I want to change my insurance for our apartment but I'm having problems with the bank

[LeFrunk]

Hello folks , our insurance renewal is due now so I emailed the bank telling them that the price they have quoted is too expensive . I also told them that I would get my own insurance cover for our apt . This evening I got an email from the bank stating that they don't accept "foreign" insurance cover . Has anyone had this b******t from banks . Many thanks .

[TenerifeTeddy]

Yes, and you are also legally obliged to give them 60 days notice of cancelling the policy.

I have a mortgage and corresponding life policy with Banca March. Last year with a month to go to renewal, I told them I had found another life policy a third cheaper than their option, so was not going to renew the policy. They told me I would be taken to court if I cancelled the policy with less than 60 days notice :(.

[bonitatime]

There is no legal obligación to have the Insurance with them, but as TT says you are supposed to give notice

[casabonny]

You may find that your mortgage was granted with reductions in the interest rate for have Insurance/credit card etc with them and that it will increase if you go elsewhere.
You are , as has been said liable to give 2 months notice to cancel or not renew, some companies will not chase if the premium is less than 200 euros although that is not guaranteed.
I suggest you pay up this year , but immediately send a burofax to the company stating you will not be renewing next year,( this is a legal document so can be used if they took you to Court) and make a note somewhere to get alternative quotes in good time next year, a month to six weeks is a good guideline.

[LeFrunk]

thanks very much folks , this years has been paid but im not a happt bunny . I will give notice in good time next year . Thanks once again .

[lesbroz]

thanks very much folks , this years has been paid but im not a happt bunny . I will give notice in good time next year . Thanks once again .

I have been told by my bank that it is 3 months notice that I have to give!!

[timmylish]

Santander specifically quote one year I think!

[LeFrunk]

Im at Solbank so it will be interesting to hear what they say . Many thanks for the replies.

[Madelene B]

TenerifeTeddy!
I'm also looking for another life Insurance (still have three weeks before I need to cancel) but don't really know where to turn. You mention above that you found an option to a third of your current cost. What's the name of the Company that gave you that quote? Please share! :bowdown:

- - - - - - - - - - merged double post - - - - - - - - - -


Im at Solbank so it will be interesting to hear what they say . Many thanks for the replies.

Hi LeFrunk
I'm also with Solbank. The conditions of my life insurance say's that the policy holder "need to give a minimum advance notice of two months". Check 7.4 in your life insurance document. This is really "fine print", but we should know these things, apperently :dontknow:

[LeFrunk]

Hi TT , I checked with AA insurance , quote came back at £100 plus admin and tax total £125 , a third of what solbank charged . The cover is for buildings and contents cover , its not life cover . Hope that helps ya out .

[timmylish]

If in doubt contact member TIS (TenerifeInsuranceServices) by pm. He was heavily involved in a dispute between the bank and a member on here, with a totally satisfactory conclusion. He handles Liberty Insurances one of the largest in Spain.

[atlantico]

I went to Select Insurance. Got a cheaper deal. Took it into the bank, and they matched it with a 10% reduction too ! Try that !

Plus they did tell me that my mortgages have been 'subsidised' for taking out their own policies. I agreed, but said that didn't give them the right to charge double. All's well that ends well though. And since then, it been minor increases each year ever since.

[bonitatime]

Like all Insurance you need to renegotiate the price each year