Paying too much Home Insurance for years!

edited 30 November -1 at 1:00AM in Insurance & Life Assurance
3 replies 710 views
r_n_carpenterr_n_carpenter Forumite
22 Posts
edited 30 November -1 at 1:00AM in Insurance & Life Assurance
My father is looking into all his household bills right now as my mother has just into a care home and he is trying to save a few pennies.

He called his Home Insurance provider to try and reduce the £70 a month bill and they reduced it to £40 by taking his excess up from £50 to £250, but they also told him they had his house down as a 4 bedroom detached, when it is actually a 3 bed Chalet bungalow. He has been in this house for 30 years, and with the insurer for 51 years!

Simple maths work out he has overpaid by nearly £11k over 30 years!

Do you think it is worth pursuing a rebate!

Replies

  • ciderboy2009ciderboy2009 Forumite
    944 Posts
    Part of the Furniture 500 Posts Name Dropper Car Insurance Carver!
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    In a word - no.

    Basically he accepted the quote each year so there's nothing to be claimed back.

    Presumably you've run price comparisons with other insurers? I would have thought he could save even more by moving to another company.

    Unfortunately, insurance companies reward loyal customers by getting every penny they can out of them.
  • dunstonhdunstonh Forumite
    107.3K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
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    but they also told him they had his house down as a 4 bedroom detached, when it is actually a 3 bed Chalet bungalow. He has been in this house for 30 years, and with the insurer for 51 years!

    It may not actually make any difference. Bedroom priced policies didnt exist 51 years ago.
    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.
  • agrinnallagrinnall
    23.3K Posts
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    You can be pretty certain that anybody who has stayed with the same insurer for 51 years has overpaid by a considerable amount, but that doesn't mean there's any claim for a refund. Customer inertia is one of the great things for insurers that keeps premiums for other people lower.
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