Could be quite a big issue.....

[catso]

GTIR said:

It cost me next to nothig because the insurance company views me as very low risk but paying £36.11 to cancel an already paid £41 policy after four months?
If it was an admin fee then fair enough, but it isn't.

I had a similar situation with a £45 policy that I cancelled after 3-4 months. I thought I might get a small refund and the insurer told me that there would be (around £10 IIRC) but that the admin fee to make the change came to more than the refund amount so, in theory at least, it would cost me to cancel, however they wrote it off and it cost me nothing.

I would have let it ride as the bike was remaining in the Family (with my Son) so no likely problems, but when I told the insurance co. this and that he was going to insure it in his name, they told me that it was "illegal to have two policies on the same vehicle" and so I would need to cancel.

[LoonR1]

It's not illegal to have two policies. It gets very dodgy if you try to claim on both though.

From your son's perspective it's better not to have two policies running as well as MID can't cope with it as there's no logical reason for it.

[GTIR]

LoonR1 said:

This is where I'm confused. If the premium was £41 for the year then the only subsequent charge that can be applied is an admin fee. They can't charge more for the insurance element, if you're just cancelling.

I just spoke to them after he spoke to his manager and in their terms and condition "the policies carry a £50 cancellation fee".

I just said I would not pay it and it was up to them to cancel. The chap said "Ok then, we will cancel and send out a letter".

For clarification there was two policies with the same insurer. £41 (CX500) and £61 (ZX9), both taken out in May and both paid in full.

[LoonR1]

Two things there. The first is that the charges are clear so if you thought you were going to cancel the that should've formed part of your buying decision and whether this was the right product or not.

Secondly, asking them to waive it is the way forward and they often will on such a low cost policy. Suggests they keep the £10 refund and call it quits.

[catso]

LoonR1 said:

It's not illegal to have two policies.

I know that now but the guy on the phone told me it was. I didn't need the extra NCD for myself so wasn't too worried either way but you don't expect to be told untruths from a reputable company.

[GTIR]

LoonR1 said:

Two things there. The first is that the charges are clear so if you thought you were going to cancel the that should've formed part of your buying decision and whether this was the right product or not.

Yeah, and what normal person ever reads the T&C's!

(Apart from you of course)

[LoonR1]

GTIR said:

Yeah, and what normal person ever reads the T&C's!

(Apart from you of course)

They're on the back of your insurance schedule. If you don't read it though then how do you know you're buying be right thing. Or you could just ask about the things that are most likely to happen.

[GTIR]

LoonR1 said:

GTIR said:

Yeah, and what normal person ever reads the T&C's!

(Apart from you of course)

They're on the back of your insurance schedule. If you don't read it though then how do you know you're buying be right thing. Or you could just ask about the things that are most likely to happen.

That's easy - the cheapest!

[LoonR1]

GTIR said:

That's easy - the cheapest!

Until it turns out to be dearer because you didn't factor in cancellation charges

[GTIR]

LoonR1 said:

GTIR said:

That's easy - the cheapest!

Until it turns out to be dearer because you didn't factor in cancellation charges

True!