Ryan Insurance Brokers

Ryan Insurance Brokers have just lost my business for buildings and contents. This year they sent me a renewal quotation for around £170, plus £10 fee. Looking at it, the quotation was from exactly the same firm -- Legal and General -- that they had insured me with the previous year, and the year before that. I recall that last year I rang them up and asked if that was really the best quote. They assured me that it was.

I couldn't believe that they had really gone out and searched; not this time. The renewal notice arrived very shortly before the renewal was due, which meant that busy people were under pressure to just renew. This didn't feel very good to me.

This time I used google, and got some quotes from MoneySupermarket.com. These beat the Ryan Insurance quote substantially. But the terms and conditions did not quite match my needs. I read these carefully, and saw that premiums get pumped up by accidental damage cover (which I didn't need or want) and legal cover.

The best quote was from the Halifax. These I rang, and after listening carefully and asking them to remove various extras such as the above, got a quote of ca. £130. I accepted. They guaranteed that premium for three years, no less.

So what were Ryan Insurance doing? I don't know, of course; but I can certainly guess. They took £10 from me to find me the cheapest quote. But insurance companies pay commission. Is it possible that L&G were the 'best' quote -- best in terms of paying Ryan Insurance commission? What were Ryan Insurance doing for the £10? Anything? Just offering the renewal, and collecting the commission?

There was a time when everyone went to a broker for home and motor insurance. That disappeared rapidly once telephone organisations like Direct Line got going, and the internet has made this happen even more. The reason for this was the poor customer experience; that very often the broker, supposedly being paid by you, just didn't bother to look after you. It is sad to see a firm still ploughing this futile furrow.

I intend to try to avoid doing business with Ryan Insurance again. An internet search is always going to be a better option, it seems.