Why has my insurance premium increased by 40 per cent despite having protected no-claims discount?
I have just had my renewal notice from my insurance company who to date I have highly regarded. I am 64 years of age and up until last year had 46 years without a claim, but last year made a claim for a paltry £2,000. As a result, my premium has risen by 40 per cent, despite paying for ‘protected NCD’. I would be interested in your thoughts.
Asked on 21 May 2011 by ST, Brackley
Answered by
Honest John
My accountant recently queried my trade insurance premiums. And on checking I discovered that they had actually gone down this year. Same underwriter, but down by about £20. Two options are open to you. One is to start haggling with your existing insurer/broker, threatening to take your business elsewhere. And the other is to take your business elsewhere. But if using 'price comparison sites' be aware that they are usually nothing more than brokers with a fixed panel of insurers. To get a true comparison you have to compare the best quotes from different comparison sites.
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