Insurance broker lies/where can I get finance for insurance?
Discussion
I recently insured my car, with a well known insurance company, won't name names but they're quite popular around here. Ran through the details three times on seperate occasions, each time told how great the policy was as I'd be able to drive other cars, and usually I wouldn't. Docs come through, no drive other cars section on certificate. Not the end of the world.
BUT.
When they tried to rush me through the figures (paying monthly) I asked how much the total payable was. Original cost was £1600. They said £1800-and-something. Sounds reasonable, so accepted. A couple of weeks later I've got a letter from the finance company telling me the total repayable is £3100-and-something. Unacceptable! Is there anything I can do, and is there anyone who will finance me specifically for insurance?
BUT.
When they tried to rush me through the figures (paying monthly) I asked how much the total payable was. Original cost was £1600. They said £1800-and-something. Sounds reasonable, so accepted. A couple of weeks later I've got a letter from the finance company telling me the total repayable is £3100-and-something. Unacceptable! Is there anything I can do, and is there anyone who will finance me specifically for insurance?
There are a number of things you can do.
1) Firstly you have 14 cancellation period from taking out your insurance. You should be charged pro rata for the cover you have had plus a 'reasonable' charge - no set guidelines on this, but £20ish is about right.
2) Complain. All insurance brokers or companies will have a complaints manager. Your complaint has to be recorded for FSA purposes and does not need to be put in writing. They have an obligation to deal and resolve your complaint. After this if you are not happy with the outcome you can go to the Financial Ombundsman who can represent you.
3)Ask to hear the call records of your conversations. They should have clearly informed you of:
- The total premium including insurance tax. Unless there is a reason they cannot change the price.
- Any add ons e.g. legal, breakdown.
- A key fact summary of what you are and importantly are not covered for.
- The finance charge, percentage interest and when you will be debited. They cannot miss this out or retrospectively add it on.
4) Finance for insurance - always check how much the broker/insurer is going to charge you as it may be cheaper to put it on your credit card. Not aware of any independant finance for it.
Hope that helps. I've come accross this insurance info website which has some other useful stuff on it http://www.itsinsurance.info/
1) Firstly you have 14 cancellation period from taking out your insurance. You should be charged pro rata for the cover you have had plus a 'reasonable' charge - no set guidelines on this, but £20ish is about right.
2) Complain. All insurance brokers or companies will have a complaints manager. Your complaint has to be recorded for FSA purposes and does not need to be put in writing. They have an obligation to deal and resolve your complaint. After this if you are not happy with the outcome you can go to the Financial Ombundsman who can represent you.
3)Ask to hear the call records of your conversations. They should have clearly informed you of:
- The total premium including insurance tax. Unless there is a reason they cannot change the price.
- Any add ons e.g. legal, breakdown.
- A key fact summary of what you are and importantly are not covered for.
- The finance charge, percentage interest and when you will be debited. They cannot miss this out or retrospectively add it on.
4) Finance for insurance - always check how much the broker/insurer is going to charge you as it may be cheaper to put it on your credit card. Not aware of any independant finance for it.
Hope that helps. I've come accross this insurance info website which has some other useful stuff on it http://www.itsinsurance.info/
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