Cancelling Post Office Car Insurance

[chrisf80]

I was hoping someone on here would be able to help me. I recently (2months) renewed my annual car insurance with Post Office which I pay by direct debit. I have now bought a new ca and wish to cancel the policy to take up a cheaper quote on the new car elsewhere. PO seem to be under the impression that I will be subject to a £35 fee plus a further admin fee and then 40% of the total premium as well which is over £300. Im well and truly shocked by this as it seems extremely excessive and not at all reasonable. Has anyone else had any experiences of PO insurance?

[Surfer01]

They caught us the same way. The car was with them for just over a month and then we sold it. Got a refund of £60 out of a £230 premiu paid up front. Won't be using them or Swindells again.

[unclebulgaria67]

I was hoping someone on here would be able to help me. I recently (2months) renewed my annual car insurance with Post Office which I pay by direct debit. I have now bought a new ca and wish to cancel the policy to take up a cheaper quote on the new car elsewhere. PO seem to be under the impression that I will be subject to a £35 fee plus a further admin fee and then 40% of the total premium as well which is over £300. Im well and truly shocked by this as it seems extremely excessive and not at all reasonable. Has anyone else had any experiences of PO insurance?

 

The policy the Post Office offer is administered by BISL Ltd (Budget Insurance). They are well known for this, but not alone these days. What you can apparently do according to someone who posted to another site, is ask BISL to rebroke the Insurance to another company. Although the Insurance is an annual contract, BISL are Insurance intermediary, who provide Insurance via a panel of Insurers, so can offer a choice of different Insurers. What BISL can apparently do, is to rebroke the Insurance mid term and see if they can supply the remaining part of the years Insurance at a better rate. This is not something I have come accross with other intermediaries, but this information was supplied by someone who works in the complaints department at BISL. So I take it, that it was correct at the time they posted, earlier this year. They did say, that you needed to complain about the underwriter, saying you don't like them or have read negative reviews, before BISL would look at doing this.

 

If BISL are not helpful, you will have to see what the best way forward is. Get a Post Office quote based on the annual premium for the car and see how this equates to the midterm premium adjustment. Some Insurers try to get away with charging a much higher existing/midterm rate, than they would charge a new customer. This could provide grounds for a complaint.

 

So do your research on this and get in touch with the BISL complaints department tommorow and see what they can do for you.