Overpaid buildings and contents insurance

JJ89

hi I hope someone can help me out. ive recently decided to go quote searching for my insurances and realised that the going rate for me was between £15 - £20ish a month for my home insurance. much to my shock I was delighted as my current policy was £48 per month. we've been paying that for the last 2 years since we first got our mortgage as the bank told us that they will sort out our home and life insurance for us. if we had of sorted it ourselves, then im sure we would have found a lot better of a deal ourselves. what I would like to know is if there is any way I can make a claim back for a refund on the silly amount ive been paying as it is noticeably higher than any other quote ive been given myself. Thank you

noh

The short answer is no.
You knew how much you were paying and were at liberty to obtain quotes from other providers. No grounds at all for claiming any refund.

[Deleted User]

JJ89 wrote: »

is if there is any way I can make a claim back for a refund on the silly amount ive been paying

You were told the price and you agreed to it. No mis-selling took place and so you won't be getting any refund.
Why did you not search out cheaper options yourself, if you thought this was a "silly amount"? Do realise that quotes 50% cheaper are unlikely to offer the same coverage.

To be blunt, it was you who was "silly".

JJ89

So the fact that we were advised by the bank to sort it out for us is not misleading. When I took on this mortgage I was only 21. This meaning it is my first mortgage, I didn't know what was cheap and what wasn't. I spoke to my friend yesterday who is with the same bank as I and he was strongly advised to go elsewhere for his insurance whereas stated before, I was advised the opposite.

misschicken

No, not mis-leading. You could have said no, we'll do it ourselves thanks - it would only be wrong if the bank said you had to have the insurance with them and it was a condition of the mortgage, which then turned out not to be true. Or if they then sold you products which weren't right for your circumstances.

[Deleted User]

JJ89 wrote: »

I didn't know what was cheap and what wasn't.

This is not somehow wrong-doing by the Bank. The onus is (was) on you to find the cheapest deal for yourself. If you instead simply allowed the Bank to choose the best deal for you then it automatically follows that they would offer you their own product. Bank products are typically the most expensive available, but that does not mean they are somehow wrong.

As I said, if you've found quotes 50% cheaper than you've been paying, then check the coverage offered is similar and then transfer your custom.

No refund will ever be forthcoming just because you've found a cheaper deal elsewhere...

JJ89

I didn't think there would be anything I could do about it deep down. I just thought id ask in hope that there may have been something. Thanks anyway

roonaldo

as long as the cost is clear then there is no mis-selling.

it would be like trying to claim back the difference for waitrose shopping when realising asda was cheaper.

dunstonh

JJ89 wrote: »

So the fact that we were advised by the bank to sort it out for us is not misleading. When I took on this mortgage I was only 21. This meaning it is my first mortgage, I didn't know what was cheap and what wasn't. I spoke to my friend yesterday who is with the same bank as I and he was strongly advised to go elsewhere for his insurance whereas stated before, I was advised the opposite.

No mis-selling. No wrongdoing. No refund.

Banks are expensive. Always have been. They are not going to tell you go elsewhere as they would never get any business. However, I do also agree with the points above about checking your cover. Whilst banks are typically around 40% more expensive, any more than that and you could well be looking at missing bits of cover.