Insurance refund question

[davemac250]

Hi,

I've got myself a new car and ring my broker to get the policy changed over.

My existing insurer won't cover my new car so they have to cancel my existing policy and start a new one. Fair enough.

Then we get to the kick in the bks. £600 policy taken out end of February this year.

They have calculated my refund at a huge £12.

I've asked them to send me a breakdown of just how it comes out that ridiculous. Does anyone know if there are any rules or work around a I could try. I was paying the existing insurance on a monthly basis.

Was wondering if I paid up the policy and then cancelled if that would see a better result? Talking to the call centre that idea seemed to blow her mind... Like I was cheating somehow.

Oh, if you want to know the brokers, part of their name was very important in a modified DeLorean.

[Mammasaid]

So £600 per annum = £50 per month.

Take off an admin fee for cancelling, £12 sounds about right.

What does your contract say about cancelling?

[Jockman]

Eh?

[anonymous-user]

swerni said:

Can you please show your workings ?

I think he is presuming that the OP has made monthly payments and is getting £12 back from that, not that he has paid the full premium and is receiving £12.

[anonymous-user]

OP - have you paid £600 or been paying a monthly amount?

[Butter Face]

I’m going with monthly as he says:

‘Was wondering if I paid up the policy and then cancelled if that would see a better result?’

[anonymous-user]

Butter Face said:

I’m going with monthly as he says:

‘Was wondering if I paid up the policy and then cancelled if that would see a better result?’

I’ve re-read and he actually says he pays monthly. So I agree that £12 seems right, even positively generous

[Jimmy Recard]

Seems totally reasonable to me