Watch out for cancellation charges - rip off

[Tricky401]

Had to cancel my policy today as they will not insure my new car

Paid in full for the year in June, refund issued after I filled in a cancellation form which still hasn’t arrived via email

Refund cost is minus 12.5% charge, then £50 cancellation fee then another 16.5% off that

Insurance cost for 12months just over £700, refund after 5 months £230. Awful

Also asked me after selling my car yesterday if I’d like to keep the insurance on it going until I get a new car..... why would I?

[Ezzra]

I'm ambivalent here. You entered a twelve month contract. You want to break that contract early. I'd have charged you more

[Mr Whippy]

Pay less ~ worse customer benefits.

This is where they ‘make their money’ so to speak.

[ASB1960]

Your policy should detail the companys charges in the event of cancellation (more often than not it is pro-rata plus an admin fee).

If the charges you are paying are different the obvious question is why (there may well be something in the agreement you signed with the broker).

[Octavius]

Small print springs to mind.

Bit of of a bugger though the amount they charged.

[50pence]

Would have thought that as they will not insure your new car, they'd be more reasonable on the cancellation fees.

Why won't they insure the new car?