Insurance Budget

[malvolio]

Qdos are quoting £19.98 p/month for the same cover and IR35 Reviews for an extract £99 p/year - that seems a big difference to me - what sort of reputation does Qdos have?

For reference my full fat PI/PLI/EI is a shade under £400 a year, or £35 a month.

Nothing wrong with QDOS of course, but this always worries me slightly. The risk being covered is the same, one assumes, and will be backed off to the same providers (often Hiscox themselves) and in turn back to Lloyds. So if the risk is the same the insurance cost should be in the same ball park, less some small degree of bulk purchase which won't equate to the difference being quoted.

So what isn't being covered...?

[northernladuk]

Mal, Don't IPSE sell insurance?

[TheFaQQer]

For reference my full fat PI/PLI/EI is a shade under £400 a year, or £35 a month.

Nothing wrong with QDOS of course, but this always worries me slightly. The risk being covered is the same, one assumes, and will be backed off to the same providers (often Hiscox themselves) and in turn back to Lloyds. So if the risk is the same the insurance cost should be in the same ball park, less some small degree of bulk purchase which won't equate to the difference being quoted.

So what isn't being covered...?

My car insurance this year was £479 on renewal and £300 to change. But on your theory they should be the same kind of ballpark because the risk is the same. The cover is the same, it's just that Aviva wanted that extra £179 themselves.

[TheFaQQer]

Mal, Don't IPSE sell insurance?

I think I might have read something that implied that in the past.

They provide insurance, but they don't sell it.

[SueEllen]

For reference my full fat PI/PLI/EI is a shade under £400 a year, or £35 a month.

Nothing wrong with QDOS of course, but this always worries me slightly. The risk being covered is the same, one assumes, and will be backed off to the same providers (often Hiscox themselves) and in turn back to Lloyds. So if the risk is the same the insurance cost should be in the same ball park, less some small degree of bulk purchase which won't equate to the difference being quoted.

So what isn't being covered...?

What I found with the difference insurance providers is the cover is the same due to using the same underwriter but the excess varies. Policies with no or very low excess are more expensive than those with a larger excess. Similar to car insurance....

[malvolio]

What I found with the difference insurance providers is the cover is the same due to using the same underwriter but the excess varies. Policies with no or very low excess are more expensive than those with a larger excess. Similar to car insurance....

So nothing to do with varying exclusions then? A careful comparison of ostensibly same-cover policies does reveal some interesting variations in what is in and out of scope...

[Andy Hallett]

We worked with Kingsbridge to mirror a package for our contractors -The other notable players in this field are QDOS, Hiscox and Caunce O'Hara

[TheFaQQer]

We worked with Kingsbridge to mirror a package for our contractors https://sthree.kpsol.co.uk/ [Feel free to snip mods if I have broken any rules]

The other notable players in this field are QDOS, Hiscox and Caunce O'Hara

The downside is that you have to go through SThree for that

[Qdos Contractor]

For reference my full fat PI/PLI/EI is a shade under £400 a year, or £35 a month.

Nothing wrong with QDOS of course, but this always worries me slightly. The risk being covered is the same, one assumes, and will be backed off to the same providers (often Hiscox themselves) and in turn back to Lloyds. So if the risk is the same the insurance cost should be in the same ball park, less some small degree of bulk purchase which won't equate to the difference being quoted.

So what isn't being covered...?

Hiscox do not back Qdos, or any other key player in the contractor insurance market (to the best of my knowledge). Qdos' PI and ELPL policies are underwritten by HCC International. HCC do have a Lloyd's arm, but our policies are written by their company arm.

Whilst there are inevitably differences between the policies provided by different providers, generally speaking PI and ELPL providers have pretty homogenised wordings compared to other lines of business. More likely reasons for pricing differences are profit margins and overheads - who do you think pays for Hiscox's (very impressive) advertising campaigns?

[malvolio]

Hiscox do not back Qdos, or any other key player in the contractor insurance market (to the best of my knowledge). Qdos' PI and ELPL policies are underwritten by HCC International. HCC do have a Lloyd's arm, but our policies are written by their company arm.

Whilst there are inevitably differences between the policies provided by different providers, generally speaking PI and ELPL providers have pretty homogenised wordings compared to other lines of business. More likely reasons for pricing differences are profit margins and overheads - who do you think pays for Hiscox's (very impressive) advertising campaigns?

Fair enough, thanks for the clarification.