Mis - Sold Halifax Insurance ?

[Woolfie4]

We took out buildings and contents insurance with Halifax when we bought our current house in 1987. I think the annual premium at the time was around £450. Each year we were advised of revised annual premiums and each year dutifully paid until 2005 when our premiums had reached £800 for the year. In that time we had made two small successful clims on the policy. However, I am sure that during that period (and certainly by 2005) cheaper buildings / contents insurance deals were available within Halifax but were never advised of this. By 2005 we changed to another company and were paying less than half the Halifax quote. Is there any way we can claim back from Halifax as I'm sure our premiums were excessive.

[rockyracoon]

That was an extortionate amount for 1987, did you not shop around or was it a condition of the mortgage at the time? If it wasn't then you wouldn't have a leg to stand on as you should have shopped around, if it was then I don't know, I doubt it as it was so long ago.

[EcclesCake]

You would have been wise to get quotes from other insurers each year to see how competitive your renewal quote was.

Your premiums may have been excessive but as you accepted them I can't see you having a leg to stand on, unless taking insurance with the Halifax was a condition of your mortgage. Even then it seems an unusually long tie in.

[Woolfie4]

We were led to believe that it was a condition of the mortgage at the time. However, we were certainly naive in not questioning and shopping around until 2005. My concern is that I'm sure Halifax had cheaper deals and didn't tell us.

[EcclesCake]

I think you'll find it is a case of Caveat Emptor. They may well have had better packages available but their business model is to make money, it is up to you to negotiate with them.

I think that the Government is looking at fairer deals with utility companies to make sure they are offering the best deal to consumers but that is what is happening today and I doubt any comeback will be had for mis-selling.

[DelfinaManotas]

My renewal last year was extortionate with Hiscox. I got them to reduce it significantly but this year the premium is up again. I looked on confused.com and L&V have quoted a number that is about 15% of the Hiscox premium....... what is going on?

I've phoned a couple of other companies but they were not willing to quote on large/expensive houses.

[brucie1996]

Our insurance was with A&L they added this each year to our Mortage so we paid interest on the insurance I don't think this ws allowed...........was it?

[JackDanielsU]

So you werent missold it

You were too lazy to shop around or call in for a review.

[brucie1996]

On our mortage offer they had added it in & said £xxx was 1/12th of the insurance payment we thought it was compulsary with the mortage