Insurance - is it the biggest fiddle in the world?

[kes]

House insurance - most wont quote since the house is based on a property aged 400 years - despite being fully renovated, full planning and building control approvals. Sons car £800 - since I had my first and only claim last year (drowned car) to add me would cost an EXTRA £200.
Anyone advise me where is best to go with an old farmhouse to get a comparative quote. I am soul destroyed answering hundreds of questions only to be told they dont insure properties this old. When I asked why this wasnt mentioned earlier - no sensible response given.

Maybe I am just getting more grumpy but with Council Tax and insurance - best part of 6 grand gone. I have claimed but once in 40 odd years - ba*****.

 

[Pedro]

Many farm houses will be that old. Have you tried NFU?

But yes, the insurance game is worse than gambling. I'm sure that in most cases it's think of a number then double it when they ask for a quote.

 

[Alantoo]

Old cottage, but only 150 years old, we are with Aviva who have paid up against a tree falling and damaging two outbuildings and a couple of floods...

Try NFU as well? They have been great on other things.

Alan

 

[rafael fach]

Another for nfu house public liability and employers comes to about 1400

 

[User00025]

Kes give this lad a try. I live in a thatched cottage and he knocked hundreds off my last cost.
Tom Chapman, The home insurer.co.uk
Tel01832735388.

 

[McKenzie]

I would try NFU & Hiscox. We have an older & unusual house & it wasn't a problem with Hiscox. I feel your pain; £3000 for council tax, £1100 for life insurance, £2200 for house & contents & £3000 for business insurance etc.....

 

[VSS]

Nfu home and contents insurance was fine until we had to make a claim after our hot water tank burst and the water brought our kitchen ceiling down. Fair enough they paid up, but our premiums skyrocketed afterwards as they clawed back what they'd paid out. So what was all the money I paid for years beforehand for?

 

[Hell Toupee]

we went with UK General, through UInsure - saved about £800-1k compared to others. Also an old building.

 

[Kalahari]

You mean, a bigger fiddle than BASC????

David.

 

[enfieldspares]

Try a good, proper, old fashioned broker rather than one of the many "one size fits all" direct insurers. My son had for many years an Australian Driving Licence. Non of these "one size fits all" would underwrite a policy for me that had him on it. Nor would any underwrite his property long term in the UK whilst he was living in Australia or, now currently, the Netherlands. So I used Bale Insurance Brokers of King Richard's Road, Leicester. Telephone 0116 262 1304. As for Lee. After a half a day he came back with cover both for my car with him on it and his property with him absent from the UK. If you think you might contact him PM me and I'll give you my name so as be aid to explain why you're not "local" as it were.

 

[tikka_madras]

A lot of insurers don’t really make money on the insurance they write. They actually make their money investing the premiums you pay until it’s time for them to pay out. It’s not generally a scam.

Although there are definitely some practices of insurers that stick in the craw, like hiking premiums massively after a claim.

 

[Hereford]

Nfu home and contents insurance was fine until we had to make a claim after our hot water tank burst and the water brought our kitchen ceiling down. Fair enough they paid up, but our premiums skyrocketed afterwards as they clawed back what they'd paid out. So what was all the money I paid for years beforehand for?

Exactly - being honest if you’re fairly fiscal then all the insurance you really need is for major issues like whole roof blowing off, total loss fire or if it falls down. I too have only ever made one small claim in 24 years of home ownership (£2k when I hadn’t much of a pot to p!ss in) and they f@cked me for it for several years after as they clawed it back.

 

[kes]

You mean, a bigger fiddle than BASC????

David.

Dont be silly, of course not.
I cant say that however as I am forsworn.

 

[sh1kar]

I use A1 private clients. They shop around for you and get best fit. Mostly the likes of Chubb. Hiscox etc
S

 

[Lickashot]

Aviva, or the obvious price comparison sites. Legal and General are your best bet usually, but you really need a broker or financial adviser with access to GI Connect to get a decent quote

 

[tikka_madras]

BTW Last time I looked at the London insurance market the most profitable insurers in any year had a combined ratio of about 90 (meaning for every £100 of premium they make £10 from underwriting) and the worst about 110 (meaning they lose £10). Then you need to add/subtract their investment result to their underwriting result to get to their actual profit/loss.

In 2019 Lloyd’s of London reported a profit of £2.5bn, with a combined ratio of 102.1

 

[John Gryphon]

I am soul destroyed answering hundreds of questions only to be told they dont insure properties this old. When I asked why this wasnt mentioned earlier - no sensible response given.

Only yesterday I did an online "save hundreds" it cost me five minutes and at the end I got "sorry we cant offer you car insurance"
I havent had a claim for 20 years btw!

Best was on the phone I was advised re home insurance that they cant offer because I was living in a "flood zone" they were going on my postcode and I told the clown "but for ffs my home is 1000' higher in the mountains above the ****ing river zone....sorry cant help!

 

[splash]

This post reminded me of a time when my ex had her £1000 engagement ring taken at work.
I rang the insurance company to ASK if it was covered under household insurance, to be told no it wasn’t covered.
6 months later my renewal can through £150 more ? I asked why and apparently by asking I had made a claim !!!
So I don’t trust insurance companies

what I learned a few years ago whilst working at a fire damaged house, if your building is under or over insured then that gives the insurance company an excuse NOT to meet the claim ? Work that one out

 

[FISH BOY]

Small tip to help save is to see how much the cover to rebuild your house is. Most policies are set as standard at about 25% less than the value of your house, whereas in reality it would probably cost considerably less to replace. Insurance companies will only pay what it takes to replace like for like, so having a big replacement number more or less becomes irrelevant except for the cost of the cover.

Obviously dont underestimate, but being more savvy on the realistic rebuild cost can save on the premiums.


Dont get me started on car insurance. With 15 years no claims my premiums went up £100. I called to question as was told that as it had been so long since a claim I was more likely to have an accident. Pond scum.

 

[kes]

To be perfectly honest its long past the time when a sensible government would have decided that a full examination of the Insurance Industry is needed.
The industry has gone from supportive and helpful to providing insurance but trying very very hard to escape any subsequent liability, flooding for example. Escape clauses abound and fake criteria push premiums still higher, hoping people dont have time to question premiums but also offering cheap insurance to catch the unwary and bind them in subsequently. Essential but thoroughly dishonest.