Has this happened to you?

[OrangePrimate]

Hi All

 

Have a question - has anyone had the following scenario happen to them?

 

Your annual insurance, lets say for a car, is up for renewal but not liking the renewal quote you give them notice to cancel (giving plenty of notice!) and take out insurance elsewhere.

a few weeks later you get a new certificate in the post from your OLD company, so check your bank and find that they have debited the renewal amount.

 

A call to the company and they say 'oops, yes that shouldnt have renewed, we will cancel immediately and refund your premium' (No major issues getting it resolved and you think no more of it, a simple mistake)

it then takes about 5 days to get your money back. so they have had your money for sometimes as long as 10 days!

 

This has just happened to me for 2ND YEAR RUNNING with 2 different insurance companies. my thoughts are that even if they do this to only 10 people a day with a couple of hundred a pop they are earning some nice interest from us over the days they have our money sitting in their account!!

 

Anyone else experienced this? wondering if I am just unlucky or if more widespread and earning these companies some nice extra interest.

[flyingdoc]

its not even just the interest.

 

How many people do you think dont discover that they have 2 insurances running on their car until much later. A friend of mine (who is not the most attentive to detail) had insurance on a car he had sold for nearly a year before he realised.....no refund

[saxon]

Hi I can well believe it

 

I would advise you to cancel your DD when you tell the insurance company then they can't do it again!!!

[flyingdoc]

not true - I cancelled my direct debit with my bank when my co-op insurance was due to end.

 

The co-op denied my ever telling them I did not wish to renew, and the bank paid the DD and claimed I had authorised new payment.

 

CO-OP said i needed to claim from my bank - bank claimed it was down to insurance company,

[pompeyfaith]

flyingdoc that means the person who brought the car had no insurance and was driving on your friends policy as u cant have 2 policies on the same car

[flyingdoc]

car was scrapped.

[patdavies]

flyingdoc that means the person who brought the car had no insurance and was driving on your friends policy as u cant have 2 policies on the same car

 

 

Yes you can.

 

However,usually, in the event of as claim, each insurer will only pay a proportion of the claim.

 

My car regularly has two polices extant simultaneously.

[OrangePrimate]

Hi I can well believe it

 

I would advise you to cancel your DD when you tell the insurance company then they can't do it again!!!

trouble was I didnt pay last year on D/D, paid the whole lot in one go with Visa Debit Card. you cant cancel them without canceling the whole card and getting a new one sent out. If a company retains the details from the previous year you are simply at their mercy!