Imminent changes to Club Lloyd's added benefits.

Arrem

I have just received a letter from Lloyds telling me they have changed insurers for their Club Lloyd's added benefits.  This appears to have resulted in mainly negative changes and on first inspection I really do not like the deterioration in service provision when they still want over £20 a month for it.
The travel insurance section was for my wife and I the most attractive part of the service, but it is no longer relevant.  The phone insurance comes bundled with my contract leaving the AA cover the only part of it that might be useful.
I am therefore considering leaving the Club Lloyds and wondered what others thought with regard to the actual value.  In fact, would you stay with Lloyd's at all?

Daliah

I think you mean the Club Lloyds Platinum account, as the Club Lloyds doesn't come with insurances, and there are no changes to the Club Lloyds account.

Whether the Platinum, or any packed account, fits your needs is a very individual choice. If it doesn't fit your needs, it might still be a good choice for someone else. Equally, if it's the right account for someone else, it doesn't follow that it also must be right for you.

PRAISETHESUN

https://www.moneysavingexpert.com/banking/best-packaged-bank-accounts/

The Nationwide and Halifax accounts usually get good reviews, but as above, make sure they suit your needs before moving over to them. Generally the packaged accounts represent a good deal if you need all the packaged covers, particularly if you have a joint account (as one monthly fee covers both account holders), but it might still be a good opportunity to shop around and see if you can get the insurances you need (and get rid of any you don't) for a cheaper price by buying them separately. 

DINGDONG

We have the Platinum with Lloyds & have just received details today regarding the changes. I’ve only had a quick look but it seems the main change on travel is that we’re not covered re covid with the new company “ Allianz” , which we were with AXA. we’re pensioners & are still covered until we’re 80 ( a lot of policies don’t insure up to 80 ) . We pay £21 month. I’m disappointed that after paying for years they now want to reduce the cover . There’s pages of info & I’m confused.

Arrem

Same here DingDong and is exactly why I asked.
I have been a loyal customer of LloydsTSB for many years but I do wonder if their recent money saving cuts (for their shareholders of course) might signal time to jump ship.

DINGDONG

I know what you mean I just find it so stressful trying to sort out where to switch to! Thankfully my husband & I have never had to claim & it makes me so angry that at the first sign of a pandemic they won’t cover you , even if the government says you should you return home. I could understand not being covered if it was a personal choice to return. 

WillPS

DINGDONG said:

I know what you mean I just find it so stressful trying to sort out where to switch to! Thankfully my husband & I have never had to claim & it makes me so angry that at the first sign of a pandemic they won’t cover you , even if the government says you should you return home. I could understand not being covered if it was a personal choice to return. 

I'm sure it's not what you want to hear, but I can totally understand why most travel insurers wouldn't swallow the cost of a repatriation as a result of a world event which began 24 months ago.

Anything you plan or book now has a significantly higher risk of being rendered undoable than it did 2 years ago. Insurance policies are underwritten on the basis of how likely a claim is and how much a successful claim will cost.

Of course, no company is bound to maintain a level of service beyond the period they have committed to - it's their duty to return as much profit to stakeholders as they can. You're doing the right thing by moving your money and getting maximal value for money.

DINGDONG

I understand what you’re saying too , but I think it would have been fairer if long term loyal existing customers could have been allowed the cover they signed up for to continue , & as I said thankfully my husband & I have never made a claim . Covid is not the customers fault either.

Zanderman

DINGDONG said:

I understand what you’re saying too , but I think it would have been fairer if long term loyal existing customers could have been allowed the cover they signed up for to continue , & as I said thankfully my husband & I have never made a claim . Covid is not the customers fault either.

Cover is provided annually.  So provisions will be reviewed against current issues annually. 

It's not ever about being 'fair' to loyal customers, it's about taking into account the risks (risks being, basically, the whole point). 

It wouldn't be fair if cover changed within a one year period.

But I can't see that it's 'not fair' if cover changes, after very obvious changed circumstances, from year to year. 

Whether covid is your fault isn't the point. Most risks are not your fault. Insurance covers you against the current pattern of risks, which will change, your fault or not.

Arrem

To be fair, I can to a degree understand the need to change some elements of the travel cover provided, particularly as it was so very useful for those of us in senior years who otherwise face very high fees.
The changes to the credit card, breakdown and mobile phone cover are a different matter however.

DINGDONG

Sorry Zanderman I disagree. They’re quick enough to take your premium every month. If the cover reduces so should the premium , in my opinion .