Home insurance on the rise again

[Dustydog]

After ten years with the same Insurer last year , their increase was unbelievable , £110.00. A move to a new blue chip,, Raywood blue chip,Defaqto, last year was actually cheaper than the existing before renewal.
They got me this year! A £60 increase🤮.
So wasted the morning , initially compare sites etc. Confusing! Trying to mirror image the cover I wanted with these sites was amazingly confusing and frankly dangerous to the not so well informed.
Next stop was checking with each insurer direct following the blue chip list from Which?
The two top boys NFU and LV who have been well praised on here were quoting In excess of £1k🙀

Back to the drawing board and amazingly my current guys with the broadest cover you could want out on tops on cover and cost . I bit their hand off for 5he renewal😎
Costs are ever rising and I warn all of you be ver6 careful,of these compare sites. They chop out loads of important covers to make the premium cheap. People fall for it but of course all the riders are on site so not their fault when you you don’t get what you think you get!

 

[Mr Plodd]

I have said this many times, and at the riskof repeating myself.............

Banks and Insurance companies are NOT your friend. They are multi million pound businesses who's sole reason fir e instance is to make money, not pay it out.

 

[RogerL]

I have said this many times, and at the riskof repeating myself.............

Banks and Insurance companies are NOT your friend. They are multi million pound businesses who's sole reason fir e instance is to make money, not pay it out.

The same comment can be made about every business, big or small - thankfully all private pension funds are invested in businesses so the profits are recycled back to the consumers - and the profit is taxable giving the government money to spend on benefits and other much needed public services.

 

[otherclive]

After ten years with the same Insurer last year , their increase was unbelievable , £110.00. A move to a new blue chip,, Raywood blue chip,Defaqto, last year was actually cheaper than the existing before renewal.
They got me this year! A £60 increase🤮.
So wasted the morning , initially compare sites etc. Confusing! Trying to mirror image the cover I wanted with these sites was amazingly confusing and frankly dangerous to the not so well informed.
Next stop was checking with each insurer direct following the blue chip list from Which?
The two top boys NFU and LV who have been well praised on here were quoting In excess of £1k🙀

Back to the drawing board and amazingly my current guys with the broadest cover you could want out on tops on cover and cost . I bit their hand off for 5he renewal😎
Costs are ever rising and I warn all of you be ver6 careful,of these compare sites. They chop out loads of important covers to make the premium cheap. People fall for it but of course all the riders are on site so not their fault when you you don’t get what you think you get!

So who did you go with in the end ?

 

[Dustydog]

I will tell once you guys tell😎

 

[Jcloughie]

I will tell once you guys tell😎

I am with LV, but no doubt I will be looking around. This is my house insurance, due September.




But my car is due 30th March, so time to look around right now. This is my renewal received today.



My neighbour just renewed theirs with Swinton. Same age, similar car but older. Same driving history.


Sub £270

John

 

[Mr Plodd]

Good luck!
I am with LV and have been for few years now. After many hours bith on the internet, and the phone I was simply unable to better their renewal quote which was £325 last year, renewal for 1st March was £557 .
If you ring them they will drop 5%, but that's all,

I did find a few lower quotes, but the cover was weaker. Be VERY careful if you want European cover, be sure to get it confirmed you will have the same level (i.e Fully Comp) whilst in Europe, a few I contacted, when pushed hard, admitted their fireign cover was just the "Legal minimum" I wonder how many have been caught out by that?

 

[otherclive]

LV cars and home. Last year cars had gone up similarly to above but despite looking in line or going direct LV were cheapest. NFU were twice as expensive.

 

[Buckman]

WE have been with NFU for over a decade. We had a massive claim with them in 2012 due to our home being flooded due to a faulty installation with our air source heating.

No issue with the claim and hardly any difference in premium. This year we actually paid less than what we did at the time of the claim!

 

[Mr Plodd]

My house insurance (LV same as my car) which is due next week, has increased by 30% But its still just £140 for a 1999 3 bed semi. But we have just the basic building and contents cover for catastrophy such as fire/flood (and for theft of course) . Having no pets or children we don't need accidental cover. I checked before buying and we are a couple of feet above the 500 year flood level.

 

[Dustydog]

Mr Plodd raises the crucial point. The scope of the cover.
Aviva have and continue to give me a sum insured of “Unlimited” on both Buildings and Contents, which are also on a full accidental damage basis rather than specified perils.
It includes some specific items like jewellery and bicycles.
2024/5 premium £398.00, up £60.
LV similar quote but lesser cover
NFU £1038.00🙀

 

[otherclive]

Mr Plodd raises the crucial point. The scope of the cover.
Aviva have and continue to give me a sum insured of “Unlimited” on both Buildings and Contents, which are also on a full accidental damage basis rather than specified perils.
It includes some specific items like jewellery and bicycles.
2024/5 premium £398.00, up £60.
LV similar quote but lesser cover
NFU £1038.00🙀

For our cars NFU was double LV just for one car, whereas LV cover the two. Despite using on line comparison sites and contacting companies that don’t use comparison sites LV we’re still cheapest for home and cars.

 

[Beachball]

My wife car insurance renewal came in we had a look on the comparison site and she with Swindon Insurance it offered a great deal at a reasonable price .
Our bungalow is with Direct line home insurance we have been with for some years now .

 

[Raywood]

Our house is with RSA (More Than) but this is more because having worked for them I get a big discount. They do give you a basic cover of I think without checking £1,000,000 but if it is a bit less it is way over what the house would cost to rebuild. The contents cover is also a pretty large figure again more than I need but they are making sure I am not underinsured.
When assessing the sum insured for the building you do need the building cost as that is what you will require in the case of a serious fire. The market value does vary for the same house in different places in the same own but the rebuilding costs tend to remain more or less the same and even if you think you can just take the money you may be obliged to rebuild by the local authority. You will also find the insurer will reduce any claim for partial damage if the sum insured is not high enough.
I thought that as the point of sums insured was being discussed I would see if that helps anyone.

 

[ProfJohnL]

Whilst on the face of it two proposers might have the same situation, yet the Insurer 's quotes for cover can be massively different. That is becasue each insurer may assess criteria differently, and they may also consider different factors.

Therefore ist too simplistic to use your own experience as a template for others to base their expectations on.

It's up to each proposer to seek their own policy quotes.

 

[Buckman]

I thought the thread was about the increase in premiums for house insurance for the same house and not the type of cover, etc?

 

[Dustydog]

I thought the thread was about the increase in premiums for house insurance for the same house and not the type of cover, etc?

Yes . It was to see in general terms how matters may have changed over the last year, not a micro analysis

 

[Jcloughie]

I am with LV, but no doubt I will be looking around. This is my house insurance, due September.

View attachment 6220


But my car is due 30th March, so time to look around right now. This is my renewal received today.
View attachment 6221


My neighbour just renewed theirs with Swinton. Same age, similar car but older. Same driving history.


Sub £270

John

For the car insurance (see above). It is due 1st of April so have been shopping around. Only one company beat this price, so I called LV. I needed to remove my daughter as a named driver as she has a speeding ticket. My son will remain on. Removing her put the price by up about £65. By not declaring and reducing estimated milage from 10000 to 5000 brought it down to £387. Keeping her on with the speeding declared it jumped up by £123.

The answer is to remove the daughter and then add a daughter in law. That should bring it back to £387.

Logic there is none.

But advice to others who do not know. By adding named drivers with a clean record dramatically reduces you insurance.

I might add another 10 people, LV might be paying me then. 😊

John

 

[otherclive]

For the car insurance (see above). It is due 1st of April so have been shopping around. Only one company beat this price, so I called LV. I needed to remove my daughter as a named driver as she has a speeding ticket. My son will remain on. Removing her put the price by up about £65. By not declaring and reducing estimated milage from 10000 to 5000 brought it down to £387. Keeping her on with the speeding declared it jumped up by £123.

The answer is to remove the daughter and then add a daughter in law. That should bring it back to £387.

Logic there is none.

But advice to others who do not know. By adding named drivers with a clean record dramatically reduces you insurance.

I might add another 10 people, LV might be paying me then. 😊

John

I’ve today added my 31 year old grandson to our Kia Rio policy. Social, domestic and pleasure. Clean licence, no claims etc Cost increase with £15 admin is £105. 82 until mid October. That is with LV. So perhaps there’s a bias favouring adding women the policy and against men. Should I ask him to declare a new gender?

 

[Dustydog]

Ironically us blue rinsers are caught in an age time warp.
Penalised for youth, rewarded for middle age 35/40,then penalised for old age to the point of refused insurance or to be PC priced out of the market.

 

[Jcloughie]

I’ve today added my 31 year old grandson to our Kia Rio policy. Social, domestic and pleasure. Clean licence, no claims etc Cost increase with £15 admin is £105. 82 until mid October. That is with LV. So perhaps there’s a bias favouring adding women the policy and against men. Should I ask him to declare a new gender?

LV has given me a big reduction for my son for at least 5 years, and I get an even bigger discount for a second named driver. I have not tried to add a third. So apparently not gender biased. However, my children are now mid 50’s. Perhaps this helps.

Here are a couple of quotes from RAC insurance.

​

1,​

Does adding a named driver reduce my insurance?​

It can, but it’s not guaranteed. Making changes to your insurance policy could always increase your premium cost instead.

2,
In addition, adding a named driver to your policy may affect your annual premium and this is largely down to the risk profile of the individual you are adding. It could take your premium down, or in the case of adding a young driver, potentially increase your premium.


John

 

[Raywood]

Named drivers can affect your premium. Basically if as in most cases you add an older driver to a young persons policy it will bring the price down. If you do it the other way round t will put it up. Add someone similar to the policy and it is unlikely to make any real difference, unless they are both young and that might push it up further.

 

[Buckman]

Named drivers can affect your premium. Basically if as in most cases you add an older driver to a young persons policy it will bring the price down. If you do it the other way round t will put it up. Add someone similar to the policy and it is unlikely to make any real difference, unless they are both young and that might push it up further.

In 2022 adding our 23 yr old grandson who had held a SA licence for 4 - 5 years cost us an additional £400. This was for the 1996 Corolla auto. However we had to change insurance as the one we were using would not take on anyone under 25yr. No way was I putting him on the Jeep insurance! LOL!

 

[RogerL]

Named drivers can affect your premium. Basically if as in most cases you add an older driver to a young persons policy it will bring the price down. If you do it the other way round t will put it up. Add someone similar to the policy and it is unlikely to make any real difference, unless they are both young and that might push it up further.

There's anecdotal evidence that if a younger person (40-59) is added to an older (over 70) driver's policy then the premium comes down - and comes down more if the younger person is female.

Trying all the genuine possibilities on a comparison site is the only accurate way to find out.

 

[otherclive]

Aviva have recently announced that the large increase in price rises has plateaud. Wonder if it’s because the Government was bent in announcing a CMA investigation.

The link below is an interesting read on why some Chinese electric cars are being hit with very high premiums or no insurance offered

Exclusive: Some Chinese cars ‘almost uninsurable’ as parts and repair support falters | Auto Express

Parts shortages and a lack of technical support are giving insurance underwriters the jitters when it comes to the new wave of Chinese cars hitting the UK

www.autoexpress.co.uk