ChatterBank1 min ago
Cancellation of car insurance
I recently changed my car, my previous insurer wanted quite a bit more than other quotes I'd had so I cancelled & asked over the phone how much it would cost. They couldn't give me an answer but are now wanting �63 from me, can they do these & do I have any rights to contest this?
Wasn't sure if I should post this here or in bus & fin can I post in both?
any answers gratefully received.
Thanks
Wasn't sure if I should post this here or in bus & fin can I post in both?
any answers gratefully received.
Thanks
Answers
Best Answer
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For more on marking an answer as the "Best Answer", please visit our FAQ.If you are paying by instalments, you will probably be paying each month a twelfth of the annual premium. If you want to leave after, say, five months the company will have to calculate how much they want for five months insurance. That seems to be �63 more than you have paid. People often think they are paying for a month's insurance each month, but that is not the case.
when you cancel you have to pay the insurers time on risk charge + the cancellation fee (usually about �35), so if you've paid installments you have just not paid enough to cover this.
i work in a brokers & am surprised no one has gone down the same route as the recent bank charges thing as it costs no where near �35 to service cancellation on a policy.....wonder if its worth trying?
(wont say where i work as i will get shot!)
i work in a brokers & am surprised no one has gone down the same route as the recent bank charges thing as it costs no where near �35 to service cancellation on a policy.....wonder if its worth trying?
(wont say where i work as i will get shot!)