MOTOR TRADE POLICY CANCELLED

[mubmoh]

Hi,

Hope you are well.

Need advice on how to deal with this situation.

I have 2 years NCB motor trade, and was moving company from my initial insurance company to a new one (was quoted 5.8k at renewal vs 3.7k). After taking out my new policy with a new company, I have been issued with a cancellation notice within 6 days or starting this policy, due to 'Unacceptable Business Activities'. The broker claims that the insurance does not cover the vehicles I was attempting to insure, "commercial", however, I made it extremely clear to the broker when originally obtaining the quote I deal with these type of vehicles, even when prompted and asked about it I said I do. The broker clearly messed up with the underwriter when explaining the type of policy required, and this has now led to my policies cancellation.

Now I am in a situation where I am uninsured, out of pocket 1.9k (I paid this amount upfront), and have a cancellation to my name. I already struggle a lot to obtain my motor trade policy as I am sub 30 and living in London. I have read online with a cancellation a lot of companies refuse to insure you and you expect a 40% increase with the ones who do.

So far I have received a "notice of cancellation", which is to be executed next week, so is it possible I can cancel the policy before I get cancelled as I am in my 'cooling-off period'? Right now the broker has told me they are going over the recorded phone call conversation they had with me. Do I pursue legal action or contact the Ombudsman over this treatment?

Thanks

[Glassman]

What is, or was deemed unacceptable?

Surely gather more evidence if you think the broker dropped one?

[Jonnny]

I'm sure I read sometime apparently, you could cancel it now and then it's not 'they cancelled on you' - you had already cancelled your policy.

[Redarress]

If you purchase your insurance online or over the phone, you have a 14-day cancellation period from the day after you enter into the contract.

You're entitled to this under the Financial Services (Distance Marketing Regulations) 2004.

[TownIdiot]

Would certainly be better if you cancelled yourself, which you can do.
Then you can say you haven't had a policy cancelled when getting a new policy with the correct details

What is it you do that caused the issue?

[MOMACC]

1 - cancel the policy
2 - submit a request to the broker for the recordings
3 - find a local independent commercial broker who can support you.

We're you emailed any statement of fact or proposal documents prior to accepting?

Who is the broker?
Who is the insurer?

You could ask the broker to find you the correct cover but as it's their mistake they can fund the difference and advise then if they don't play ball you will go to the ombudsman, you need to formally complain to your broker first.

[ralphrj]

mubmoh said:

The broker claims that the insurance does not cover the vehicles I was attempting to insure, "commercial", however, I made it extremely clear to the broker when originally obtaining the quote I deal with these type of vehicles, even when prompted and asked about it I said I do. The broker clearly messed up with the underwriter when explaining the type of policy required, and this has now led to my policies cancellation.

I would be asking your broker for details of their E&O insurance.

[TownIdiot]

ralphrj said:

I would be asking your broker for details of their E&O insurance.

What use would that be?

[MOMACC]

TownIdiot said:

ralphrj said:

I would be asking your broker for details of their E&O insurance.

What use would that be?

It's their professional indemnity.
They're not likely to provide those details though.

[TownIdiot]

MOMACC said:

It's their professional indemnity.
They're not likely to provide those details though.

Yes I know what it is.

[MOMACC]

TownIdiot said:

MOMACC said:

It's their professional indemnity.
They're not likely to provide those details though.

Yes I know what it is.

Misread for what is it rather what use.
8 beers in does that sometimes..!!