Paying too much Home Insurance for years! 18 March 2018 at 2:53PM edited 30 November -1 at 1:00AM in Insurance & Life Assurance 3 replies 710 views

r_n_carpenter

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!

ciderboy2009

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.

dunstonh

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.

agrinnall

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.