Insurance companies scum bahhhhh
Discussion
Should always read the policy before you buy it mate. Not sure why the time on risk charge is that high, but suspect the insurer has taken a minimum charge, and the broker maybe? Both have minimum charges for the policy cover.
Afraid they have provided cover, and you were the one to break the contract, so that's the way it works!
From an insurance underwriter. (Of the non-thieving variety!)
Afraid they have provided cover, and you were the one to break the contract, so that's the way it works!
From an insurance underwriter. (Of the non-thieving variety!)
I insured my westfield at the end of last june and sold it at the begining of september.Two months and a week or so,premium was £255 and i got £38 back!!
What would happen if you were paying by monthly installments and then cancelled the policy? Would they be asking for a massive cancellation fee? Thieving t
ts.
What would happen if you were paying by monthly installments and then cancelled the policy? Would they be asking for a massive cancellation fee? Thieving t
ts.
I sold my car and changed to a lower rate car. Funny enough I didn't get a policy refund even thou it was about 100 pounds cheaper, but they did say i wouldn't be charged for it..lolz
The whole industry is a license to print money, of it ever went bad the government would pay out. It is funny how nobody ever brings up the underwritten loses by AIG that filtered into everyone's policies, but will jump down the throat of someone who doesn't have insurance. Some people really don't have a clue how things run.
The whole industry is a license to print money, of it ever went bad the government would pay out. It is funny how nobody ever brings up the underwritten loses by AIG that filtered into everyone's policies, but will jump down the throat of someone who doesn't have insurance. Some people really don't have a clue how things run.
Nedzilla said:
I insured my westfield at the end of last june and sold it at the begining of september.Two months and a week or so,premium was £255 and i got £38 back! Thieving tts.
I agree a little harsh but I'm sure it's all in black and White. But hat off op as it's more of a moan than arguing the toss, just venting frustration for which I understand. ts.As for the Westfield most specialist type products (or low premium) will make it less attractive to cancel as costs involved such as adding removing from the MID and all other databases. Kit car insurance much like motorbike insurance will tend to have less favourable cancelation terms as normally seasonal vehicles and it's easy money for the insurer.
Buy car/bike for the summer then sell. Pure business they want to make money!!
smiffy220 said:
Should always read the policy before you buy it mate. Not sure why the time on risk charge is that high, but suspect the insurer has taken a minimum charge, and the broker maybe? Both have minimum charges for the policy cover.
Afraid they have provided cover, and you were the one to break the contract, so that's the way it works!
From an insurance underwriter. (Of the non-thieving variety!)
Actually i did read the policy when i took it out and this is what it said/says;Afraid they have provided cover, and you were the one to break the contract, so that's the way it works!
From an insurance underwriter. (Of the non-thieving variety!)
"Cancelations
(a paragraph about if you cancel you must return insurance certificate and that you must inform them and not just cancel direct debits etc....)
Upon cancelation of the contract, it should be noted that insurance companies apply short term cancelation charges which are not proportionate to the annual premium and as these form part of the contract offered, we would ask clients to realise that such charges upon cancellation are applied by the underwriters and not ourselves. "
That's the only info about cancelling in any of the fine print/ policy documents I was sent. Took the piss with proportionate amount i think and if i had known how much maybe I would not have taken it out. Personally I was expecting about 400-500 back which I would have thought about fair.
Never needed to cancel, but I believe, but not sure though, that their T&C might be in breach of service sold. As service is no more provided as cancelled I would be inclined to make a complaint. If that would not work then I would contact consumer direct. Many companies try to scare you off...
I've never cancelled mid policy before either but if this is the norm then bloody ouch!! I've asked them to give me the breakdown how the figure was arrived at but their thievery stinks worse than communism and I'm sure it's all legit as covered by the little refunds will not be proportionate sentence in the cancellation policy. Maybe i will write an email to some consumer ombudsman.
Anyway I build stuff for a job btw.
Anyway I build stuff for a job btw.
OP
Not sure if you are in the UK as you suddenly talk about bucks. We deal in pounds you know!
If you are in the UK you could always fire off a letter of complaint about the lack of proportionality, and follow that up with a complaint to the FSA. Might get you nothing, but you never know.
Rather than claim that any cancellation will not be proportionan in the terms, it seems that they should make it clear that they will rape you.
Not sure if you are in the UK as you suddenly talk about bucks. We deal in pounds you know!
If you are in the UK you could always fire off a letter of complaint about the lack of proportionality, and follow that up with a complaint to the FSA. Might get you nothing, but you never know.
Rather than claim that any cancellation will not be proportionan in the terms, it seems that they should make it clear that they will rape you.
The Spruce goose said:
I sold my car and changed to a lower rate car. Funny enough I didn't get a policy refund even thou it was about 100 pounds cheaper, but they did say i wouldn't be charged for it..lolz
The whole industry is a license to print money, of it ever went bad the government would pay out. It is funny how nobody ever brings up the underwritten loses by AIG that filtered into everyone's policies, but will jump down the throat of someone who doesn't have insurance. Some people really don't have a clue how things run.
How can it be a license to print money ??. Say you pay £700 to insure your car and end up having a prang . Your car gets sorted , the other parties car gets sorted , depending on what cars are involved it could cost thousands to repair , possibly 10's of thousands if written off - that sounds like a fair trade in my eyes example I paid you £700 for insurance , ive written my car off can I please have the £25k its worth to replace it ? certainly Sir , you paid your money here is your cheque. Nice return on £700 !The whole industry is a license to print money, of it ever went bad the government would pay out. It is funny how nobody ever brings up the underwritten loses by AIG that filtered into everyone's policies, but will jump down the throat of someone who doesn't have insurance. Some people really don't have a clue how things run.
mrmarcus said:
I've never cancelled mid policy before either but if this is the norm then bloody ouch!! I've asked them to give me the breakdown how the figure was arrived at but their thievery stinks worse than communism and I'm sure it's all legit as covered by the little refunds will not be proportionate sentence in the cancellation policy. Maybe i will write an email to some consumer ombudsman.
Anyway I build stuff for a job btw.
Do this; I was able to argue/persuade the underwriters (and severely reduce the brokers refund) to raise my refund from £350 to almost £500 (70%) after using 3 months of insurance. By showing them that there calculations were wrong, in regard to their T&C.Anyway I build stuff for a job btw.
My first bike, a 125, was insured through a well known company. Came to cancel after 3 months and the gits took the whole premium as there was no money due back!
Gits.
But then again, it was because there was a termination fee and an additional processing excess of £50. My yearly premium was less than all of that, so I lost the lot.
Gits.
But then again, it was because there was a termination fee and an additional processing excess of £50. My yearly premium was less than all of that, so I lost the lot.
fwaggie said:
Go through the T&Cs, work out how much you should have received for a refund.
If it's right, man up and admit you didn't bother to read the small print.
If it's wrong, tell them so and they'll correct it.
The only ts & cs ever sent to me say as mentioned above;If it's right, man up and admit you didn't bother to read the small print.
If it's wrong, tell them so and they'll correct it.
"Upon cancelation of the contract, it should be noted that insurance companies apply short term cancelation charges which are not proportionate to the annual premium and as these form part of the contract offered, we would ask clients to realise that such charges upon cancellation are applied by the underwriters and not ourselves"
If 220 back from 700 after 2 months is the norm then that's life and Im the one cancelling so I've brought it on myself but having never cancelled mid policy before it seems a rip off.
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