Home Do any insurers not have cancellation fees?

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DrMoriarty

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Evening all,

A quick query for some of our resident insurance experts, or anyone else who can shed some light on the matter.

I've received a renewal quotation from our broker with an 80% hike on last year's premium, which was itself higher than normal because we've had two claims — for €10,100 and €2,700 respectively — in the past three years (after 15 years claim-free, I hasten to add!). They say they can't do any better, so I'm shopping around for alternatives — but am finding that many insurers won't quote until three years have elapsed since the earlier claim, which will happen this coming April (i.e. our first claim was in April 2008).

I'm probably going to have to accept a high premium until then, so I'm wondering if anyone here can tell me:
(a) which insurers, other than Aviva, will quote for home insurance when you have two claims totalling over €5K in the last three years?
(b) do any of these not charge a cancellation fee if you cancel after two or three months (i.e. I just stop paying monthly premiums and allow the cover to lapse)?
(c) are there any caveats I should be aware of? For example, I know that if an insurer cancels a policy I have to declare this on all future proposals, but what if I cancel?

Thanks in advance for any tips.
 
C = If you cancel, you don't declare this, but you may be asked if you are or were ever insured on the property before. there is no penalty
 
Thanks, Ravima.

The broker who's quoted me the very high renewal premium has also intimated that to leave the property uninsured for even a short period of time — not that I want to do that, of course — could also mean that an insurer declines to quote. Is that true, in your experience? Or are they trying to "encourage" me to renew quickly? (my cover expired yesterday... :()
 
If unoccupied then if uninsured you can have a problem, as when taking out the policy you will have to truthfully say it is unoccupied.
 
No, the house is occupied alright. It apparently has more to do with maintaining an unbroken period of insurance without any claims.

As it turned out, I ended up renewing today; the broker was mysteriously able to knock nearly 20% off the previously "unmovable" premium, and I can pay a €290 deposit and ten instalments of €57. Come April I'll simply reinsure and cancel this policy, unless the insurer offers a suitable adjustment to premium for the remaining 10 months.

Thanks again for the advice!
 
Read the T&C's to see if there is any effect to no claims discount if you cancel ealy.

Patrick
 
Thanks, I will*. The broker says it's not a problem because I was with the same crowd for the last two years; if it was my first year it would be different. Apparently, some EU consumer protection directive or other prevents the imposition of unreasonable penalties or charges, apart from the first year, when an insurer may impose more stringent penalties in order to prevent "strategic" cancellations. Which is fair enough, I suppose.

* I always read T&Cs, to the considerable amusement of my wife and kids. Pity I wasn't given a copy of their T&Cs, back when... :(
 
If using a broker, then you need TWO T&C's as btoker may have another fee structure for handling your business.
 
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