Having received a home insurance renewal notice requesting a 14.3% premium increase, I obtained quotes from competitive insurers.
I was both shocked - as I believed I was paying a competitive premium - and overjoyed at the the prospect of saving $540 (32%).
The quotes received are:
1) Woolworth's Building ($540,000 - excess $500) and Contents ($80,000 - excess $500) $526
Note this includes a 30% honey pot discount which is not available in future.
2)Progressive 1996 Hyundai($1,330 - excess $500) 3rd party fire & theft
2012 Kia Cerato ( $12,900 -excess $700) Comprehensive $631
It appears to me, that when it comes to insurance there are no benefits for being loyal.
New insurers are offered very attractive honey pot deals, only to have subsequent annual premiums increase out of all proportion.
From now on I intend to review the cost of insurance annually and switch providers as and when prices dictate.
"It appears to me, that when it comes to insurance there are no benefits for being loyal.
New insurers are offered very attractive honey pot deals, only to have subsequent annual premiums increase out of all proportion.
From now on I intend to review the cost of insurance annually and switch providers as and when prices dictate."
Absolutely yes.