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house insured twice

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  • 06-08-2010 2:56pm
    #1
    viztopia
    Closed Accounts Posts: 770 ✭✭✭


    i had a home insurance policy with BOI. I did not renew it and i took a new one up with Hibernian. However BOI continued the old one and i have just noticed the direct debits going out. I have contacted them and surprise surprise there are loads of forms to fill out etc. my problem is can they continue a one year policy if i never gave them permission?


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    #2
    astra2000
    Closed Accounts Posts: 734 ✭✭✭astra2000


    Hi when you pay for insurance policies by monthly direct debits unless you contact them and tell them they continue to collect by direct debit. This should have been stated on your renewal letter.


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    #3
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    astra2000 wrote: »
    Hi when you pay for insurance policies by monthly direct debits unless you contact them and tell them they continue to collect by direct debit. This should have been stated on your renewal letter.

    +1

    They are generally renewed by default unless you ask them not to. Did you read the renewal letter fully?


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    #4
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    Basically speaking, if there are 2 policies in effect that cover the same perils, EACH insurer has to return a portion of the premium you paid. The % of the return from each insurer is dependant on the sum insured for each policy. If it was the same sum insured, each give you back 50% of the premium for the period of the duplication.

    It's a little more complicated if the sums insured are different, but the principle is the same.Following this, you elect which policy is to remain in force and cancel the other one (with a pro-rata return to follow from the latter). Sorry if I'm not making it easy to follow


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