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As a classic example of why you should shop around every time the renewal comes up, my latest house insurance from Lloyds went up about 65% from last year. £298 up to £488, or something like it.
When I phoned Lloyds to tell them I wouldn't be taking them up on it, the woman I spoke to asked why. I told her to look at it and she started laughing, which coincidentally was precisely my reaction when I opened up the letter.
The stated reason for the increase was because the previous 40% new customer discount no longer applied. There was no explanation for the remaining 25% increase, however and as there were no other changes (apart from everything insured being a year older), she was also at a loss to explain it. I told her I was off to find another 40% new customer policy from someone else.
Shocking!
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Comments
I had car insurance with Admiral, and each year I would get a cheaper quote from Elephant (which THEY OWN), and they would give me the cheaper price to stop me leaving. What a daft waste of time.
Agreed, except there was no mention of a 40% new customer discount when I took out the original policy, in fact there were quite a few of them coming out at around the £300 mark. Whatever the maths are, I still wasn't having any of it!
Seriously: If you value it, take/fetch it yourself
I haven’t increased the sum that my contents are insured for and...
The original policy covered a rebuild cost far exceeding what it would actually cost to rebuild 3 or 4 beds.
Cunts.
You don't know what the available discount is yet, but the haggle-ee in the call centre does because they're looking at a bit of software which has dredged up your purchasing history and run a quick algorithm over it.
The whole operation is predicated on the haggle-ee giving away as little as possible, and the odds are stacked dramatically in their favour because the haggler has no idea of the wiggle room.
Money is made, world keeps turning. You heard it here first, folks.
Bloody wish I'd thought of starting one.