Contents Insurance Logic

Car_54

My home contents insurance is due for renewal. The only change from last year is that my wife has passed away, leaving me as the sole policy-holder.

To my simple mind, that means significantly less risk (especially as there is now no smoker on the premises), and so a lower premium.

Not to Halifax. They have actually increrased the premium by 25% (contents) and 77% (personal belongings). When questioned, they explain it's because I'm younger than my late wife who apparently qualified for a discount. As for the reduced risk, it's "Computer says no".

To be fair, they have held the lower premium for the coming year, so no immediate problem.

Can anyone explain?

dacouch

Car_54 wrote: »

Can anyone explain?

When questioned, they explain it's because I'm younger than my late wife who apparently qualified for a discount.

pinkteapot

Leaving your specific circumstances aside (and I'm sorry for your loss), as a general rule of thumb, the renewal price that you get is a rip-off. They make a lot of money from people who simply renew without thinking. It's always worth doing a quick online quote comparison and phoning them, as they'll almost always drop the price with very little argument. This applies to house, car - most insurances. As you found, a quick chat and they drop the price without much effort required on your part.

Statistically, I would guess that older people tend to be home more, reducing the burglary risk. This may be what they mean. In addition, one person at a house instead of two means it's likely to be empty more often (on average).

A final thought - and apologies for the somewhat insensitive nature of this - double-check that you still need all the cover you've got. If your wife had any valuables or other specified items that you no longer own, you can remove that cover. If she had a lot of 'stuff' you may not need as much total contents cover as previously (but be careful not to under-insure).

d70cw6

have you considered shopping around?
this may seem counter intuitive, but loyalty is not rewarded!
you can save as much as £5 by switching insurers!