Distance Selling - Insurance

[Matt_FP]

Quick query from my next door neighbour.

Took out a policy on-line with an insurer that looks like a big red telephone on the 11th, recieved docs today, rang up to change an item and was told couldn't so cancelled policy.

They had paid 108 quid on the 11th by Debit Card, the policy was setup as pay monthly on DD. Does the distance selling act come into force on this i.e. can they get their 108 quid back (minus 5 days worth of cover)?

Best Regards
Matt

[matt_fp]

Bump for the daytime readers

Cheers
Matt

[Tank Slapper]

I don't believe that the distance selling regulations cover financial or insurance products.

You may find some useful info at the FSAs website, as that lists what your rights are.

[Muncher]

Have the insurer refused to pay this back Pro rata?

[pdV6]

The big red telephone company give 14 days' cooling off period (I know, I renewed a policy with them by 'phone yesterday) - probably required by law I'd imagine.

Therefore, should be able to get the whole lot back including the 5 days.

[matt_fp]

pdV6 said:

The big red telephone company give 14 days' cooling off period (I know, I renewed a policy with them by 'phone yesterday) - probably required by law I'd imagine. Therefore, should be able to get the whole lot back including the 5 days.

Thanks chap.

Matt

[Muncher]

Elephant also have a policy along those lines.

[beano500]

The rules are best described as worded by the regulator:

"Retail customers will have 14 days to cancel general insurance contracts ...... The clock starts either the day the contract is concluded (for general insurance and mediation contracts) or ..... or when the customer receives the contractual terms and conditions and certain other information - whichever is the later."

Quote edited only to remove reference to other than general insurance policies....