Kwik Fit Insurance

sparky883

Just under 60 days ago i took out a car insurance policy with Kwik-Fit,The car Insured has now broken down and as we used it just for fun we no longer require the policy.
Telephoned to cancel and they want £76-00 to cancel the policy,We were paying in installments,I know there would have been a bit to pay but £76-00.
Beware as not all insurance companys are like this,Our other policy with Asda incured no penalities when we cancelled.I told them we are not paying that much and put the phone down,5 mins later they called back and dropped it to £49 Why do these companys behave like this? One of the other reasons we cancelled with Kwik-Fit was because they phoned us at least once a week trying to sell us Key insurance,tyre insurance,radio insurance etc There reply was that these offers might have been something we needed to know.
My reply was your cancellation policy is something we needed to know so why did you not tell us about this.
Yes its all in the smallprint so will be more careful next time,Still does not excuse the fact that they will just drop their charges to get what they can out of you.

nomoneytoday

99% of insurers will charge an admin fee on top of prorating if you cancel early in the first year (after the 2 week cooling period)

This is because of the setup costs, commision to brokers etc which all have to be paid upfront..

sparky883

I understand but i have now paid nearly £160 to these for under 60 days cover 2 installments and the cancellation Fee.Surley the 2 Installments are enough to cover their cost,they are not meant to make a profit from cancellations just cover the cost at the end of the day their loss as will not use them again.

Meepster

If it's in the small-print, then you did know about it. WELL you SHOULD have known about it, it's not their fault you didn't read the information they gave you. If you had read it when you got the paperwork, you would have been in your two week cooling off period and you wouldn't be in this situation...

Get over it and move on...

nomoneytoday

Kwik fit offer £42.50 quidco.

Assuming that was the commission they paid to the broker / screenscraper, plus the admin fee for a clerk to process your info, plus the underwriting fees etc, a £76 cost doesn't seem unreasonable to me.

cheapscate

just because the cancellation charges were mentioned in the small print does not make them reasonable - I insure my car with Kwik Fit and didn't know about this (I agree that some small admin charge could be made but £76 seems excessive) next time I renew I will compare other insurers on this detail , so thanks Sparky883 for highlighting this.
mwilletts your comment that the op should have read the small print maybe valid but lets face it most people don't have the time. However I don't see why you advise him/her to 'get over it', they have every right to be annoyed and by posting here they alert others to the practice.

LeeSouthEast

One of my new year resolutions was to read ALL small print. It has saved me a few times already this year. Terms and Conditions of some things contain some surprises! (CCP Card Protection being one of them).

cheapscate

audes wrote: »

also you say people have a right to be alerted to "this practice" do you mean that a company set up a policy told the customer what would happen if they cancelled and then did exactly what they said they would ? Why do people have to be alerted about that?!

The o/p alerted me to the fact that the cancellation fee was so high, yes I should have read the guff that Kwikfit sent but I didn’t and I was not told directly when I took out my policy. The o/p highlighted that the charge was excessive and I agree. As it happens I have had no need to cancel my policy early but my post made it clear that I would look at this aspect of car insurance next time I renewed. The o/p has alerted me to this practice and that in itself makes their post valid – I am unsure why you feel so annoyed by my post that you reply a month later. I did not say people have a right to be alerted to the practice – read my post more carefully – I said the o/p had a right to be annoyed.