Need help?

Mandrake · #1 12.03.2016, 21:16

Hi all,

I just received a formal communication that my insurance company would end the policy once the current term expires. They are entitled to do this it seems and i assume it must be related to two claims (one significant) in the past 3 years. Neither involved the police / fines / legal issues. Just cost.

I will obviously contact brokers and other insurance companies but, based on experience, can anyone set my expectations in regards to how costly and painful securing a new policy might be? If you try doing an online search / comparison any affirmative answer re claims or policy withdrawal results in no offers. Thanks for any feedback.

Sbrinz · #2 13.03.2016, 09:23

You need to use an insurance broker, or you will be very busy looking for a reasonable deal.

Meerkat33 · #3 13.03.2016, 13:21

yes that's a good suggestion.
Btw I'm curious, was your previous insurance with a broker or directly with the insurance company? I wonder if a broker would tell you that the premium has to go up or they would just let you go like that. And if it was with a broker, did you have any other insurance policies with them?

fatmanfilms · #4 13.03.2016, 13:31

	Quote:	Mandrake
	Hi all, I just received a formal communication that my insurance company would end the policy once the current term expires. They are entitled to do this it seems and i assume it must be related to two claims (one significant) in the past 3 years. Neither involved the police / fines / legal issues. Just cost. I will obviously contact brokers and other insurance companies but, based on experience, can anyone set my expectations in regards to how costly and painful securing a new policy might be? If you try doing an online search / comparison any affirmative answer re claims or policy withdrawal results in no offers. Thanks for any feedback.

You may find it very difficult to get cover at all, insurance companies expect to make a profit over time, if they realise someone is a bad risk, the underwriters will run a mile.

V__ · #5 13.03.2016, 13:32

You need to talk to a broker and you need to sort this before your current insurance cover ends. Once you have been denied insurance it will be impossible to get another cover from any other company or it will be super expensive.

Mandrake · #6 13.03.2016, 15:49

	Quote:	Meerkat33
	yes that's a good suggestion. Btw I'm curious, was your previous insurance with a broker or directly with the insurance company? I wonder if a broker would tell you that the premium has to go up or they would just let you go like that. And if it was with a broker, did you have any other insurance policies with them?

Hi - it was directly with the insurance company

Mandrake · #7 13.03.2016, 16:02

Thanks for all the responses - i appreciate that there will be, at minimum, a nasty price hike but my greater concern is that no-one will offer to insure me at all. I have 2 cars (though the combined value is probably barely 25K CHF) and i can work with a high excess. Should i be aiming for the most basic level of cover in order to make myself a better proposition? Or might companies respond better to requesting one of their more comprehensive offerings? No longer being able to drive would obviously be a disaster.

fatmanfilms · #8 13.03.2016, 19:08

	Quote:	Mandrake
	Thanks for all the responses - i appreciate that there will be, at minimum, a nasty price hike but my greater concern is that no-one will offer to insure me at all. I have 2 cars (though the combined value is probably barely 25K CHF) and i can work with a high excess. Should i be aiming for the most basic level of cover in order to make myself a better proposition? Or might companies respond better to requesting one of their more comprehensive offerings? No longer being able to drive would obviously be a disaster.

What cost the insurance co money? 3rd Party or additional cover, then you know the answer.