Home Insurance - Automatic renewal

BombJack67

It has come to light today that I have 2 Homeowner Insurance Policies, for combined Buildings and Contents.
One with Fairmead/L&G, the other with LV.
I didn't know, but my Fairmead/L&G was on Auto-renew, and has been since I took it out in 2014. As far as I'm aware, I was never asked if I wanted to go on Auto-renew, and if I had been asked, I would have declined. I am very careful with money, and check Compare The Market every time an Insurance Policy is due to expire.
Do I have any rights to a refund for the last 6 years?
I haven't made a claim in that time.

Sandtree

BombJack67 said:

 I am very careful with money

If you go 6 years without notice an insurance policy being billed every year/month I would suggest dropping the above.

Almost all insurance (other than single trip travel insurance) is sold on an auto-renewal basis as a condition of buying the policy. The regulator actively supports the use of autorenewal as it has significantly reduced the number of cases of people being forgetful and accidentally becoming uninsured.

Ultimate approach L&G to advise them of the situation and provide evidence of your other insurance covering the same period. I suspect they are likely to refund some of the premiums but unlikely to go for the full 6 years.

You won't get out of auto-renewal but its a good not a bad thing, renewal quote is the reminder to do your shopping around and once you've secured your reduced premium then contact your current insurers and either a) lapse the policy or b) let them pricematch. Then if something happens that takes you out of action for that period then you at least wont be uninsured... and secondly, check your statements more regularly than once every 6 years, especially if you want to claim you are careful with money.

JGB1955

With all respect, you really DON'T seem very careful with money - surely you would noticed the annual (or even, maybe, monthly) payments leaving your account?  No, I can see no reason why you should expect a refund.

BombJack67

Thanks for your considered replies. Yes, it does seem a tad ironic for me to claim to be careful with money, while making this over-sight. I will check which insurers I've used over this period, and hope for the best.

Coffeekup

I wasn't going to reply as I have nothing to add on your question. But then I thought if I was you I'd go through your statement's for last 6 months see if there is anything else your paying that shouldn't or no longer want to.

elsien

Did you not get any policy paperwork or emails about the renewal? My pet insurance is on auto renew but I still get an email advising me of the updated premiums etc in time to cancel if I wish. 

Surely you’ve had something? 

Hasbeen

As above. You would get a renewal letter/email every year with new quotation amount. Have you changed address, etc?
Your LV policy will probably be on auto renew as well?

CraigAE

Just a little anecdotal evidence that this happens to other people!

We had house insurance with endsleigh, and one year they accidentally set up a new policy rather than a renewal. We always try to pay insurance in one go, out of a joint account that goes largely unmonitored (because money in/out is all scheduled). We had the two policies for three years until I spotted it.

They were very good about it, and paid us back all the extra we had paid, with interest on top.

Anyway, I've signed up to MSE today because our house insurance (currently L&G) has gone up over £150 in 3 years, which after reading around is apparently more than the UK average policy!

BombJack67

Just thought I'd post an update. I did a Dual-Insurance claim, and am glad to say got paid out 50% by both Insurers.
So I received over £500 between them. I'm glad it's all sorted now, and will "pay more attention" in future.

ic

Did you have to pay the excess on each policy?  Or did they halve the excess given they were only covering half the risk?

Weighty1

ic said:

Did you have to pay the excess on each policy?  Or did they halve the excess given they were only covering half the risk?

The OP hadn't made a claim so the excesses are irrelevant.