NFU Mutual

[Penmoel]

Just been through our insurance renewals with the Mutual, to be quite frank on some policies they are taking the proverbial. That is coming from someone who has worked for them as a group secretary for 21 years!!

Property insurance , one building with Mutual £645, done elsewhere for £297, claim free business for the last 20 years, Actually arranged cover on three properties for £777 including EL cover as a property owner, Mutual wanted £1131! without e/l cover

Mothers Bungalow £405 with Mutual done with better cover full accidental damage cover blanket £1m sum insured for £187

Tractors £1297 with Mutual, done for £575.

Commercial property was over £1450 now reduced to £1173 because we asked for better figures and had by now cancelled the properties and tractors, likewise our own farm house and contents reduced from £380 down to £279.

As @matthew says above,you have to check some of the small detail of replacing policies, some of the motor quotes we have had are just too restrictive with young drivers about here, the trailer thing is quite true.
,
@Guy Smith I really do think someone high up in the NFU needs to have a word with someone high up in the Mutual, they are taking your loyal members for a ride, we have not, many would however have cancelled the NFU sub on the back of this. It is and will be very damaging for the NFU

I would not like to be a Group Secretary trying to explain this con which is going on, our renewals with the Mutual were over £7500, having left the farm, house ,the one property and a couple of cars still paying them £3500 but have saved over £2000.

Taking the pee on loyalty in a big way.

That's what I told her when she signed up, but hey, whilst she lives there she pays. Boils my pisss that such a prestigious company comes up with some scummy idea to fool people into the idea they're getting a good deal. W4nkers.

The 5yr Long term undertaking is simply a way of allowing a discount on the promise of renewal, read the wording they can cancel or refuse to offer renewal at any time, if you are not happy walk away. The Mutual are unlikely to be able to stop you because you have found better cover for 50% of what they are looking to charge

 

[bactosoil]

I know lots of people saying exactly the same as well as first hand experience , also hear speculation that as Lindsey Sinclair stated in 2008 that he will only ever stay in a business 10 years ( and now due for retirement) maybe just maybe the mutual will decouple , lets face it what farmer wont take the money in these times and Mr Sinclair will be looking for a nice big retirement package !!, so keeping profits high will make the business more attractive .
The mutual and Union could not be more removed from each other even if they tried ,despite whatever they may claim

 

[Guy Smith]

Just been through our insurance renewals with the Mutual, to be quite frank on some policies they are taking the proverbial. That is coming from someone who has worked for them as a group secretary for 21 years!!

Property insurance , one building with Mutual £645, done elsewhere for £297, claim free business for the last 20 years, Actually arranged cover on three properties for £777 including EL cover as a property owner, Mutual wanted £1131! without e/l cover

Mothers Bungalow £405 with Mutual done with better cover full accidental damage cover blanket £1m sum insured for £187

Tractors £1297 with Mutual, done for £575.

Commercial property was over £1450 now reduced to £1173 because we asked for better figures and had by now cancelled the properties and tractors, likewise our own farm house and contents reduced from £380 down to £279.

As @matthew says above,you have to check some of the small detail of replacing policies, some of the motor quotes we have had are just too restrictive with young drivers about here, the trailer thing is quite true.
,
@Guy Smith I really do think someone high up in the NFU needs to have a word with someone high up in the Mutual, they are taking your loyal members for a ride, we have not, many would however have cancelled the NFU sub on the back of this. It is and will be very damaging for the NFU

I would not like to be a Group Secretary trying to explain this con which is going on, our renewals with the Mutual were over £7500, having left the farm, house ,the one property and a couple of cars still paying them £3500 but have saved over £2000.

Taking the pee on loyalty in a big way.



The 5yr Long term undertaking is simply a way of allowing a discount on the promise of renewal, read the wording they can cancel or refuse to offer renewal at any time, if you are not happy walk away. The Mutual are unlikely to be able to stop you because you have found better cover for 50% of what they are looking to charge

I appreciate that in many farmers minds there is a strong connection between the NFU Mutual and the NFU but in fact there is no management cross over or any official or legal tie up. NFU mutual Group secretaries do have a function in the running of the NFU branches but that's about it. In my role as Vice President I never get involved in the running of NFU mutual.

So I will only comment on this as someone who buys many thousands of pounds of NFU mutual insurance every year. It's always good business to get alternative quotes and we do occasionally do this but I've noticed that with rival quotes the terms of cover are not the same. So I'd advise anybody to check the small print. Obviously I can't comment on your exact situation as I don't know the detail.

I'm also impressed that with property cover the average rate of claim payout with the Mutual is 98% whereas the industry average is only 80%. I'm also impressed that the Mutual were named as the Which magazine insurance provider of the year.

Having said that I will forward your comments to someone.

Thanks

Guy

 

[Penmoel]

I know and appreciate the difference and "association" between the two, however the two are often tarred with the same brush by many. The Mutual also like to trade on the "NFU connection" , always have done.

As far as comparing cover yes, the small print is nuances of different covers are important and need checking, it is however simply not good enough to rubbish the other companies, the ones I have used are also market leaders, AXA, Admiral and Royal .

The 98% figure may well say more about the integrity of the clientele in the market they operate in than their willingness to pay every claim. It would be interesting for them to give the figure for their "wider market" customers as a comparison to their core market. As I recall loss ratios were always much higher in the wider market stuff than pure Farming.

Finally what really pees me of is their ability to knock 25 to 30% of a renewal premium when confronted, that's where they are taking loyalty to the limit, hoping their customers won't question the Mutuals figure

 

[Guy Smith]

I'm not slagging off other companies as I haven't mentioned any other names. The 98% - 80% figures are independently quoted and verified.

I've also had the Mutual to come back with to me significantly cheaper quotes from the originals but it always involves a significant change of cover.

But look, I've been round this farming game long enough to no not to start suggesting that other farmers business decisions are wrong or suspect. It's up to the individual. I think I'd rather start discussing which make of tractor is best!

 

[Penmoel]

I'm not slagging off other companies as I haven't mentioned any other names. The 98% - 80% figures are independently quoted and verified.

No doubt they are, the wider public may be more inclined to claim and some of their claims may be more spurious than those from perhaps more affluent country dwellers .
It may not be the same now, at one time many claims were dismissed or vetted by the group secretary before being submitted as a claim , hence the higher than average claim pay out rate.

I've also had the Mutual to come back with to me significantly cheaper quotes from the originals but it always involves a significant change of cover.

In our case straight premium reductions...
house & contents £387.04 down to £290.28 minus 25%
Business insurance £1,466.69 down to £1173.36 minus 20%

no change in cover what so ever.

It's up to the individual. I think I'd rather start discussing which make of tractor is best!

Simple if its not red leave it in the shed

 

[brynseiri]

Just been through our insurance renewals with the Mutual, to be quite frank on some policies they are taking the proverbial. That is coming from someone who has worked for them as a group secretary for 21 years!!

Property insurance , one building with Mutual £645, done elsewhere for £297, claim free business for the last 20 years, Actually arranged cover on three properties for £777 including EL cover as a property owner, Mutual wanted £1131! without e/l cover

Mothers Bungalow £405 with Mutual done with better cover full accidental damage cover blanket £1m sum insured for £187

Tractors £1297 with Mutual, done for £575.

Commercial property was over £1450 now reduced to £1173 because we asked for better figures and had by now cancelled the properties and tractors, likewise our own farm house and contents reduced from £380 down to £279.

As @matthew says above,you have to check some of the small detail of replacing policies, some of the motor quotes we have had are just too restrictive with young drivers about here, the trailer thing is quite true.
,
@Guy Smith I really do think someone high up in the NFU needs to have a word with someone high up in the Mutual, they are taking your loyal members for a ride, we have not, many would however have cancelled the NFU sub on the back of this. It is and will be very damaging for the NFU

I would not like to be a Group Secretary trying to explain this con which is going on, our renewals with the Mutual were over £7500, having left the farm, house ,the one property and a couple of cars still paying them £3500 but have saved over £2000.

Taking the pee on loyalty in a big way.



The 5yr Long term undertaking is simply a way of allowing a discount on the promise of renewal, read the wording they can cancel or refuse to offer renewal at any time, if you are not happy walk away. The Mutual are unlikely to be able to stop you because you have found better cover for 50% of what they are looking to charge

I did walk away, I think that it's silly to sell your insurance on the basis that 98% of claims are paid out no problem. No wonder premiums are up.

 

[Guy Smith]

So looking at the last two posts, according to the first a 98% pay out rate is not impressive as it shows the mutual only insure low risk clients and according to the second a 98% pay out is not impressive as it shows they are paying out too often and thus attracting high risk clients.

Call me old school if you will but when I have insurance I just like the idea I'm going to be paid out on a genuine claim while not having to endlessly quibble and argue with my insurer who chucks in get put clauses into the small print.

But that's me done on this thread, the train is nearly at Brum for our annual jamboree. Looks like it could be a good one.

Guy

 

[wrenchy]

So glad we left the no flipping use saved over £5,000 per year and the service was poor. every time I see there advert I want to shot the tv.

 

[Old Boar]

I was insured through NFU Mutual for years. After a medical accident, I used my insurance for a legal claim. NFU told me I had to use a solicitor of their choosing, and I believed them, She was hopeless, did not challenge anything. For instance, the letter to my GP and me telling me a scan was clear when it had clearly shown tumours was described by the opposition as "not to upset me, or the GP". She agreed! Absolutely hopeless. I probably lost a great deal of money as the surgeon actually admitted to me that he failed to put a stitch in the renal artery, but this was not challenged.
I will never ever insure though them again, even if it was free!