Short term insurance annual increase

[Adenoid Hynkel]

My insurer increased my premiums by 22%
Yet my insured amount only increased by 7%.

I haven't really looked into this and usually ignore the annual increase values, as they usually have been around 7-10%

The above is for buildings and house contents. Is this normal or am being ripped?

 

[Quicks]

Phone them at least twice a year and argue for better rate. I normally do it in Jan and just before my annual date I started with them.

They will rip you off whenever they can insurance companies are ****ers. All of them.

 

[The_MAC]

They always claim its due to the inflation to fix/repair/replace...

Go through a broker

 

[mr_norris]

Go through a broker

This doesn't help increases. I suppose it depends on your risk profile and stuff, but I am with a broker, and my premiums increase while my insured amount decreases. It's gaffed.

 

[ScottulusMaximus]

This doesn't help increases. I suppose it depends on your risk profile and stuff, but I am with a broker, and my premiums increase while my insured amount decreases. It's gaffed.

Then you have a **** broker.

I get my increase letter every year and every year I call and say notta chance, they then apply discounts and generally drop my excess and increase contents cover for the same premium.

 

[Gtx Gaming]

Tell them you want to cancel as you found a better price, they normally desperate to keep you as a client.

 

[Craig_]

My insurer increased my premiums by 22%
Yet my insured amount only increased by 7%.

I haven't really looked into this and usually ignore the annual increase values, as they usually have been around 7-10%

The above is for buildings and house contents. Is this normal or am being ripped?

Call around for quotes. I also got a similarly large increase a few months ago, after probably 5 or 6 years of getting reductions every year. Emailed them the new quote and the increase came down to single digits.

 

[Hemi300c]

This doesn't help increases. I suppose it depends on your risk profile and stuff, but I am with a broker, and my premiums increase while my insured amount decreases. It's gaffed.

Hopefully the decrease is only on the vehicle value??

 

[saturnz]

what are the actual numbers?

Outsurance wanted to increase my annual premium from just under R3000 to R4500 for the year ending Feb 2018, although I must admit up until this point I received great service from them with 3 claims. This was just for the building.

Then I contacted a broker who did it for R2500, and for the year ending Feb 2019 I'm now paying R2800.

 

[Venomous]

Phone them at least twice a year and argue for better rate. I normally do it in Jan and just before my annual date I started with them.

They will rip you off whenever they can insurance companies are ****ers. All of them.

This!!!!


Remember the value of your car DECREASES so why should the cover amount increase. The will pay the old car's value NOT the new replacement value.

 

[airborne]

This!!!!


Remember the value of your car DECREASES so why should the cover amount increase. The will pay the old car's value NOT the new replacement value.

But but but repair costs are increasing as are spares, well that's what they told me when I asked last.