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#Homeinsurance: worth five minutes research

architecture 22030 640My house insurance is up for renewal. A few things first: I live in one of the safest postcodes in the country, in a conventionally-built house not near water or other hazards, with good locks and with the house occupied day and night. And I’ve not claimed on home insurance for going on 20 years at least. In other words, I am a cheap date for house insurance. But that doesn’t mean I can’t save money. My renewal quote with Privilege is £125.44 for buildings and contents. The schedule helpfully tells me that last year, I paid £96.36. I go online to a comparison site (I used Moneysupermarket.com because it’s an easy site to navigate and has my details stored) and straight away, I get a quote of £98.56 for identical cover – after all, I bought my home insurance last year via the same site so I know the details used are the same. What is more, it’s with the same insurance company – Privilege.

So how come identical cover with the same insurer comes in at £27 more expensive than through a comparison site? It’s all to do with market forces, no doubt. So I phone the insurer and almost instantly they cut the premium down to £99.68 after applying a ‘customer loyalty discount’. I couldn’t be bothered to argue about the extra £1.12. I know that everyone understand shopping around is essential and never accepting renewal quotes, but obviously lots of people just don’t do this otherwise you wouldn’t presumably get such discrepancies in cost. If you don’t, you seriously are wasting your money: and really, it takes hardly any time at all to bung your details into a website or to phone up your insurer and ask for a deal rather than automatically renewing. However I’ve found in the past few years my car insurance renewal has come in cheaper by renewing with the same insurer than quotes via a comparison site. Perhaps the car insurance market is more competitive than the household one. When it comes to renewal time for my car, I will research if I can get it cheaper – but in this case, maybe my time will be wasted.

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Monday, 10 December 2018