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New FSA rules for Motor Ins. Cooling off period?
DrMatt_2
Posts: 1 Newbie
Yesterday, the FSA took over from the ABI's code of conduct for General Insurance policies. One of the changes allows customers a 14 day cooling off period. I think it relates to distance selling but not sure. Anyway you can get your money back if you have a 'good' reason to cancel your policy.
I am not sure what reasons are acceptable, for instance not owning the vehicle might be good enough, or do they mean a clause you don't like in the contract they post to you?
I am about to test drive a vehicle that I could not get a cover note for from my existing (wife's) policy so I took out a new policy for the potential vehicle. If I don't want to buy it, I'll cancel the insurance within 14 days and pay nothing (maybe a small admin fee).
Is this a new loophole that could cover you for more extensive periods just by changing insurer every 2 weeks?
What does somebody with an insurance background think?
Cheers,
Matt
I am not sure what reasons are acceptable, for instance not owning the vehicle might be good enough, or do they mean a clause you don't like in the contract they post to you?
I am about to test drive a vehicle that I could not get a cover note for from my existing (wife's) policy so I took out a new policy for the potential vehicle. If I don't want to buy it, I'll cancel the insurance within 14 days and pay nothing (maybe a small admin fee).
Is this a new loophole that could cover you for more extensive periods just by changing insurer every 2 weeks?
What does somebody with an insurance background think?
Cheers,
Matt
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