Simply Business Insurance Warning

[gibby]

Just thought I would warn you all about simply business.

We renewed our policy a few days back but were quite shocked when the paperwork came through.
Firstly the policy has increased from last year by just under £200.
Also when looking at the credit agreement to pay monthly the interest is a massive 38% variable, which I class as a con
Also there is a mention of a charge of £1687.50 mentioned. Im not sure what its really for as its over 3 times the price of the policy, but it looks like its linked to something if I miss a payment.

When I tried to cancel they told me they would charge me the full months premium payment for just a few days, until I argued I had 14 days to cancel.

As a comparison, I managed to get far better cover and no charge for paying monthly for quite a bit less elsewhere.

Funny way to run a business!
G

 

[Simply Business]

Hi Gibby,

I hope you are well, and apologise for your renewal experience.

If you send over your previous policy details to [email protected] I will have a look into this for you if you like?

With our Direct Debit agreements, there is a monthly interest rate of 12.5% which works out at 38% APR, and by the sounds of it the £1687.50 is a standard credit limit that Premium Credit (who fund our direct debit policies) allow for instances where you may amend your policy which brings in a large additional premium, to allow us to increase your monthly payment proportionately. Without seeing your account I would not be able to confirm this though.

Also with regards to the 14 day cooling off period you would only need to pay for the days that you have had on risk; I would like to check this for you to ensure that you have been advised correctly.

Please feel free to contact me with any queries; further contact details can also be found at http://www.simplybusiness.co.uk/social/online-customer-support.

I hope to hear from you soon.

Kind regards,

Sophie

 

[gibby]

38% interest, sounds like a racket to me. Sorry Ive taken our business elsewhere

 

[british steve]

38% interest, sounds like a racket to me. Sorry Ive taken our business elsewhere

Try Adrian Flux if you want to get ripped off! They really are crap!

 

[Simply Business]

38% interest, sounds like a racket to me. Sorry Ive taken our business elsewhere

Okay, I hope we will be able to help again in the future. Please feel free to contact with any queries though.

Kind regards,

Sophie

 

[mhall]

Aren't the Simply group of businesses tied in with Barclays? - that alone would make me stay well clear

 

[businessfunding]

Really this thread should read 'always read and check before signing'.

I've no idea whether the titled company are better or worse than any other, but I do know that the online insurance market is largely based on 'inertia selling' - ie - lure them in with a cheap deal and gradually put up charges each year.

However I do believe that this forum should steer clear of direct attacks unless actual malpractice is involved.

 

[deniser]

I started a similar thread yesterday. I'm with AXA but through a broker so it seems to be across the board.

 

[Carsie]

I have no connection with simplybusiness or Sophie but I do recognise a professional and courteous response to an alleged grievance and I think that that warrants recognition and congratulations in how to respond on a public forum.

People, we, our customers, our staff, whichever way you want to phrase it "we" always feel aggrieved if "we" feel that we've been done wrong by.

Now I'm not too sure if the last sentence is grammatically correct but I do see a beautifully restrained and professional response to your alleged grievance Gibby and I suspect that that says a lot about how simplybusiness is run and how it cares for its Clients.

My understanding from talking to my own Clients is that, they too have experienced very big jumps in premiums, so it would seem that we are on the upside of the premium cycle again.

If you don't mind me saying "sometimes what goes around comes around" and you may find in the future you need the support of a professional on your side- perhaps someone just like Sophie.

 

[Sparx]

Well said Carsie, good food for thought.

 

[estwig]

Just thought I would warn you all about simply business.

We renewed our policy a few days back but were quite shocked when the paperwork came through.
Firstly the policy has increased from last year by just under £200.
Also when looking at the credit agreement to pay monthly the interest is a massive 38% variable, which I class as a con
Also there is a mention of a charge of £1687.50 mentioned. Im not sure what its really for as its over 3 times the price of the policy, but it looks like its linked to something if I miss a payment.

When I tried to cancel they told me they would charge me the full months premium payment for just a few days, until I argued I had 14 days to cancel.

As a comparison, I managed to get far better cover and no charge for paying monthly for quite a bit less elsewhere.

Funny way to run a business!
G

So it's someone else's fault you didn't bother to check what you where signing up for.