Rip Off Insurance

[N7GTX]

So I renewed my policy for my modified Chimaera on the 13th May. Same brokers, same company as previous years. So I paid my £259 (for a very low mileage policy) but since then I have needed to sell the car. Have sold it this week and the new owner likes the car so I call the broker to cancel the policy.

I will be refunded £71 thievin bds

So for 7 weeks insurance it has cost £188. Oh and it will take up to 60 days to make the refund.
Both the broker and the insurance company are well known to TVR owners (can't name and shame due to PH policy but can be found at some TVR events) and my little prang in Sept last year has still not been sorted out so I am out of pocket for another £250. 100% no blame and treated like this?

So, my next classic car has been insured with Lancaster, directly.

[designforlife]

don't have the initials FJ by any chance do they?

[N7GTX]

No. But they usually use Equity Red Star.

I have trawled through their business pack and find they charge between £20 and £50 for a cancellation fee. Equity red star charge £25. The rest is supposed to be pro-rata. I've emailed them with the figures but not holding out any hope.

[designforlife]

sorry to hear it mate, i got royally screwed by the aforementioned initials. They mis-sold me a policy and when i left them after a couple of years it almost cost me 8 years of NCB...i was raging and their attitude sucked.

[N7GTX]

Interesting development. I sent an email to them asking for a detailed breakdown of the cancellation costs. A short time later a phone call from them saying they had passed my complaint to a manager. As a result they have contacted the insurer, ERS, and they have agreed to waiver the charge.
So now they will refund me £170 within 2 days direct to the card I paid with.
While I dont like some of the charges they make to policies I felt that £25 to cancel was quite reasonable these days. The broker charges £20-50.
So after a bit of a row and a complaint it seems I'm sorted.

[ianwayne]

Good result. Most classic policies have no refund value, but there is always the 14 days cooling off bit you're entitled to by law. Being with them for a few years probably helped.

My everyday car is with the 1066 lot. Seemed a good deal, but their cancellation fee is £45. And any amendment is another £25, for 5 mins on the phone and documents sent to you by email.

Edited by ianwayne on Thursday 5th July 20:26