Guide
Why your renewal quote went up, and what to do
Renewal prices rarely reflect your risk. They reflect what the insurer thinks you will tolerate.
By the Keystone Cover brokers
The renewal letter arrives, the premium is 30% higher, and nothing about your house or your car has changed. This is normal, and it is not personal.
It is priced to the market, not to you
Insurers reprice their whole book every year based on claims costs, repair inflation and what competitors are charging. Your renewal is the new rate for your postcode and risk profile, plus whatever margin the insurer thinks it can add for customers who will not shop around.
Loyalty is priced in, not rewarded
Most insurers offer their sharpest prices to new customers. A client who has renewed four times without checking is, from the insurer’s side, unlikely to leave. The quote reflects that.
What to do about it
- Do not ignore the letter. Most policies auto-renew. If you do nothing, you pay the new price.
- Check the cover, not just the premium. A cheaper quote with a $1,000 excess and no accidental damage is not the same product.
- Ask your current insurer to requote. Sometimes the renewal team and the new business team are working from different rate tables.
- Let a broker run the market. We re-run every client’s cover six weeks before renewal, across our panel, and write with a recommendation. Often the answer is “stay, but change the excess”. Sometimes it is “move”.
If your renewal has landed and you have not heard from us yet, send it over. It takes a day to compare.
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