Instead of renewing home policy, taking out new with same company

[foxyferret]

My daughters renewal on home contents insurance with co-op is £172.71. However, if she was a new customer the price on website is £127.06. for same cover. Can you let your policy run out and then open a new one with the same company a few days later? I have not got the policy in front of me so cannot see if small print forbids you from doing this (probably)

[mxyzptlk]

Why not ring the company and ask, they may agree to the lower price?

[redman41]

I'm with AVIVA and my Home Contents Insurance is £68.64 per Annum for £12,000 Cover

[factor-fiction]

You may get an even better deal buying it from the co-op via a cashback site such as quidco. The price may be the same but you can also earn a cashback- cashbacks of around £50 are sometimes available although you sometimes have to wait a few months for the cashback.
It seems mad but most companies now have special deals to attract new customers and then rely on inertia when it comes to the next renewal.

[boxtops]

You should always shop around for any insurance - the Coop will know from her postcode etc that she is a returning customer. Ask around, the PO and Nationwide have good deals for new customers at the moment.

[foxyferret]

Thanks to you all for your help and advice. Her cover is for £50000 with a £50 excess. She wanted to stay with the co-op as they include legal cover and something else I can't remember, in with their very reasonable first year price. Lots of insurers charge extra for these things. We will ring the co-op next week when I go to visit, explain what we have seen on line for new customers and ask if their renewal quote is their best price. If they say yes, we will not renew, as there are much better prices for same on confused.com. We will also look at quidco, thanks factor30. Does anyone know the answer to my original question about going with the same company having let the policy lapse, and then starting a new one say a few days later?

[BenDToy]

There is nothing to say you have to be insured. If your daughter is prepared to accept the risk of losing eveything in the event of a disaster then that is her decision. However, if the insurance policy includes buildings cover and there is a mortgage on the property then you can expect a very prompt enquiry from the bank or building society as they will probably have a clause that the property must be insured. It is likely that they will be named on the policy as an "interested party" and will be notified if the policy lapses.

[foxyferret]

Hi BenDtoy, she is going to insure of course, that was never an issue. She only has to do contents as the building is council owned. I just wondered if you could let the policy lapse and then a couple of days later, apply for a new policy with the same company. As I said before, the new price is about £45 below her renewal quote.

[madmaggot]

In short, yes!
You don't need to let the cover expire either. I've just done it and I do so most years.
It just means that you are classed as a new customer instead of returning.

[foxyferret]

Thanks madmaggot, we have done it. Old policy expires 2 Jan, new policy starts 3 Jan. Now I know you can do it we will look again next year.

[girly30]

And worth remembering

"From 4th January the governmentt is increasing insurance premium tax (ipt) from 5% to 6%.''