Home insurance renewal dilemma
Discussion
Hello chaps and chapesses,
Just got home off night shift and opened renewal notice from my home insurance company. Last year I paid over £180, which reflected a house fire 6 years ago which was pretty much a total loss costing circa £45k. Last year I had 2 claims one for an aquarium circa £2k and one for a laptop which one of the kids spilt a can of coke upon.
Renewal price is £2.14! (Two pounds and fourteen pence)
Should I call them as it must be an IT glitch? Or just let the direct debit go ahead?
Your thoughts please
Robbie
Just got home off night shift and opened renewal notice from my home insurance company. Last year I paid over £180, which reflected a house fire 6 years ago which was pretty much a total loss costing circa £45k. Last year I had 2 claims one for an aquarium circa £2k and one for a laptop which one of the kids spilt a can of coke upon.
Renewal price is £2.14! (Two pounds and fourteen pence)
Should I call them as it must be an IT glitch? Or just let the direct debit go ahead?
Your thoughts please
Robbie
Personally - I'd rather have a quick chat now and see the premium increase from £2 than in 6 months time whilst I'm attempting to make a claim for something.
Chances are that their system would flag it in the future anyway - but you and I both know you don't get home insurance for £2/year. So I'd call.
Chances are that their system would flag it in the future anyway - but you and I both know you don't get home insurance for £2/year. So I'd call.
I'd be tempted to tell them.
If you made another claim, they may argue that the policy is invalid since it would have been obvious to any reasonable person that the premium was incorrect, and that you were therefore obligated to question it with them. No idea if that would stick, but it could cause you problems.
If you made another claim, they may argue that the policy is invalid since it would have been obvious to any reasonable person that the premium was incorrect, and that you were therefore obligated to question it with them. No idea if that would stick, but it could cause you problems.
chazwind said:
I'd be tempted to tell them.
If you made another claim, they may argue that the policy is invalid since it would have been obvious to any reasonable person that the premium was incorrect, and that you were therefore obligated to question it with them. No idea if that would stick, but it could cause you problems.
I would agree. A house is a lot to gamble with to save a few quid in he short term, especially if you are prone to claims.If you made another claim, they may argue that the policy is invalid since it would have been obvious to any reasonable person that the premium was incorrect, and that you were therefore obligated to question it with them. No idea if that would stick, but it could cause you problems.
Maybe they left a few zeros off ? My experience is that if you claim too much then you become uninsurable. I have top level cover for years including accidental damage, loss of items while out of the house etc. Never claimed.
Then over a 2 year period I made 3 claims, total came to less than the premiums I had paid for the 3 years. Result was I was uninsurable, none of the mainstream companies would even quote me. For the last 2 years I have had to use one of the more expensive non mainstream companies, costs more and much lower cover. Hoping that next year I will be 3 years claim free and can get better and cheaper insurance again. Upside for the insurers I would never ever claim again for accidental damage/loss for anything under £1k at least as its been an expensive exercise.
Then over a 2 year period I made 3 claims, total came to less than the premiums I had paid for the 3 years. Result was I was uninsurable, none of the mainstream companies would even quote me. For the last 2 years I have had to use one of the more expensive non mainstream companies, costs more and much lower cover. Hoping that next year I will be 3 years claim free and can get better and cheaper insurance again. Upside for the insurers I would never ever claim again for accidental damage/loss for anything under £1k at least as its been an expensive exercise.
TwigtheWonderkid said:
Madmac70 said:
Last year I paid over £180, which reflected a house fire 6 years ago which was pretty much a total loss costing circa £45k.
How does a premium of £180 reflect a £45K claim? They hardly seem to be trying to get their money back!Madmac70 said:
Just called ins Co. Their error and they will stand by it. Result!
These insurance companies really are scamming scumbags. They've paid you out £48K in recent years and now they are thieving £2.14 off you for the next year's insurance. I don't know how they sleep nights.TwigtheWonderkid said:
Madmac70 said:
Just called ins Co. Their error and they will stand by it. Result!
These insurance companies really are scamming scumbags. They've paid you out £48K in recent years and now they are thieving £2.14 off you for the next year's insurance. I don't know how they sleep nights.
Gassing Station | Speed, Plod & the Law | Top of Page | What's New | My Stuff