Car Insurance Cancellation

LittleMissSee

Hello,
I was wondering if someone could give me some advice at all please?

My car insurance has just literally been renewed (2nd June) and my car has failed its MOT this week. The cost of the work is much more than the car is worth so I have decided not to bother, and do without a car. I'm not in a position where I can buy another at the moment, so I want to cancel the policy.

I have called to cancel and been told I have to pay the following, $83.32. That is broken down:
$45 cancellation fee (which I was expecting)
$38.32 payment for the rest of the month

I have already paid out $20.32 at the start of this month, to cover June's payment, so in total I will have paid $104.64 for 15 days cover!

I expect to pay the cancellation fee, and I guess the $20.32 would be lost too, but where do I stand with the other $38? My insurance premium is $223.52 a year, so I am paying almost half a year's premium for 15 days!

Thanks
PS I have no pound sign on my computer

iamana1ias

LittleMissSee wrote: »

Hello,
I was wondering if someone could give me some advice at all please?

My car insurance has just literally been renewed (2nd June) and my car has failed its MOT this week. The cost of the work is much more than the car is worth so I have decided not to bother, and do without a car. I'm not in a position where I can buy another at the moment, so I want to cancel the policy.

I have called to cancel and been told I have to pay the following, $83.32. That is broken down:
$45 cancellation fee (which I was expecting)
$38.32 payment for the rest of the month

I have already paid out $20.32 at the start of this month, to cover June's payment, so in total I will have paid $104.64 for 15 days cover!

Nooooooo, you'll have paid £58.64 for the month's cover and a £45 cancellation fee.

LittleMissSee wrote: »

I expect to pay the cancellation fee, and I guess the $20.32 would be lost too, but where do I stand with the other $38? My insurance premium is $223.52 a year, so I am paying almost half a year's premium for 15 days!

Thanks
PS I have no pound sign on my computer

Yes, it's what happens when you turn a long term policy into a short term policy - the rates go up.

Quentin

Check your policy, but usually refunds are given on a sliding scale (ie not pro rata), and as you were paying off the premium by instalments, there may also be an early settlement charge.

gordikin

Selden wrote: »

Whilst holding down the Alt key, type 156 using the numeric keypad on the right-hand side of your keyboard...

...or type the word 'pounds' after the number?

LittleMissSee

Selden wrote: »

Whilst holding down the Alt key, type 156 using the numeric keypad on the right-hand side of your keyboard...

Thanks for your help, but I'm on a laptop and don't have the numeric keypad. Do you know how I can fix it on a laptop as it would be very helpful!

LittleMissSee

iamana1ias wrote: »

Nooooooo, you'll have paid £58.64 for the month's cover and a £45 cancellation fee.
Yes I am fully aware of that, I meant in total that's what I would've paid.


Yes, it's what happens when you turn a long term policy into a short term policy - the rates go up.

There's no need to be smart. The reason I asked the question, was I thought in most insurance policies you had a 30 day cooling off period, and I wasn't sure if it applied in this instance or not.

Besides its not like I am just cancelling it to go elsewhere, I could understand that. I am cancelling it because I no longer have a car. My policy has only been running for 15 days, so $58.64 is a little high in my opinion. I've no problem paying the $45 as I mentioned before.

Quentin

LittleMissSee wrote: »

Thankyou, but I'm on a laptop.......

Then:

Hold down Fn and Num Lock together
Then Alt j,i,o

iamana1ias

LittleMissSee wrote: »

There's no need to be smart. The reason I asked the question, was I thought in most insurance policies you had a 30 day cooling off period, and I wasn't sure if it applied in this instance or not.

If you'd been a little smarter you'd know that it's a 14 day cooling off period, but I don't think that applies to renewals.

LittleMissSee wrote: »

Besides its not like I am just cancelling it to go elsewhere, I could understand that. I am cancelling it because I no longer have a car. My policy has only been running for 15 days, so $58.64 is a little high in my opinion. I've no problem paying the $45 as I mentioned before.

Makes no difference. You signed up to a 12 month contract, you're now breaking that contract and it's not for the company to lose out as a result. What you think is reasonable makes no difference.

LittleMissSee

Quentin wrote: »

Then:

Hold down Fn and Num Lock together
Then Alt j,i,o

Brilliant, thanks
££££

Quentin

LittleMissSee wrote: »

Besides its not like I am just cancelling it to go elsewhere, I could understand that.

The reason you are cancelling doesn't matter! As long as they have calculated the charges in line with their conditions (which will clearly say what happens when you choose to cancel) you will have to swallow it!

LittleMissSee

iamana1ias wrote: »

If you'd been a little smarter you'd know that it's a 14 day cooling off period, but I don't think that applies to renewals.





Makes no difference. You signed up to a 12 month contract, you're now breaking that contract and it's not for the company to lose out as a result. What you think is reasonable makes no difference.

That's all I needed to know. Thank you.
I was merely asking the question. That's what I thought this site was for. To ask for advice...............I didn't need your insults.

Thank you for finally answering my question.