Insurance companies

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Suppin Diesel

Member

• May 10, 2022

• #1

Does every instance broker leave it to the last few days before renewal before getting back with a quote?
Seem to be very on the ball when chasing your business but slip back into old habits once your with them for a year leaving little time to get other quotes.
Scared what they will quote as they wanted to nearly double the value of the farm buildings.

 

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robs1

Member

• May 10, 2022

• #2

It's a ploy to stop you getting other quotes

 

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Suppin Diesel

Member

• May 10, 2022

• #3

I know what they are up to
Hard to get other quotes as so few in the market.

 

zero

Member

Mixed Farmer

Location

Yorkshire coast

• May 10, 2022

• #4

Their all the same. Leave it to last minute. Then winge and yowl when I tell them I've insured with someone else who got the quote in a few days ago.
There's nowt worse than them leaving it to last minute, especially if the last days fall over a weekend.

 

Goweresque

Member

Location

North Wilts

• May 10, 2022

• #5

Suppin Diesel said:

Scared what they will quote as they wanted to nearly double the value of the farm buildings.

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To be fair the price of replacing farm buildings will have skyrocketed in the last 12 months. If the insurance value on them hasn't changed in a fair few years then a doubling is not out of order.

 

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SilliamWhale

Member

Location

Does it matter anymore how far WalterP is from me?

• May 10, 2022

• #6

Goweresque said:

To be fair the price of replacing farm buildings will have skyrocketed in the last 12 months. If the insurance value on them hasn't changed in a fair few years then a doubling is not out of order.

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How many farm buildings are lost in a fire or collapse each year? I can't imagine its that many?

 

neilo

Member

Mixed Farmer

Location

Montgomeryshire

• May 10, 2022

• #7

SilliamWhale said:

How many farm buildings are lost in a fire or collapse each year? I can't imagine its that many?

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Which is why the premium on buildings isn’t a huge amount, compared to something higher risk like a quad.

The replacement cost will have gone up considerably in the last couple of years.

 

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Suppin Diesel

Member

• May 10, 2022

• #8

But they always tell you the value of buildings is indexed linked ,so going up every year

 

Goweresque

Member

Location

North Wilts

• May 10, 2022

• #9

SilliamWhale said:

How many farm buildings are lost in a fire or collapse each year? I can't imagine its that many?

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Its not the risk of a fire thats changed, its the cost that will be incurred to replace the building if there is one thats gone up. In 2016 I put up a cornstore for about £90k all in , I reckon the same shed today would cost £150k. That extra has got to be paid for out of everybody's premiums.

 

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DrWazzock

Member

Arable Farmer

Location

Lincolnshire

• May 11, 2022

• #10

But if it falls down due to woodworm or burns due to an electrical fault will they even pay out? We only insure for debris removal on some of our older sheds.

 

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DrWazzock

Member

Arable Farmer

Location

Lincolnshire

• May 11, 2022

• #11

We haven’t made a single claim in 70 years.

 

Courier

Member

Location

M62 - M1 - M18 triangle

• May 11, 2022

• #12

DrWazzock said:

But if it falls down due to woodworm or burns due to an electrical fault will they even pay out? We only insure for debris removal on some of our older sheds.

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If it’s an electrical fault which causes a fire then my experience is that they will pay out for everything else but not to re-fit electrics (cos they were faulty to begin with). If you have a valid electrical inspection certificate then the certifying body would need to claim on it’s insurance for that side of the loss.