RIAS - if you'r about to renew - BEWARE

losgiganteskid

A relative of mine is insured for buildings and contents with RIAS (specialists for insurance for the over 50's)

Her renewal this year has just arrived and is showing an increase in premium over last years.

Now last year, as part of a RIAS marketing exercise, enclosed with the schedule was a flyer stating that "ALL RIAS HOME INSURANCE PRICES FIXED FOR 2 YEARS" - for policies that start between 1st Apr 2007 and 31st July 2007.

Now one wonders whether this is a blip on just my relatives policy or (as I suspect) RIAS are increasing premiums irrespective of the promise they made to certain policyholders last year - in the belief or the hope that policyholders will have either forgotten the price promise or merely renew at the increased premium charged this year.

My hunch is that this is a "computer error" and that all policies that applied between those dates are now being invited for renewal with increased premiums - nice little earner for RIAS - if they can get away with it.

shelly

We are with RIAS for buildings only and I have just dug out the renewal info and found the leaflet you are talking about. To be honest I hadn't seen it when the renewal info came through. Have you seen the leaflet at all? It seems vague to me (doesn't mention the words buildings or contents, just "home " insurance) and mentions the word "offer" quite alot. I'm wondering if it was indeed an "offer" that you have to ask for at time of taking out the policy and not something that you are automatically given.
I don't remember the offer being mentioned at all when we renewed with them.

Has your relative made any changes to or claims on the policy? The leaflet says either of those things "may invalidate the offer, in which case your premium will revert to the standard rate at renewal"

Failing all that, I'd call them and query it.

We have been with RIAS for a number of years now purely because if we get a quote that's cheaper than their price to renew with them, they either match it or better it.

CarmineStocky_2

shelly wrote: »

We are with RIAS for buildings only and I have just dug out the renewal info and found the leaflet you are talking about. To be honest I hadn't seen it when the renewal info came through. Have you seen the leaflet at all? It seems vague to me (doesn't mention the words buildings or contents, just "home " insurance) and mentions the word "offer" quite alot. I'm wondering if it was indeed an "offer" that you have to ask for at time of taking out the policy and not something that you are automatically given.
I don't remember the offer being mentioned at all when we renewed with them.

Has your relative made any changes to or claims on the policy? The leaflet says either of those things "may invalidate the offer, in which case your premium will revert to the standard rate at renewal"

Failing all that, I'd call them and query it.

We have been with RIAS for a number of years now purely because if we get a quote that's cheaper than their price to renew with them, they either match it or better it.

With the plethora of cahback sites knocking about these days and taking into account the level of cashback available on insurance deals in particular, I'm surprised any serious money-saver would be content to stay loyal, even if their original insurer is happy to match the other company's quote. As there is up to £120 cashback available on home insurance, I'm suspecting RIAS wouldn't match the other deal INCLUDING the cashback?

shelly

CarmineStocky wrote: »

With the plethora of cahback sites knocking about these days and taking into account the level of cashback available on insurance deals in particular, I'm surprised any serious money-saver would be content to stay loyal, even if their original insurer is happy to match the other company's quote. As there is up to £120 cashback available on home insurance, I'm suspecting RIAS wouldn't match the other deal INCLUDING the cashback?

I have looked at cash back deals before and I have found the premiums to be loaded enough to cover the cash back deal.

losgiganteskid

I am taking this matter up with RIAS. The offer of no premium increase covered the period 1st Apr - 31st July2007 ie 4 months - this on the law of averages means that one third of the RIAS household book of business should have renewed at 2007 premiums this year - so anyone insured through RIAS who has renewed since 1st Apr this year should not have paid 1p more than ;ast year (albeit where a claim has been made or a change of risk has taken place. I wonder how many renewal notices have been sent out erroneously to the financial advantage of the intermediary ! Smacks of underhand activety - my relative is complaining so will wait and see what responce we get. After all, RIAS are shouting from the rooftops how important they consider service to be !

Kice

Hi there,

Please note that the 2 year price fix only applies if you have not made any changes to your policy while the offer was in place, if the policy is amended the system will automatically cancel the 2 year price fix offer.

losgiganteskid, if your relative does not get a reply from RIAS I recommend you ask him/her to either call 0845 045 0059 (this is the complaints line and things just get sorted out quicker that way) or to send a letter in the name of Customer Satisfaction Manager, these are the best way to get their attention.

If you send a letter just in the name of RIAS it gets thrown in the big pile of letters to deal with, if you send it in the name of the customer satisfaction manager they are forced to deal with it on the same day it is received.

Hope that helps.

losgiganteskid

Crikey - a dedicated complaints line - a forward thinking initiative !!