 Re: Cool off period?
Hi Colin,
As i understand it, the 14 day cooling off period applies to all products regulated by the FSA whether it be home/motor insurance or a banking product. Its to give consumers time to make sure the product suits their needs and to cancel it if they find out that it doesn't.
There would normally not be a charge for cancelling within this period (although looking at the posts above it would appear some companies are still trying it on) and many insurers will in fact give you a full refund providing no claim is made.
If you end up paying for time on risk, then this is simple to calculate.
Annual premium, Divided by 365, multiplied by the days cover used.
E.G if you paid £500 a year and used 6 days cover you would owe £8.22 (500/365 = £1.37 per day, * 6 days is £8.22)
So unless your annual premium is £1885, then you're probably being charged a cancellation fee, either that or they cant add up!
Hope this helps
DA
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