Halifax overcharging home insurance

I have recently been sent my new house insurance cover amount
from Halifax which is £614. As it had previously been rolled up with my mortgage (now paid off) I had let it roll for 10 years.
I am now surprised to find that I can get the exact same cover for £107 from another insurer which I have taken.
Is there any presidence for any compensation claim from the previous years which have obviously been overcharged?
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  • dunstonh
    dunstonh Posts: 116,044
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    Is there any presidence for any compensation claim from the previous years which have obviously been overcharged?

    You havent been overcharged. They told you the price each year and you accepted it. No overcharging.

    Almost certainly you are paying over the odds but that is quite normal with bank products. They are nearly always up there with the most expensive on the market.

    Despite the fact they will be more expensive, it is almost certain that you are not comparing like for like. Yes, the bank will be more expensive but that difference suggest a difference in policy coverage as well. Perhaps accidental and Personal possessions cover on the old one and nto the new one. Plus, if you are using a comparison site, the cheapest ones usually lop off coverage that exists on older more comprehensive plans.

    Bottom line is that no, you cannot reclaim money on something you agreed to pay.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    Sonical wrote: »
    I have recently been sent my new house insurance cover amount
    from Halifax which is £614. As it had previously been rolled up with my mortgage (now paid off) I had let it roll for 10 years.
    I am now surprised to find that I can get the exact same cover for £107 from another insurer which I have taken.
    Is there any presidence for any compensation claim from the previous years which have obviously been overcharged?

    So in your view, every insurance product should cost the same with every provider?
  • roonaldo
    roonaldo Posts: 3,420
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    is it the same level of cover for £107? I doubt it. this may be like comparing waitrose to tesco value. personally I find waitrose expensive so I dont shop there.
  • Goldiegirl
    Goldiegirl Posts: 8,805
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    That sort of home insurance where the premiums were debited to the mortgage was horrendously expensive.

    But they did tell you up front what they were going to be charging you, so it was your choice that you accepted the premium each year.

    Although expensive it was a very comprehensive cover. You could have phoned them to see if the premium could have been reduced, as they did do discounts for things like locks on windows and having burglar alarms.

    Or you could have done what you have done now - shopped around and got a cheaper policy.

    Be very careful though, that £107 almost certainly doesn't offer such a high level of cover as the Halifax policy - check things like is accidental damage covered, what is the sum assured, and is the policy excess a really high figure.

    But there are no grounds whatsoever for compensation.
    Early retired - 18th December 2014
    If your dreams don't scare you, they're not big enough
  • Thanks for the replies. I realise that i could have been more attentive before. However, i have ill health and do feel i have been taken advantage of.
    I have scrupulously examined the Halifax and my new insurers policies and there is no advantage in the former.
  • themull1
    themull1 Posts: 4,299 Forumite
    Theres nothing you can do, you accepted the policy every year without shopping around, at least you've got a bargain now!
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    You haven't been 'taken advantage of' and I fail to see why your ill health is of relevance.

    One company charging more for a product than another company isn't 'taking advantage of'.
  • dunstonh
    dunstonh Posts: 116,044
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    However, i have ill health and do feel i have been taken advantage of.

    You have not been taken advantage of. You are written to in advance of each renewal telling you their price. You agreed it.
    I have scrupulously examined the Halifax and my new insurers policies and there is no advantage in the former.

    Fair enough. However, it does seem unlikely given the difference. Remember that policy documentation is often generic to cover all options. You may not have selected some options with the new one that were present on the old one.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Goldiegirl
    Goldiegirl Posts: 8,805
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    The Halifax insurance would have covered the contents of the house too...... Please make sure your new policy covers the building and the contents
    Early retired - 18th December 2014
    If your dreams don't scare you, they're not big enough
  • Goldiegirl wrote: »
    The Halifax insurance would have covered the contents of the house too...... Please make sure your new policy covers the building and the contents
    Not necessarily. They offer either or both.
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