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Payment of household insurance in advance

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  • 13-12-2004 1:39am
    #1
    dub45
    Moderators, Technology & Internet Moderators Posts: 12,448 Mod ✭✭✭✭


    I just got notification the renewal date of my policy is 'approaching'. I notice that they state blandly 'we have reviewed our rates and this will affect your premium' Surely they should have to give full details of any changes in rates?

    And secondly because I pay in instalments there is an instalment charge of 13%!

    But I ask myself why are they entitled to ask me for my years insurance in advance? I cant up my wages by asking my boss for an istalment charge of 13% because he pays me weekly monthly or whatever.

    So I wonder if anyone can tell me what gives them the right to ask for the money a year in advance ( I know every bit of it is not a year in advance of course!!!!) Do all household insurers charge an instalment fee?


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    #2
    Nuttzz
    Registered Users Posts: 3,774 ✭✭✭Nuttzz


    first they wont tell you how the calculate your rates but they should tell you were premium about a month before its due

    13% is high but not unusal

    they can ask for a year up from because they will cover you for the year regardless, you cant compare it to work.

    they give themselves the right to ask for the money up front, they are providing the service if you dont like it go elsewhere or dont have insurance...


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    #3
    Borzoi
    Registered Users Posts: 2,876 ✭✭✭Borzoi


    dub45 wrote:
    I just got notification the renewal date of my policy is 'approaching'. I notice that they state blandly 'we have reviewed our rates and this will affect your premium' Surely they should have to give full details of any changes in rates?

    So I wonder if anyone can tell me what gives them the right to ask for the money a year in advance ( I know every bit of it is not a year in advance of course!!!!) Do all household insurers charge an instalment fee?

    Use the warnint time to shop around, after all insurance prices are generally heading downwards.

    Last year my current insurer jackedup the rates, I shopped around, then went back to them, they matched it, and I stayed with them out of ease. I'll probably do the same in the next week or two as my policy is almost up


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    #4
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    dub45 wrote:
    So I wonder if anyone can tell me what gives them the right to ask for the money a year in advance ( I know every bit of it is not a year in advance of course!!!!)
    Rights? They are a business, not a public service. If you don't like the service they are offering, then find an alternative provider that you do like.

    I don't see anything unreasonable with looking for a once-off up-front payment for this. If they were to split it into 12 monthly payments, they (and you) will get hit for extra bank charges.


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