Cancelling Insurance Renewal??

[mike]

Hi,

Just a quick one. I renewed my insurance policy on Friday, it commenced yesterday at 12pm or whatever it was. This morning I get a call from a broker who didn't get back to me saying he'd got it for 150 quid cheaper with a 250 excess (I'm on 300). Can I cancel my renewal or don't you get this option as it's not a new policy???

Thanks,

Mike.

 

[Ross M]

yeah you have 2 weeks to cancel it.

 

[mike]

Even on renewals?? they told me it would cost me 136 quid!!

 

[Ross M]

what ! what insurance company is it ?

im pretty positive its an FSA ruleing.

 

[mike]

It's Highway through Greenlight. They said Highway would charge me 25 quid admin (I could live with that!) but then Greenlight would charge me admin plus their commission with a grand total of 136 quid to cancel a policy that started last night, bad luck eh!!!

 

[Ross M]

complain and youll get it down because i dont think thats right tbh

im sure its an FSA rule that you have up to 2 weeks to cancel any sort of financial agreement including insurance. but they might get round that by 'charging' you the admin charge.

 

[mike]

I can live with the admin but 136 for insurance from midnight last night is a bit steep, I'll see what I can do, thanks!! Just sods law the broker phoned just a bit too late!!

 

[MRBILLYUK]

Have a read of this . It says you have a 30 day cooling off period for insurance .

http://www.moneyextra.com/dictionary/cooling-off-period-004050.html

Just read the small print on highways insurance site . It says you 2 can " cancel , 14 days cooling off period , but they will charge £25 . I would imagine that greenlight will also have something in their small print which states that if you cancel you will
be charge .

http://www.highway-insurance.co.uk/highway/uploads/keyfacts/1PC0406.pdf

Oh well , unlucky mate !

 

[mike]

I can live with the admin but 136 for insurance from midnight last night is a bit steep, I'll see what I can do, thanks!! Just sods law the broker phoned just a bit too late!!

 

[MRBILLYUK]

Good luck mate , hope you get a result , maybe try to get em to match it .

 

[Ads_172]

As above, all contracts have cooling off periods, but there will be admin costs, not to that extent though!

 

[ChrisR]

Er if they are saving you 150 and it costs 135 to change...

Have a word with them tho, they can levy a charge I'm sure but surely it has to be reasonable?

 

[leekirlew]

yeah i would change anyway just to see them off. then tell em you'll tell everyone you know about what they've done to you!

 

[Ross M]

yeah i would change anyway just to see them off. then tell em you'll tell everyone you know about what they've done to you!

that means f**k all mate. i get it all the time when i decline people and my response is just "ok .... bye"

 

[mike]

At the end of the day they haven't done anything wrong, it's just bad luck, I'll see if they will cancel it with just an admin fee, I guess they're just protecting their interests but I think it may be billy bull about it costing so much.

I'll let you know,

Cheers!

 

[*Smiley Stacey*]

They are probably trying to put a time on risk charge on, you are entitled to 14days cooling off period as other people have said. They are able to charge their admin fee and they should set out in the conversation what this is.

If they are trying to put a time on risk charge on I would say about FSA compliance says you have 14days cooling off period (can probably find this in your policy wording) if they don't agree asked for their correspondence address and say that you will be sending them a complaint letter. Part of FSA guidelines they have to follow up all complaints, if not they could have their FSA thing taken away from them.

 

[Ross M]

^^ they would get fined and you would get to cancel for free.

 

[mike]

Cheers everyone, going to get back to them..........what is a time on risk charge, the time I've been insured through them?? Not got my policy yet, just my cover note.

Mike.

 

[mike]

Here's their reply so far:


Dear Sir,

The 14 day cooling off does not apply to the renewal of an existing policy as
you have already agreed to the terms and conditions.

The figure you were quoted is for the charge for the time you have had
on cover.

Thank you,
Greenlight Insurance