Swinton Cancellation Terms?

sara86pink

I dont suppose anyone out there knows the terms for cancelling insurance with Swinton?

I already know the £50 admin fee but wondering how much of the policy I will have to pay for?

I took the policy out in November and I pay monthly DD but I can't find any information online about the percentages etc, I cant call because I'm stuck at work and I wont be home until late to look through policy documents so just wondering if anyone would have this information to hand at all?

Thanks

dunstonh

From their site (and its clear that you will have to ask them as you dont say who the insurer is)



What you will be charged if you cancel your insurance
1) Within the 'cooling off' period
If you cancel your insurance, before the end of the 'cooling off' period, you will be charged by the insurer for the service they have provided up to the point of cancellation. We will also make a cancellation charge of £50. Our New Policy Inception or Policy Renewal service charge and any credit card handling charge made for arranging your insurance will not be refunded.
If we have given you a discount off your premium at inception this will be deducted on a pro rata basis from any refund due to you on cancellation. In addition any cashback received will be deducted from any refund due. Where a cancellation or other transaction results in a premium refund being due to you, that refund will be reduced by any service charge and any other sums you owe in respect of the policy.
2) After the 'cooling off' period
Some insurers do not provide a refund if the policy is cancelled after the cooling off period. Your policy document will set out your insurer's terms in this respect and any applicable cancellation charges made by your insurer. We will also make a cancellation charge of £50. Our New Policy Inception or Policy Renewal service charge and any credit card handling charge made for arranging your insurance will not be refunded.
If we have given you a discount off your premium at inception this will be deducted on a pro rata basis from any refund due to you on cancellation. In addition any cashback received will be deducted from any refund due. Where a cancellation or other transaction results in a premium refund being due to you, that refund will be reduced by any service charge and any other sums you owe in respect of the policy.

aires

Depends - you don't say what type of policy you have. Your policy should provide a pro rata return premium for the time you're not on cover. But that depends whether your policy is refundable or non-refundable. It also depends on whether you've reported a claim - if you have then you won't get a return premium. The service charge is non-refundable and any optional add-ons you have will also be non-refundable. Finally as you already know, there's a £50 cancellation fee in addition. Any cash back that's been given or any discount that's been applied will be clawed back on a pro rata basis - you can't keep a 12 month discount on a 12 month policy if the policy doesn't stay live for 12 months. Your best bet is to give them a call as advised above - the longer you leave it the more you will owe as the longer you will have been on cover.

bouncydog1

Where does it say that the policy will give a pro rata refund for the time on risk? This would be most unusual, as the majority of insurers will calculate the refund based on short period rates and often if you have been on cover for 8 months or more then 100% of the premium will be charged.

As the OP is paying by instalments this could leave them in the situation of cancelling the policy, incurring the £50 admin charge, plus a pro rata clawback of any discount given by Swinton, plus owing the balance of the annual premium.

Before doing anything I would have a look at the policy conditions and rates that apply in the event of cancellation and work out what you are going to be charged and see if it is actually worth going ahead. The only other thing to consider is if the OP has actually got rid of the vehicle as you cannot insure something that you don't have an insurable interest in.

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sara86pink wrote: »

I cant call because I'm stuck at work and I wont be home until late to look through policy documents ...

...and yet you seem to have plenty of time to ask the question online. I'm sure your employers wouldn't begrudge you making one phone call. What's the worst that could happen?

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bouncyd!!! wrote: »

The only other thing to consider is if the OP has actually got rid of the vehicle as you cannot insure something that you don't have an insurable interest in.

It probably is a vehicle, but it might not be.

aires

Like I say - depends. Different types of cover required will result in different types of policies. I do know that the majority of commercial policies Swinton deal with do offer a pro rata return premium. This is contrary to the general rule of thumb for most brokers but I believe Swinton have negotiated terms with the majority of insurers they deal with to do so.

I read quite a few people slagging off Swinton & Endsleigh on this forum - unecessarily imo. Every company will have it's drawbacks, every company will fall down from time to time. No one is perfect and the bigger you are, the harder you fall - the more chances there are to screw up. You have to keep a general overall perspective in life and not get too carried away. Complaints are dealt with by the FSA - that's one of the reasons it's there.

So back to the main topic, how much will you owe - like I say, give them a quick call - take 5mins out of your lunch and give them a call.