DDK - Die Deutschen Klassiker

Just had a call from my house insurer.
Premium has gone from £490 to £1328.
Nothing has changed, no claims made, just the world has spun around a few times. Been with them for years.

If I take chunks of cover out it drops to a mere £990.

She accepted they will loose a lot of business...
I really do not live in something flash, just nice.

Shop around

The Strait of Hormuz has been closed, fuel prices are up, inflation expectations are up driving gilt and bond valuations down (insurers are regulated to hold large amounts of this lower risk capital in respect of the premiums you pay up front and money set aside for claims; as interest rates rise, gilt & bond prices drop), you are being asked to pay for the hole in the insurer’s balance sheet

She did not give us a clear answer why the cost had nearly trippled, and no oil was mentioned!

Will need to do a lot of shopping round. We are with SAGA as the cover was much better than others for much the same cost.
SAGA will be loosing a lot of people.

I have never been called by an insurance provider to explain the cost rise.

On a light cover policy the cost was dropped to £910, and she seemed to think she was doing me a BIG favour.

The short answer is more risk in the world increases the price of buying insurance. However, premiums in my mkt haven't tripled and it's not clear to me how a war in the middle Asia = more house insurance claims in the Midlands!

I would be tempted to not renew and try again after the war but I haven't had contents insurance for 30 years!

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She talked in riddles (to my mind) of SAGA dropping 'partners' from 14 to just 4 and this increased the premium.
They must be wetting themselves, hence calling customers up to explain and convince loyal customers to stay with the triple increase in cost.

Why do they think that will work?

We are waiting for the renewal documents to arrive so maybe there will be an explanation.
We have the big Skoda with them too, wonder what that will be in December!

Try the NFU and also use a comparison site for variables in prices.

Task for Mrs Hillclimber tomorrow between all the F1 stuff (I hope).
Thanks for he suggestion.

NFU, LV, and comparison for starters.

Hi.
Please feel free to give us a try for house insurance if you wish.
Regards,
Dan.

Try one insurance brokers. My House insurance dropped by £80 this year.

Saga have changed their model and got 3 insurers; Ageas, AICL and Lloyds. They needed to raise capital so have done a 25 year brand licensing deal with Ageas, who bought AICL as part of the deal. So they are less competitive in underwriting breadth than they were, but no longer have the capital strain of being an insurer. The new model will shortly go live with the new Ageas partnership taking all new and renewing policies, so a further step change.

Essentially, they don’t offer the same as they used to and there will be winners and losers in the transition. But they are a super fair company to deal with as a consumer and have been my clients for 15 years.


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That's a bit clearer now Wayne, she said much of that but in a round-about manner.
We will soon see what the others quote.

She is calling us back in early April to see what we have concluded!

Thanks for the info,
Graham.

Try Aviva, ours went down this year.

Just paid up, so missed your comment.

We have gone to Direct Line, £617.
Reasons:
Been with them before on a car, had to claim for a 'no-fault' accident, all hassle free.
Cover is equal to the current cover we have with SAGA, bit better in places.

Thus SAGA @ £1300 v DL @ £617

All done, will let SGA know later this week.

For info, LV was MORE than £1300, NFU said they needed to discuss the cover with us because of something we selected, can't be bothered.