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Home Insurance policy excess Question

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  • 10-08-2011 3:21pm
    #1
    naughtysmurf
    Registered Users Posts: 3,262 ✭✭✭


    Just wondering what people tend to do....

    If you accept a higher excess the annual premium tends to be lower.
    A lot of people may not claim for small amounts anyway

    If you do have to make a significant claim, your insurance company will screw you for a number of years afterwards

    So do people tend to lean towards a lower premium / high excess or higher premium / lower excess

    I have had home insurance for 15 years now and never made a claim so this year thinking of leaning towards a high excess for a lower annual premium


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    #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,711 Mod ✭✭✭✭Henry Ford III


    There's no concept of a household policy ncb (unlike motor) so how could they "screw you" in the event of a claim?

    OP set whatever premium/excess combo suits you best, remembering lower premiums give lesser depth of cover.


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    #3
    Condatis
    Registered Users Posts: 651 ✭✭✭Condatis


    Henry Ford III wrote: »
    There's no concept of a household policy ncb (unlike motor) so how could they "screw you" in the event of a claim?

    OP set whatever premium/excess combo suits you best, remembering lower premiums give lesser depth of cover.

    Most home insurance policies have a clause for No Claims Bonus. We had seven years No Claims Bonus in our present house at the the last renewal. Since then there has been a claim for €1k for a damaged laptop. So at the next renewal there will be a drop in the No Claims Bonus.

    There is €300 excess but for some reason it was not applied and we got almost the full amount – there was a difference of about €40 applied on the basis of current market value.

    In our previous house we also had a No Claims Bonus and never had a claim.


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    #4
    naughtysmurf
    Registered Users Posts: 3,262 ✭✭✭naughtysmurf


    Henry Ford III wrote: »
    There's no concept of a household policy ncb (unlike motor) so how could they "screw you" in the event of a claim?

    OP set whatever premium/excess combo suits you best, remembering lower premiums give lesser depth of cover.

    There was a well publicised case a little while ago where after making a legitimate claim for about 23k after a house fire, the home owner was not able to secure a home & contents quotation from other insurers once he declared this claim on the proposal form, the only company who would quote him were the ones who paid out the 23K and who screwed him royally with an annual quote of somewhere between 3k-4k!!


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    #5
    Otis Driftwood
    Closed Accounts Posts: 9,925 ✭✭✭Otis Driftwood


    Condatis wrote: »
    Most home insurance policies have a clause for No Claims Bonus. We had seven years No Claims Bonus in our present house at the the last renewal. Since then there has been a claim for €1k for a damaged laptop. So at the next renewal there will be a drop in the No Claims Bonus.

    There is €300 excess but for some reason it was not applied and we got almost the full amount – there was a difference of about €40 applied on the basis of current market value.

    In our previous house we also had a No Claims Bonus and never had a claim.

    For accidental damage claims most insurance companies dont apply an excess on the policy which is likely what happened with yourself.

    I also reckon you will lose all your no claims bonus too as a result of the claim you made as there is no protection available on home policies.


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