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£70 Cancellation fee for home insurance!
tinalives
Posts: 903 Forumite
Hi,
My boyfriend is moving house and has just been charged £70 for cancelling his home insurance 16 days after renewing it.
I know the cooling off period is only 14 days, so we were expecting a cancellation charge, but £70 seems excessive.
Can anyone advise on this please?
My boyfriend is moving house and has just been charged £70 for cancelling his home insurance 16 days after renewing it.
I know the cooling off period is only 14 days, so we were expecting a cancellation charge, but £70 seems excessive.
Can anyone advise on this please?
0
Comments
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You will have agreed to the £70 charge when taking out the policy. If you weren't happy paying this on cancellation, you should have chosen a different insurer.0
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Hi,
My boyfriend is moving house and has just been charged £70 for cancelling his home insurance 16 days after renewing it.
I know the cooling off period is only 14 days, so we were expecting a cancellation charge, but £70 seems excessive.
Can anyone advise on this please?
Seems a little excessive but the cooling off period is only 14 days - and here's how he could get out of it - from receipt of the documents.
He could try giving them a ring and saying that he received the docs 3-4 days after he did and they may relent.0 -
Are you sure the cancellation charge is £70? The typical maximum is £50.
Is it a premium for time on cover plus an cancellation charge? (if its not exactly £70 then that is likely the case).I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
brummiedevil wrote: »Seems a little excessive but the cooling off period is only 14 days - and here's how he could get out of it - from receipt of the documents.
He could try giving them a ring and saying that he received the docs 3-4 days after he did and they may relent.
I'll look into that one, thanks.0 -
Are you sure the cancellation charge is £70? The typical maximum is £50.
Is it a premium for time on cover plus an cancellation charge? (if its not exactly £70 then that is likely the case).
Oh, I'm not sure. I'll have to ask him exactly what they said. I would have dealt with it all for him if I could, but obviously they will only speak to the policyholder. I don't usually end up with this kind of thing happening myself as I check T&C's etc, but unfortunately he hasn't been so savvy.0 -
glider3560 wrote: »You will have agreed to the £70 charge when taking out the policy. If you weren't happy paying this on cancellation, you should have chosen a different insurer.
I didn't take out any policy, and I didn't agree to anything.
Unfortunately my boyfriend stupidly got himself into this one and I'm just trying to help him out.0
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