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Insurance Broker “MyInsurance”


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Anyone any experience of insuring their caravan through a Broker trading under the name “MyInsurance”.

Policies are apparently underwritten by Pen Underwriting Ltd on behalf of a consortium which includes Legal and General.

Both broker and underwriter are authorised and regulated by the Financial Conduct Authority.

 

My current Insurer (Lifesure) want a premium increase of 59% (£245.86 currently, £419.97 renewal - same van, same cover, no claims made or pending).

 

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Look at trustpilot and feefo but the only real decent reviews are those from people who have made a claim. Just taking out a policy with a company is frankly useless to provide a review. Of course they seemed nice - they were taking your money!

The proof is only in a claim and for that you cannot beat the CMC IMHO, as it's not all down to price.

Graham

 

Unless otherwise stated all posts are my personal opinion 

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I am insured with them but have not had any need to claim so my experience is limited to negotiating a new policy.  I found their premiums were low but my main reason fr choosing them was that their security requirements were reasonable.

 

I found that a lot of insurers would not cover me for leaving the caravan unattended for short stops en route.  Most insurers wanted me to fit a wheel clamp every time that I stopped.  When I queried this they often said that sit was not necessary for short stops but were unwilling to put this in writing.

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2 minutes ago, DACS said:

I am insured with them but have not had any need to claim so my experience is limited to negotiating a new policy.  I found their premiums were low but my main reason fr choosing them was that their security requirements were reasonable.

 

I found that a lot of insurers would not cover me for leaving the caravan unattended for short stops en route.  Most insurers wanted me to fit a wheel clamp every time that I stopped.  When I queried this they often said that sit was not necessary for short stops but were unwilling to put this in writing.

 

Interesting comment about the security requirements.

 

I prefer to use a Nemesis Ultra rather than an AL-KO wheel lock because it is far easier to fit with no lining up of a receiver to faff with.

Lifesure accept the Nemesis, but the policy through MyInsurance would only accept the Nemesis if a pro active tracker is also used. I don't subscribe to the pro active tracker fitted to the van so I would be required to use the AL-KO wheel lock.

As much as I hate the AL-KO lock, looks like I will need to go back to it if I go with MyInsure.

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It's a very well known fact that many insurers increase existing premiums way beyond any real cost increase. It's a well know confidence trick, based on people being too lazy to look elsewhere.

Do searches for other insurers and then compare. If you really don't want to change insurers, use those prices from the other insurers as a stick with which to beat down the price of your renewal.

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We were with My Insurance until we purchased a new van in March.   We had been with them for about 8 years. They insisted we used a Al KO lock on the new van.  We are not able to use one (whether its on a new van or any van for that matter) so we changed to Towergate and they accepted our security arrangements without hassle. It was cheaper as well, so win win.

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2 hours ago, Wonkydonkey said:

We were with My Insurance until we purchased a new van in March.   We had been with them for about 8 years. They insisted we used a Al KO lock on the new van.  We are not able to use one (whether its on a new van or any van for that matter) so we changed to Towergate and they accepted our security arrangements without hassle. It was cheaper as well, so win win.

Strange how same Insurers can vary so much. Towergate cheaper than MyInsurance for you and no AL-KO wheel lock required.

For me they are £163 dearer than MyInsurance and also want AL-KO wheel lock!

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Just as a matter of interest, I see when I look in detail at Policy Documents from Insurers, Towergate 's documents say that accidental damage is covered when the caravan is being towed.

When I ask about accidental damage to the caravan when it's not being towed, they say another £118 would take care of that.

Anyone insured with Towergate aware of that?

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14 hours ago, hp100425ev said:

Just as a matter of interest, I see when I look in detail at Policy Documents from Insurers, Towergate 's documents say that accidental damage is covered when the caravan is being towed.

When I ask about accidental damage to the caravan when it's not being towed, they say another £118 would take care of that.

Anyone insured with Towergate aware of that?

I was insured with Towergate last year so I checked the wording of my policy.  As you say, cover for accidental damage while the caravan is not being towed is an extra and I was not covered.  Fortunately, I have changed to MyInsurance this year.  The premium is slightly lower and it covers me for accidental damage whether I am towing or not.

 

 

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17 hours ago, hp100425ev said:

Just as a matter of interest, I see when I look in detail at Policy Documents from Insurers, Towergate 's documents say that accidental damage is covered when the caravan is being towed.

When I ask about accidental damage to the caravan when it's not being towed, they say another £118 would take care of that.

Anyone insured with Towergate aware of that?

Sounds very odd but it is the case as it clearly says this on their website. I do wonder if many people do not read it correctly and think they have a cheap policy when in fact they are being left seriously short of cover. With that attitude I am afraid I would not touch it.

I looked up Penn Underwriting and the current reviews and they got 12,  all were bad and one star so on the basis of that I would avoid My Insurance.  I am afraid that the FCA  authorisation does not mean the company is any good but that it meets certain legal requirements.

The cheapest quite does mean that the insurer has to be cutting out something as the others are not making masses of money from the business. The companies can cut costs by very mean claims settlements, cutting service levels and the like. I am afraid the answer has to be  to pay a realistic premium. The two clubs offer excellent policies although the CAMH is costly but probably the best. Others include Caravanguard, NFU, SAGA  and Aviva but beware of cheap quotes from brokers where the claims are handled through a claims firm as it is their service that then counts in the event of claims and some of them are rated as poor. 

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2 hours ago, DACS said:

I was insured with Towergate last year so I checked the wording of my policy.  As you say, cover for accidental damage while the caravan is not being towed is an extra and I was not covered.  Fortunately, I have changed to My Insurance this year.  The premium is slightly lower and it covers me for accidental damage whether I am towing or not.

 

 

Just taking this a bit further as I also use Towergate.  I checked today with them and have it in writing that the accidental damage exclusion is about damage you incur to the van, in my case, for example, whilst in storage were I to damage a panel when cleaning. Fire and theft is, of course covered.  Do you really need this extra cover?

Sam :beardy:   RR Sport HSE Dynamic towing Swift Elegance Grande 845

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What about damage to your van from a third party when not attached to tow car? 

Graham

 

Unless otherwise stated all posts are my personal opinion 

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31 minutes ago, SamD said:

 

Just taking this a bit further as I also use Towergate.  I checked today with them and have it in writing that the accidental damage exclusion is about damage you incur to the van, in my case, for example, whilst in storage were I to damage a panel when cleaning. Fire and theft is, of course covered.  Do you really need this extra cover?

 

Someone damaging your van on site?

Someone  other than you damaging it in storage?

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2 hours ago, WispMan said:

What about damage to your van from a third party when not attached to tow car? 

That would be down to you to claim off the third party, if you can find out who did it and they accept it!!

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Damage in storage can be a problem if someone hits the caravan and does not admit it and damage on sites is also very possible. Even minor looking damage can be very expensive to repair so the lack of cover could be costly. Having cover only when the caravan is being towed is very short sighted to me and is certainly inadequate unless your caravan has a very low value, but if so why cover it for damage when being towed?

To me, you either insure against everything or not at all.

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The various posts on this thread go to show just how vital it is to thoroughly read all insurance policy documents whether it’s house, car, caravan or holiday!

 

The other important thing is to read what is actually written  and what it actually says (not what you think it says) Insurance companies are very careful/clever with their wording. 

Experience is an awful teacher who ends up sending you simply horrifying bills

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