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Penalty for cancelling insurance
jmghart62
Posts: 1 Newbie
Hi... I'm new here so I apologise if this question has been asked previously. I am relocating and renting out my house in the short-term (never again!) and have switched my buildings insurance to one for landlords. I called my existing company today to cancel my buildings and contents cover and was told I would have to pay a percentage of my premiums up until the end of my 12-month cover. Just from glancing at a few forums, I have seen that other people have received a refund on their future premiums. I pay by monthly direct debit and am up to date with my payments. Is it normal practice to have to pay a substantial amount to cancel the policy? I would check my policy details but I am guessing they are packed in a box and I haven't been able to access them online either. Thanks
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Comments
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Is it normal practice to have to pay a substantial amount to cancel the policy?
It is normal to pay an admin fee and a premium to take you to the next cancellation point. For some policies that may be 1/12th (each month) or it could be quarterly (i.e. if you are in the first month of that quarter then you may have to pay for another 2 months) or it could be a different type of scale.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
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