Abacus buildings insurance legit?

StevieB99

Hi everyone,

Our building insurance has gone up over 25% this year. I've tried to get a cheaper quote and this company 'Abacus insurance' via a broker is considerably cheaper. 

I've googled them and they look possibly dodgy.

Can anyone advise? any experience etc?

If not i'll probably just go with my old company I think.

TIA

DullGreyGuy

Abacus themselves are broker so just another intermediary. Looking at their website it says claims are dealt with by the actual insurer/MGA so your broker is just using this broker rather than having direct relationships with the panel. Unsurprisingly the only thing they deal with themselves is non-fault motor

StevieB99

Thanks for that. The actual policy is with Axis.

It might be ok after all then. Cheers

Mark_d

I tend to check big companies like John Lewis, LV and NFU Mutual to get a feel of what is a reasonable insurance premium.  I tend to stick with my current insurer unless I need to go somewhere else for an equivalent level of service and a significantly lower price.

I've never heard of Abacus insurance.  Maybe they're cheap because their policy isn't comprehensive, the deny a large proportion of claims, or their customer service is bad.

The last thing you want to do is pay money for an insurance policy that won't cover you when things go wrong.  Maybe you didn't lock your windows even though they were closed, maybe your door lock isn't up to the specific requirement...

DullGreyGuy

Mark_d said:

I tend to check big companies like John Lewis, LV and NFU Mutual to get a feel of what is a reasonable insurance premium.  

JL aren't an insurer, currently they have licensed Munich Re DS who are selling Covea written Home policy on their behalf.