anyone thinking of buying that type of insurance to ask their solicitor's opinion first.


(FWIW, in the very unlikely event that somebody in a chain is unable to complete on the contractually agreed date - that person will ultimately be liable for the lost removal costs of everyone in the chain. Plus all other consequential losses.)

glentoran99

Sometimes you have to book movers before you actually exchange though so cancellation insurance is needed, although not at that price, mine was £60

eddddy

glentoran99 wrote: »

Sometimes you have to book movers before you actually exchange though so cancellation insurance is needed, although not at that price, mine was £60

Perhaps.

But that link says:

It is important to remember this cover is only if your move is agreed and contracts have been exchanged or the rental papers have been signed and accepted. Its not available if the move date is provisional and you haven't exchanged contracts.

And the OP acknowledges...

jojorose wrote: »

I cant indeed book until I exchange contracts.

ThinkingOutLoud_2

eddddy wrote: »

That link is just nonsense.
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So to be clear - eddy and I agree - this is rip off at that price or anyway.
I don't think he is saying what I wrote in my post is nonsense - just the content in the link. - or did I read you wrong eddy?