Autorenewal and continuous payment

locky123

My home insurance expires end of this week, which I knew but found that the provider automatically took payment for next years policy last week. Phoned them to find out why and apparently it was written in my renewal email. Anyway this policy will lapse and they will refund the payment.

What are the current insurance industry standards regarding autorenewal and continuous payment?

Can I decline to autorenewal and stop automatic payment?

csgohan4

every one is different, the T+C's are the key. Just put a reminder in your diary to call them up a few weeks before to see if their renewal quote is any good.

darymave

This is one of my pet hates, there should be an automatic renewal tick box on all insurance web sites, so you can make a choice wether you want it or not !!, I hate having to spend 20 mins or more on the phone just to tell them I do not wish to renew as I have found a better price elsewhere.
Come on M.S.E. try doing something about this one.

dunstonh

darymave wrote: »

This is one of my pet hates, there should be an automatic renewal tick box on all insurance web sites, so you can make a choice wether you want it or not !!, I hate having to spend 20 mins or more on the phone just to tell them I do not wish to renew as I have found a better price elsewhere.
Come on M.S.E. try doing something about this one.

For every person that doesnt like it, there is another that does.

The majority of people renew their policies. So, auto-rewewal saves them work.

Also, there are plenty of people who have suffered losses and found themselves uninsured because they forgot to renew when their policy was not one that auto-renewed.

Personally, I prefer not to have auto-renewal but I am good on paperwork. However, I understand why it exists and that more benefit from it than not.

TrickyDicky101

dunstonh wrote: »

For every person that doesnt like it, there is another that does.

The majority of people renew their policies. So, auto-rewewal saves them work.

Also, there are plenty of people who have suffered losses and found themselves uninsured because they forgot to renew when their policy was not one that auto-renewed.

Personally, I prefer not to have auto-renewal but I am good on paperwork. However, I understand why it exists and that more benefit from it than not.

The post you quoted was not stating auto-renewal was bad though (or didn't have any benefits) - it was making the point that auto-renewal should be a deliberate opt-in and not a default term buried in the T&Cs.

takman

TrickyDicky101 wrote: »

The post you quoted was not stating auto-renewal was bad though (or didn't have any benefits) - it was making the point that auto-renewal should be a deliberate opt-in and not a default term buried in the T&Cs.

The kind of people who benefit from Auto-Renewal are unlikely to take the time to choose the Auto-Renewal option.