increased car premium when changing address

eastmidsaver

Hi All,

Just want some advice. I am moving to a new address, so i logged into my online account with the insurance company to update my details.

Anyway, for the remainder of the cover (approx 8 months) - I have had to fork out almost £150 more.

I knew there might be a slight increase, but certainly not this steep. Has anybody else had similar situations, and is this normal?

Obviously I had no choice but to pay it, but is there anything that can be done, or is this a standard insurance rip off?

Be interesting to know if they would have given me a rebate had it been moving the other way round.

Thanks and look forward to your responses.

dunstonh

Has anybody else had similar situations, and is this normal?

its normal if you move to an increased risk area.

or is this a standard insurance rip off?

No its not a rip off. Some people get reductions. Some pay more.

eastmidsaver

thanks.... like i said I expected it to be a slight increase, maybe £50 tops, but not soo much. the area i;ve moved to seems pretty quiet.

paddyandstumpy

Are you a Pricing Analyst and experienced to price a risk then?

eastmidsaver

no i didn;t say that, i was just surprised it was so steep, if it's normal, then fair enough. are you?

rs65

kerpunk wrote: »

Be interesting to know if they would have given me a rebate had it been moving the other way round.

I had a rebate on two car policies and a home policy last time I moved.

huckster

To be honest, Insurers do target existing customers making changes to policies mid term to make money from. Not only will there probably be an admin fee, even if you are doing the amendment yourself online, but also the rate may be higher than the new customer rate.

If you want to check on this and challenge your Insurers, see if you can get a new customer quote with the same company. If there is a major difference between the existing customer rate and new customer rate, you could make a complaint to see whether they will refund some of the extra you have paid. There is nothing compelling Insurers to do this, because Insurers do offer discounted new customer rates, which are not available to existing customers.

As others have said, a new address, means than the risk premium is subject to recalculation. But you can check in the way suggested and complain if necessary.