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Auto renewal with increased premiums
bryanmaiden
Posts: 2 Newbie
I had a home buildings and contents insurance policy for several years that renewed automatically (I received an annual letter/notification) and increased each time. From the docs I have to hand, it went from £57/month in 2007 to £99.50/month in 2013. It was foolish of me not to keep on top of it and shop around, but here is my question: as I never made a claim, never increased the cover level and never had reason to notify the insurer of any increased risk, should the insurer have to justify the ever-increasing premium?
0
Comments
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No.
It's up to you to keep on top of that.
Insurers increase their proces every year...Non me fac calcitrare tuum culi0 -
as I never made a claim, never increased the cover level and never had reason to notify the insurer of any increased risk, should the insurer have to justify the ever-increasing premium?
The insurer is not required to justify anything to you. They offer their terms and you are free to accept them or shop elsewhere.
You haven't factored in any of the things that have led to premium increases. Such as IPT, inflation, increased regulatory costs, increased claims etc.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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