Insurance Broker - Sharp Practice ?

[bad company]

I have insured my 2 cars a TVR and BMW with the same broker for several years. When the renewal came through for the TVR in March they recommend renewing with the same company which I did. I was shocked when the policy arrived and stated that they would not pay for any theft claim if the car was not fitted with a tracker. This had never been mentioned before and the car has never had a tracker, I've owned it from new. I contacted the broker and they agreed by email to waive this requirement, apparently it had been an error. Fair enough, we all make mistakes.

Roll onto last week when the renewal arrived for the BMW. Once again I renewed as recommended and once again the policy arrived saying that they would only pay if I had a tracker. I contacted them and once again they apologised for the error and agreed that no tracker was required.

Is this a bit of a con. What would have happened if I had simply received the policy documents and put them away without noticing the requirement for a tracker? They would have had every reason to decline any theft claim.

[Saleen836]

The same as the people who have been caught out by not reading the terms on their own insurance, specifically when they get stopped by the police while driving a friends car only to find their insurance company have removed the 'cover to drive another vehicle' on the policy renewal and not mentioning it.

[bad company]

Saleen836 said:

The same as the people who have been caught out by not reading the terms on their own insurance, specifically when they get stopped by the police while driving a friends car only to find their insurance company have removed the 'cover to drive another vehicle' on the policy renewal and not mentioning it.

Fair point.

My complaint is that any such restriction should have been made clear in the renewal letter.

If I hadn't taken the time to read the policy I would have 2 cars with no theft cover.

[elanfan]

If this is Flowertate then they have form for it. They put a garaging warranty on my policy without pointing it out. Let's be clear here they are REQUIRED under treating customers fairly and FSA regulations to actively tell you if any changes to terms before renewal. I got the warranty removed and a small compensation amount.

[bad company]

elanfan said:

If this is Flowertate then they have form for it. They put a garaging warranty on my policy without pointing it out. Let's be clear here they are REQUIRED under treating customers fairly and FSA regulations to actively tell you if any changes to terms before renewal. I got the warranty removed and a small compensation amount.

l

No it's not Flowertate. I have sent them an email requesting an explanation.

[davemac250]

A well known broker who sponsors PH no longer gets my business for similar.

Seems like they don't read what the underwriter gives to them.

[Fatrat]

The broker has a duty to advise the client of any significant limitations or exclusions

They should have made this significant change very clear to you so you could make an informed decision whether or not to renew that policy

[Who me ?]

davemac250 said:

A well known broker who sponsors PH no longer gets my business for similar.

Seems like they don't read what the underwriter gives to them.

not the one who tries to add either Admin/introduction fee of £35 ,and then tries to justify it with their term of fees.