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Insurance Paid in Lump Sum - Now need to cancel- Wont Refund - HELP!


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Hi, I have a car trader policy which i paid for up front, and now my circumstances have changed and i dont need this anymore, i rang my broker to cancel, and they said No! so basically i have 5 months remaining and my policy was roughly £2000, so i believe i should be repaid roughly half the amount minus any admin fees. But they refused to co-operate any advice will be appreciated, thanks in advance.

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Hi, I have a car trader policy which i paid for up front, and now my circumstances have changed and i dont need this anymore, i rang my broker to cancel, and they said No! so basically i have 5 months remaining and my policy was roughly £2000, so i believe i should be repaid roughly half the amount minus any admin fees. But they refused to co-operate any advice will be appreciated, thanks in advance.

 

Read the cancellation terms in your policy.

 

I suspect that for this type of policy the whole annual premium is payable, even if you cancelled after say 3 months. There are commercial type policies that operate on that basis i.e. totally different to a Personal Car Insurance.

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  • 2 weeks later...

Got to agree with Uncle Bulgaria, sorry.

 

I'd say that 99% of the premiums that I charge (commercial insurance) at work are in full non adjustable premiums or minimum and deposit premiums. So technically, if you cancel mid term for whatever reason you don't get anything back. BUT in the majority of cases we do allow a pro rata refund and sometimes this is less a little bit more. I think perhaps you should make a complaint advising that they are not treating their customer fairly. The FSA is very hot on treating customers fairly which is why in my job, whilst technically not allowed a refund a refund is given. We don't want the complaints!

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