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Is it possible to reclaim premia paid?
DH2012
Posts: 1 Newbie
Hi
This seems quite unlikely to me but thought i would check if anyone else had experience of this.
I recently did a review of DDs and standing orders etc in all of my and my wife's bank accounts. It turned out that she was still paying some old insurance policies that werent needed - for example, she has been paying a monthly DD for a mortgage protection policy over a property she sold about 10 years ago (i know,,,,).
Obviously this is our fault and we cancelled it as soon as we realised, however that prompted a call from the insurer to check why the DD had been cancelled. When my wife explained the issue, the lady from the insurer said that we should reclaim the premia, as the policy would have been invalid as they could never have paid out on it if she didnt own the property or have a mortgage over it.
While this would be fantastic, my pessimistic side tells me that this is too good to be true!
Has anyone ever heard of anything like this before?
thank you
This seems quite unlikely to me but thought i would check if anyone else had experience of this.
I recently did a review of DDs and standing orders etc in all of my and my wife's bank accounts. It turned out that she was still paying some old insurance policies that werent needed - for example, she has been paying a monthly DD for a mortgage protection policy over a property she sold about 10 years ago (i know,,,,).
Obviously this is our fault and we cancelled it as soon as we realised, however that prompted a call from the insurer to check why the DD had been cancelled. When my wife explained the issue, the lady from the insurer said that we should reclaim the premia, as the policy would have been invalid as they could never have paid out on it if she didnt own the property or have a mortgage over it.
While this would be fantastic, my pessimistic side tells me that this is too good to be true!
Has anyone ever heard of anything like this before?
thank you
0
Comments
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seems reasonable to me, if the insurer wasn't exposed to any risk then they should refund the premiums
I suspect legally you can only go back 6 years but no harm will come from going for the full 100 -
You won't get, if you don't ask.
JamesI work in the insurance industry as a Motor Claims Adviser and will try and help wherever I can.0
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