| The Comments |
Hi
Is there anybody who could help.We have a mortgage with Bankia and have just received our bill for our insurance which has nearly doubled since last year.Can we use other insurance company's to get a more competitive rate.Any help would be appreciated .
regards
legend
0
Like
|
Yes and there are lots too many to mention the best guideline is to do the same as you would do in uk
_______________________
“The greatest enemy of knowledge is not ignorance; it is the illusion of knowledge”
0
Like
|
Check your mortgage agreement. You may find it a clause that it is tied to life insurance. Ours was tied to buildings insurance and we couldn't get out of it until we payed the mortgage off.
0
Like
|
I havent got time to search for it now but I seem to remember that the EU kicked up about this tie in practice and may of well ruled against it.
_______________________
0
Like
|
Hi
Your post is slightly confusing as you talk about Life 'Insurance' and the bill for your insurance. For a start it is Life Assurance which covers the possiblity of your premature death whereas insurance usually is for buildings and contents and other material things.
As far as giving any advice you need to read you mortgage document throughly to see if there is a clause which states that the bank has to take out the assurance and/or insurance or if you have to just have it and their interest is noted on the policies.
Whatever is U.K. law is not the same here so read your mortgage document very carefully.
_______________________
Stephen
0
Like
|
Get some quotes then show your bank they may price match
Same as you would do in the uk shop around challenge negotiate etc etc
_______________________
“The greatest enemy of knowledge is not ignorance; it is the illusion of knowledge”
0
Like
|
Many thanks for all your help
ragards
legend
0
Like
|
Steone is correct.
I too had life insurance which was linked to my mortgage. In the space of 7 years it increased from 60 to 90 euros a month. I tried to get out of paying it but NO WAY Jose. They wouldn't budge. In the end up I was in a fortunate position to pay off my mortgage. Even after that they managed to get another month out of me, as I had to give 1 months notice to cancel the insurance. Before anyone syas "they can't do it, it wrong", yes they can. I consulted a lawyer.
0
Like
|
It is likely that the premium level in Spain is calculated on an annual basis. This results in the increase since age each year as it arrises is the chief factor. This is often not the case in UK since there the premium is calculated on a level basis which effectively takes into account the average age of the policy term.
0
Like
|
Legend: Is it life insurance or home insurance?
_______________________
Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
0
Like
|
|
You have of course a right to choose the Life Insurance of your choice
_______________________
Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
1
Like
|