Cancelling Insurance Policy

[Weyro]

I took out a Policy on the 20/03/2012 with Adrian Flux, costing £405. If i cancel it now, less than a month later they are only going to give me £180 back?

Surely this cant be right? I paid the full year and now wish I hadn't!

Edited by Weyro on Monday 16th April 17:41

[randlemarcus]

Out of interest, how much would a month have been on dayinsure etc? Short term risk is massively more expensive, but might be worth trying to haggle the admin charges away. Why the cancellation after such a short time?

[Weyro]

Engine in the car has given up, so its going to be off the road for a while, and they wont cover me in the replacement car

Edited by Weyro on Monday 16th April 17:54

[sday12]

Harsh, put it on their thread, they're a site sponsor:

http://www.pistonheads.com/gassing/topic.asp?h=0&a...

[Robb F]

What does it say in the terms and conditions of you taking the policy out?

[Weyro]

Markerstudy, who the policy is with say they take 25% as a cancellation fee.

[Soovy]

Weyro said:

I took out a Policy on the 20/03/2012 with Adrian Flux, costing £405. If i cancel it now, less than a month later they are only going to give me £180 back?

Surely this cant be right? I paid the full year and now wish I hadn't!

Edited by Weyro on Monday 16th April 17:41

What does the contract say? That you signed?

No doubt this is what it says.

Sorry.

[Ozzie Osmond]

Weyro said:

Engine in the car has given up, so its going to be off the road for a while, and they wont cover me in the replacement car.

I suggest you ask them whether the policy can be "suspended" until your car is back on the road. Obviously you will still have to insure the replacement car separately but at least you wouldn't lose the £225.

[Alfanatic]

Sounds about right. Lots of them seem to charge criminally high cancellation rates. It will be in the contract unforfunately, in the "you get screwed" section (which is often the whole contract)

[Nedzilla]

I renewed the policy on my westfield with flux at the end of last june for £255.I sold the car just over two months later at the begining of the september and got back £39!!

If you are cancelling the policy because you are changing the car to something which they cannot insure or provide you a decent quote for then I am pretty sure they cannot charge you the cancellation fee.

Something to think about maybe.....

[Robb F]

Nedzilla said:

I renewed the policy on my westfield with flux at the end of last june for £255.I sold the car just over two months later at the begining of the september and got back £39!!

If you are cancelling the policy because you are changing the car to something which they cannot insure or provide you a decent quote for then I am pretty sure they cannot charge you the cancellation fee.

Something to think about maybe.....

Why would they not be able to charge the cancellation fee if you got a higher risk car? Genuine question.

[Soovy]

Alfanatic said:

Sounds about right. Lots of them seem to charge criminally high cancellation rates. It will be in the contract unforfunately, in the "you get screwed" section (which is often the whole contract)

Buy cheap. Get sh1 t.

[Weyro]

Im going to try calling the insurer directly to suspend the policy

[Alfanatic]

Soovy said:

Alfanatic said:

Sounds about right. Lots of them seem to charge criminally high cancellation rates. It will be in the contract unforfunately, in the "you get screwed" section (which is often the whole contract)

Buy cheap. Get sh1 t.

That's right, as I learnt to my expense (ironically) when I chose to go with the lowest bidder on a comparison website.

[Nedzilla]

Robb F said:

Nedzilla said:

I renewed the policy on my westfield with flux at the end of last june for £255.I sold the car just over two months later at the begining of the september and got back £39!!

If you are cancelling the policy because you are changing the car to something which they cannot insure or provide you a decent quote for then I am pretty sure they cannot charge you the cancellation fee.

Something to think about maybe.....

Why would they not be able to charge the cancellation fee if you got a higher risk car? Genuine question.

It has happened to me twice in the past and i have discussed it with my current broker and they tell me this is the case:

If you want to cancel your policy full stop midway through because you are scrapping the car,moving abroad etc then YOU are basically breaking your contract that you entered for 1 years car insurance and will therefore be charged the cancellation fee for doing so.

If you ring your insurer and tell them you are CHANGING your car and want to keep and amend your policy to suit and they come back and tell you 'sorry we dont insure that car' than that is not really your fault is it.You have every right to change your car when you want and can not be penalised by paying a cancellation fee for doing so.

This is the case with the OP as he wants to insure a replacement car and they are telling him they wont insure it which is their fault not his and he should therefore not have to pay the cancellation fee.

[Robb F]

Well I never.

Seems almost...dare I say...reasonable.