Help regarding my insurance

gnaril

Hi there need someone thats a bit clued up to help me im not sure if im getting ripped off or not.

I have insurance policy with 1st quote for my motorcycle, it renewed again on 01/07/09. Today i called up to cancel as i sold my bike yesterday.

Total policy was £250.
I have paid first months payment of what £20.
Now i called them up and they are telling me they are going to charge me £92 for cancelling. I just think rightly or wrongly that i am being taken to the cleaners. I have had the insurance for 19 days and they are going to charge me well in total £112 which is not too far off half the total policy.

Is anyone experienced with this or been in same position. i have asked them to send me out my terms which would detail these charges they want to bill me for so i can see them.

Any help, if it sounds correct fine ill take it on the chin, i just feel its pretty excessive.

Halloway

What does it say in your policy? It's common practice to charge an administrative fee for things such as address changes but I've never heard of a cancellation fee and certainly not a fee this large.

I must check my own bike insurance.

stugib

gnaril wrote: »

Now i called them up and they are telling me they are going to charge me £92 for cancelling. I just think rightly or wrongly that i am being taken to the cleaners. I have had the insurance for 19 days and they are going to charge me well in total £112 which is not too far off half the total policy.

It's likely to be made up of ~£30-50 cancellation fee, plus the rest from the fact that annual insurance policy refunds are not pro-rata.

nomoneytoday

It costs them time, effort, staff costs, printing, postage, commissions etc all upfront. These don't get prorated, so your refund won't either...