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  • FIRST POST
    • Another Sucker
    • By Another Sucker 29th Nov 17, 4:57 PM
    • 12Posts
    • 3Thanks
    Another Sucker
    Are all home insurance companies as unprincipled as the Halifax?
    • #1
    • 29th Nov 17, 4:57 PM
    Are all home insurance companies as unprincipled as the Halifax? 29th Nov 17 at 4:57 PM
    Some years ago I took out home insurance with the Halifax. They give you a £50 reward for being good!
    Each year they sent me a letter saying "Do you want to renew? - we'll give you another £50".
    Their service is so chaotic that I decided to look around, this year.
    Using a comparison website, the Halifax quote was £300 less than I was being offered for my 'loyalty' ('stupidity').
    After several phone calls they finally told me what I was actually paying for - which was lots of stuff only a millionaire would need. "We've improved our policies, so you don't need to be insured for those things any more".
    So the Halifax have ripped me off for about £2,000 simply by not telling me they had made their policies more flexible!
    What a sucker!
Page 1
    • dunstonh
    • By dunstonh 29th Nov 17, 5:23 PM
    • 89,907 Posts
    • 56,585 Thanks
    dunstonh
    • #2
    • 29th Nov 17, 5:23 PM
    • #2
    • 29th Nov 17, 5:23 PM
    So the Halifax have ripped me off for about £2,000 simply by not telling me they had made their policies more flexible!
    No. You ripped yourself off by not reviewing what you had. They told you each year how much it would cost and what you are covered for. It is for you to shop around.

    Financial products are like many retail products. Version 1, 2, 3, 4 etc. There are people that still have an iphone 1. Despite later versions being available. It is the same principle.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Weighty1
    • By Weighty1 29th Nov 17, 6:23 PM
    • 225 Posts
    • 83 Thanks
    Weighty1
    • #3
    • 29th Nov 17, 6:23 PM
    • #3
    • 29th Nov 17, 6:23 PM
    If you leased a Ferrari would the Ferrari dealer tell you that you could lease a Ford Mondeo for a much lower cost? NOPE! Or even tell you X model may be cheaper than Y model? Probably not.

    The onus is on YOU to review your cover, not a tied agent.
    • camelot1971
    • By camelot1971 29th Nov 17, 6:28 PM
    • 551 Posts
    • 861 Thanks
    camelot1971
    • #4
    • 29th Nov 17, 6:28 PM
    • #4
    • 29th Nov 17, 6:28 PM
    Some years ago I took out home insurance with the Halifax. They give you a £50 reward for being good!
    Each year they sent me a letter saying "Do you want to renew? - we'll give you another £50".
    Their service is so chaotic that I decided to look around, this year.
    Using a comparison website, the Halifax quote was £300 less than I was being offered for my 'loyalty' ('stupidity').
    After several phone calls they finally told me what I was actually paying for - which was lots of stuff only a millionaire would need. "We've improved our policies, so you don't need to be insured for those things any more".
    So the Halifax have ripped me off for about £2,000 simply by not telling me they had made their policies more flexible!
    What a sucker!
    Originally posted by Another Sucker
    I appreciate this might be controversial to you, but you might want to take responsibility for your own actions rather than blaming the insurance company.
    • ACG
    • By ACG 29th Nov 17, 6:43 PM
    • 15,904 Posts
    • 8,148 Thanks
    ACG
    • #5
    • 29th Nov 17, 6:43 PM
    • #5
    • 29th Nov 17, 6:43 PM
    I am 99.9999% sure they would have told you about these improvements and alterations to the policy. But you probably do what I and everyone else does...small print leaflet about insurance - YAWN - bin.

    You and I have nobody to blame if that is the case.

    So to answer your question, yes all General Insurance companies are the same. Whether you class that as "unprincipled" or not is another matter, but they all do it.

    On the upside, you are £300 better off this year. In a world rising costs, £300 is a bit of a win.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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