Cancelled insurance refund query
Discussion
Quick one, my brother wants to do a major restoration on his bike and as such is going to declare SORN.
He rang his insurer today and asked about cancelling the policy. He has 8 month left and paid up front. They have said that he can cancel but he isn’t entitled to any refund and must pay an admin fee for doing so.
Surely this can’t be right?
Are there policies with small print that allow this?
He rang his insurer today and asked about cancelling the policy. He has 8 month left and paid up front. They have said that he can cancel but he isn’t entitled to any refund and must pay an admin fee for doing so.
Surely this can’t be right?
Are there policies with small print that allow this?
If it is the company named after a south coast fishing town it is standard behaviour. I changed my bike for the same model but 18 months newer and they would not cover it. When I asked for the 7 months refund they referred me to page 17 of the policy. I had to fight to prevent them charging me the admin fee but I also lost out on 6 months NCB.
Wildfire said:
Quick one, my brother wants to do a major restoration on his bike and as such is going to declare SORN.
He rang his insurer today and asked about cancelling the policy. He has 8 month left and paid up front. They have said that he can cancel but he isn’t entitled to any refund and must pay an admin fee for doing so.
Surely this can’t be right?
Are there policies with small print that allow this?
Surely you should be checking the small print of your brother’s policy first and foremost.He rang his insurer today and asked about cancelling the policy. He has 8 month left and paid up front. They have said that he can cancel but he isn’t entitled to any refund and must pay an admin fee for doing so.
Surely this can’t be right?
Are there policies with small print that allow this?
I seem to remember that some insurers would allow the policy to be suspended for a period so there would be no cover for that period of suspension but would restart for the balance of policy on an agreed date - there might be a premium adjustment if it was for an extended period to account for price rises though.
I don’t suppose they want the hassle now - sounds like it would be better for the policy to run rather than cancel - at least you’d have theft and fire cover rather than no refund and a bill for cancelling
I don’t suppose they want the hassle now - sounds like it would be better for the policy to run rather than cancel - at least you’d have theft and fire cover rather than no refund and a bill for cancelling
KungFuPanda said:
Surely you should be checking the small print of your brother’s policy first and foremost.
Out of interest do you have time to properly read the "small print" for all of the things you sign up to and use? I have read that the average home insurance policy is now over 22,000 words of legalise.jesusbuiltmycar said:
KungFuPanda said:
Surely you should be checking the small print of your brother’s policy first and foremost.
Out of interest do you have time to properly read the "small print" for all of the things you sign up to and use? TBH I never understand why people only want to insure their bikes when they are being used on the road, I have a mate who insures his for 6 months May-October and then sorns it, I understand you are not going to crash it in the garage, but it doesn't stop some scroat breaking in and having it away. Only saves him about 70 quid a over a full year policy, not worth the risk imo. I have one of mine in bits at the moment and it's likely to be for at least another year, but it's kept insured
TwigtheWonderkid said:
I certainly read my insurance policies, because they are important. On other things, not always, but I accept it's my responsibility if my own laziness comes back to bite me.
I am guessing this is due to your career in the insurance industry pushing you to read them though if other things arent always a priorityjesusbuiltmycar said:
KungFuPanda said:
Surely you should be checking the small print of your brother’s policy first and foremost.
Out of interest do you have time to properly read the "small print" for all of the things you sign up to and use? I have read that the average home insurance policy is now over 22,000 words of legalise.I’m with Swiftcover. Their terms and conditions are in a nice booklet with headings and subheadings.
http://www.swiftcover.com/carinsurance/policy-word...
Quite easy to read really.
pavarotti1980 said:
TwigtheWonderkid said:
I certainly read my insurance policies, because they are important. On other things, not always, but I accept it's my responsibility if my own laziness comes back to bite me.
I am guessing this is due to your career in the insurance industry pushing you to read them though if other things arent always a priorityjesusbuiltmycar said:
Out of interest do you have time to properly read the "small print" for all of the things you sign up to and use? I have read that the average home insurance policy is now over 22,000 words of legalise.
The pressure to legalise The Herb is strong but I am surprised it's reached Home Insurance policy documentation. And 22,000 words. That's a 'kin lot.
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