Beware Cancellation Fees

[thegoth 5]

Currently looking for new insurance and have discovered that I could be out of pocket £115, on only a £400 premium, if I cancel in the 14day 'cooling off' period. But they won't, or wouldn't until I started throwing my toys about, send me a full policy wording until I take out the insurance. !dodge

This doesn't sound right to me. If I buy anything else mail order and I find it not suitable I have the right to a full refund.

After all I don't want a policy which excludes 'derestricted toll roads'

TG

[craggsy 91]

I got charged £45 Admin to cancel a policy on my other car when i sold it. Administor what, ripping a policy up costs 45 notes!!!!

[gloster 0]

As long as you cancel within the "cooling off period" the charges should be no-where near £115. ~ All they should charge you for is the time car is on cover [ie £400 premium divided works out at approx £1.10 per day? !grr ], no cancellation charges etc as still in cooling off period. !lol !lol

The insurers should also be willing to send out specimen policy documents but some insurers will add clauses due to highly classed cars [such as the VR] which will not be shown on the specimen policy- but thats why there is a cooling off period so you can read and understand exactly what will and won't be covered!!

Sounds like there trying to blag you into staying with them.

[goonersteve 0]

As long as you cancel within the "cooling off period" the charges should be no-where near £115. ~ All they should charge you for is the time car is on cover [ie £400 premium divided works out at approx £1.10 per day? !grr ], no cancellation charges etc as still in cooling off period. !lol !lol

This is not actually correct. The '14 day cooling off period' only applies to mis-sold policies. Be aware of this as it is so often misunderstood, causing pointless grievances!