One policy to rule them all?
Discussion
After sitting down and doing some rough totting up, MrsC and I have around 20 different insurance products between us (multiple houses, cars, trackday, bicycles, animals, gadgets, travel, life, healthcare etc.), which is a royal pain in the ar5e to administrate. 15+ different policies, renewals, payment schedules, providers, logins, documents etc. just creates unnecessary life admin.
I know it's possible to buy a single 'cover me for everything' policy for HNWIs - while MrsC and I do just fine from an income perspective, we don't have anything like the assets to be considered HNWIs.
Has anyone had any success with finding a single broker who would cover them for a wide range of different risks? I'd consider paying a slightly higher total premium for the added peace of mind. Is it just as simple as calling someone like A-Plan up and running through everything we want covered?
I know it's possible to buy a single 'cover me for everything' policy for HNWIs - while MrsC and I do just fine from an income perspective, we don't have anything like the assets to be considered HNWIs.
Has anyone had any success with finding a single broker who would cover them for a wide range of different risks? I'd consider paying a slightly higher total premium for the added peace of mind. Is it just as simple as calling someone like A-Plan up and running through everything we want covered?
Via a broker you may be able to reduce the number of policies ( ie houses / multiple location basis , cars on multi car basis and companies like Admiral do combined house / car policies I think ) but I doubt any one insurance company will offer everything you want on just one policy.
You'd probably knock a lot of those out in one go with Hiscox who can do all things homes/cars/things, and a premium bank account for all things travel etc. I don't think I've got anything like 15 policies, as far as I can think of, its possibly 4 all in.
That said, you'd have to think someone like Axa probably does the majority of that, certainly cars, health, house based stuff (inc contents) which seems the bulk of what you're asking.
That said, you'd have to think someone like Axa probably does the majority of that, certainly cars, health, house based stuff (inc contents) which seems the bulk of what you're asking.
1 insurer can't accommodate that full profile you have described, however a good broker will get them all onto a common renewal date for you. ensuring you have the best cover/insurer balance for each class.
I'd keep life and health separate though, as they are seen as a different class of insurance altogether
I'd recommend me, but I'm currently riding out a restrictive covenant until December.
I'd keep life and health separate though, as they are seen as a different class of insurance altogether
I'd recommend me, but I'm currently riding out a restrictive covenant until December.
Insurancejon said:
1 insurer can't accommodate that full profile you have described, however a good broker will get them all onto a common renewal date for you. ensuring you have the best cover/insurer balance for each class.
This seems like a sensible compromise.Would any broker be a good starting point (e.g. A-Plan?), or can you recommend someone specific?
C70R said:
Insurancejon said:
1 insurer can't accommodate that full profile you have described, however a good broker will get them all onto a common renewal date for you. ensuring you have the best cover/insurer balance for each class.
This seems like a sensible compromise.Would any broker be a good starting point (e.g. A-Plan?), or can you recommend someone specific?
Where about in the uk are you?
The insurance market place has become a trap for the loyal and unwary.
I don't put everything together, because often the individual renewal premiums now increase considerably.
Just had another example of this, where the renewal increase was 40%.
A quick visit to my regular comparison website, resulted in the premium being 20% LESS than last year.
If everything was combined, I am sure we eventually would pay far more.
Are you sure that it is essential for you to insure everything that you do at present?
I only insure for major risks. Something which I could pay for, is not worth insuring.
I don't insure any gadgets, or have extended warranties on cars. Had I continued a car warranty, I would have by now paid £15,000 and only claimed for one £50 repair. Good profit there for the insurer.
There are also the Mickey taking insurances. Bought a £15 toaster and was offered insurance to cover breakdown. Perhaps the salesman thought I had just spent my last £15. -
Edited by Jon39 on Monday 25th April 23:54
caziques said:
That's it. Don't bother with car insurance any more (NZ so not compulsory).
That seems quite astonishing, especially given that NZ was so risk-averse over Covid. I think it's optional in Oz as well. So if you knock somebody over and get sued for $3M you just go bankrupt? And if you smash your car up do you just save up and buy a new one?Gassing Station | Finance | Top of Page | What's New | My Stuff