Insurance now robbing me after robbery!

MartieF

Hi, my son had his phone and wallet stolen and Esure paid out £460. My old premium was £140 per year but has now shot up to £340 on the automatic renewal, so it feels more like I'm paying a loan off!

Can I cancel home insurance anytime or am I stuck with it on for 12 months once it's renewed?

If I can cancel can anyone recommend a good, affordable insurer?

Thanks

DUTR

MartieF wrote: »

Hi, my son had his phone and wallet stolen and Esure paid out £460. My old premium was £140 per year but has now shot up to £340 on the automatic renewal, so it feels more like I'm paying a loan off!

Can I cancel home insurance anytime or am I stuck with it on for 12 months once it's renewed?

If I can cancel can anyone recommend a good, affordable insurer?

Thanks

Well as you are at renewal, then check on some comparison sites, remember annual premiums are based on risk and claims history, also depends on which type of customer they are trying to attract, eg age , location, so it's not a one size fits all for premiums.

MartieF

It's already renewed. I've been that busy starting a new job that I only noticed when I checked my bank statement. If it's already gone through am I stuck with it for 12 months?

stator

Check the policy for cancellation fees. There will be some

csgohan4

when ever you make a claim on any insurance, you are more than likely going to have an increased premium

MartieF

I know but it's gone up from £11ish per month to £28 so it feels like I've had more of a loan than a payout.

dacouch

MartieF wrote: »

I know but it's gone up from £11ish per month to £28 so it feels like I've had more of a loan than a payout.

It would probably have gone up by the same amount if you had claimed for £2000.

Insurers generally allow a no claims discount (Which you have either lost entirely or partially lost) and also apply a loading if you have a claim

takman

MartieF wrote: »

I know but it's gone up from £11ish per month to £28 so it feels like I've had more of a loan than a payout.

But you have let the policy Auto-Renew which is one of the most expensive ways to take out insurance. Then you also need to consider that your circumstances have changed (claim on policy) so they may not be the cheapest for you. So actually at the end of the day it could have been alot worse.

Atleast you will know now know to pay more attention to renewal letters/emails in the future.

Also how can starting a new job make you to busy to check your letters/emails. Do you work 7 days a week from early morning till late at night.....

Aretnap

You can cancel the policy any time you like - however if it's already started there will likely be a cancellation fee to pay, which you'll have to factor in when calculating whether it would be cheaper to switch insurer.

It's good practice to shop around at renewal time anyway, as most insurers offer a discount to new customers, so your renewal premium would likely have gone up regardless of the claim. This is doubly true if your circumstances have changed as insurers have different target markets and attitude to risk etc, so the cheapest insurer for someone with a clean claims record will not necessarily be the cheapest for someone who has made a claim or two.

MartieF

No, I don't work 24/7 (although it feels like it sometimes!) but a lot of things have been happening at once lately and I honestly don't remember seeing any renewal letters. It must have come as an email (which I will check), which is easily overlooked when you have a lot going on.

csgohan4

always put a renewal reminder in your diary so you can cancel or haggle