Lenght of time I can ask for a rebate in overpaid house insurance.

houseinsurance123

I have just received a drastic reduction in our house insurance premiums. As the Company in question has overcharged us for many years, (because we had a claim for subsidence MANY years ago, we have never been able to change insurers) we feel they should 'come clean' and refund a similar % of the previous years of overcharge. How many years can I go back, is it a statutory number, i.e. 6, or can I ask for a longer period to be considered?
Sorry the question is so long winded!!

Faith177

Have you asked your insurance company why you have received the sudden decrease.

Could it be that this year you have now exceed the number of years they load for subsidence. So for example they may only load for 15 years and now your in year 16.

I think before you start thinking you have overpaid you need to find out why you now have a reduction

dacouch

What reason have they given for the over charge?

houseinsurance123

I got the reduced rate because I told them I'd had enough of being ripped off.
Insurance Companies are like Bankers who are like Politicians who are like footballers; they all feel as if we are working just to put money into their pockets!
Can I please just have an answer to my question about the number of years I can go back on, I don't feel I need to justify to anyone why I got a reduction, surely that's the point of this site.?
Thanks!!

dacouch

houseinsurance123 wrote: »

I got the reduced rate because I told them I'd had enough of being ripped off.
Insurance Companies are like Bankers who are like Politicians who are like footballers; they all feel as if we are working just to put money into their pockets!
Can I please just have an answer to my question about the number of years I can go back on, I don't feel I need to justify to anyone why I got a reduction, surely that's the point of this site.?
Thanks!!

The answer you want is not what you want.

If they've reduced their premium due to you renegotiating with them then they don't have to refund any other monies.

rs65

houseinsurance123 wrote: »

Can I please just have an answer to my question about the number of years I can go back on

Of course you can - the answer is 'none'.

ACG

They gave you a price, by paying it and not questioning it you agreed to it. They have not overcharged you.

They will not refund you a penny and you are not entitled to anything.

Just like if i do not review my mobile phone or virgin media i will pay more than if i call them up and renegotiate it.

*Scarlett

It could be that you had a loading on the premium due to the subsidence and when this went over a certain time frame it was removed . This could be 10, 20, 25 years.

I realise that getting a new insurer to cover a home with subsidence history may be problematic but it's not impossible - depending on when it happened, cause, repairs, etc. There are specialist insurers who will cover previous subsidence.

If you were unhappy with the previous premiums you should have enquired elsewhere or queried at the renewal time.

You can't go back to them now and say they were too expensive as you accepted the price at the time.

Did you ever query the price with the insurer? If you did and they told you that you couldn't change due to the subsidence then you may have cause for complaint.

If there was a specialist insurer that could have covered the property for a lower premium I can understand why you are angry but unless you have a quote for the previous years I don't see where you can go with this,

InsideInsurance

The law of limitations restricts claims around contracts to up to 6 years.

In theory if you were to litigate you could therefore claim the 5 prior years and potentially the 6th depending on dates.

I do however agree with the others that you cannot effectively sue for your own lack of negotiation. There is no legal requirement for a company to offer their best price. Many times I go into shops to buy TVs or speakers etc and have had people in the queue pay 20% more than I for the same thing simply because they didnt ask for a discount where as I never pay full price for any major purchase.

NVRAM

Did you at any point call them at renewal?
Or just receive the letter and let it go thru anyway?

Many people see the renewals and think thats what the insurance costs this year...

Nope thats what they're gonna take a chance and try and charge you, phone em up it's typically a hefty reduction

kingstreet

FWIW I had a commission clawback on a buildings & contents case I sold in 2007 a few months ago. I had been receiving about £5 a month.

The clawback was for £140.

I asked how it was possible and was told the policyholder had reclaimed the premiums using the direct debit guarantee going back to August 2011.

Presumably, he'd arranged new cover and forgotten to cancel the old one, paying twice for over two years.