Author Topic: It can pay to change insurer to get the best rates at renewal  (Read 2309 times)

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Philofacts

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It can pay to change insurer to get the best rates at renewal
« on: January 09, 2012, 12:31:58 pm »
There is growing evidence that insurers are increasing premiums for existing policyholders even though there have not been any changes in circumstances or any claims made.

Some people even believe that policyholders who automatically renew year after year without ever questioning premium rises, may have even higher rises inflicted on them.
It is also believed that premiums for new business are being artificially discounted at the expense of the insurer's existing loyal customers.

According to Which? around 31% stay with their current home insurance provider every year, many not even bothering to check whether they could save by switching.
Older policyholders tend to stay the longest with one provider.

There are many insurance comparison websites available and most of the major providers have special offer deals to attract new customers.
However, it is important to check that the cover provider is equivalent and the policy excess is not higher.

A Direct Line customer found his premium had increased a massive 50% at renewal.
After finding identical cover elsewhere for much less, he called Direct Line to say he was leaving and they lowered their quote, wiping out the increase altogether.

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