Does anyone know which insurance companies don't impose big penalties if you cancel?

victor2

Wig wrote: »

That does surprise me, I wouldn't have expected Tesco to allow that. Hopefully you are the RK and didn't check that box, otherwise one would expect you to remember such an important detail.

I'm not the RK, the certificate says:
You/your spouse/civil partner owns the car Yes If 'no' details given
You/your spouse/civil partner is the registered keeper Yes If 'no' details given

The car is registered to my OH, so I didn't have to change anything, but clearly they allow for it. The previous policy, which was with Direct Line stated the car was not owned by me and I was not the RK. I did tell them that over the phone and they had no problem with it.

birkee

victor2 wrote: »

He doesn't have to be the registered keeper to be insured on it. So it can just be registered to you, so long as it is insured to somebody and you are also included.

Edit:
I'm insured for a car registered to my OH, you just make that clear to the insurance company and it cost me nothing extra to do that.

I think most insurance companies require that the named driver is the predominant driver, with occasional use by named others.
They will probably accept 50/50 use by a couple with no problems, but as someone else has said earlier, they will NOT be happy with a youngster getting his insurance via his Granddad's details, when Granddad never drives the car.
O.K. you can do it, but in the event of a claim?
Won't be straightforward I suspect, if it's not the named driver who's involved.

JennyP

This is what I did in the end - in case anyone is interested!
I got a new insurance policy in my partner's name using his no claims bonus with LV. I was named as the main driver and they knew I owned the car. Fortunately we sold the car and cancelled the new insurance policy within 14 days and LV are refunding most of our money on a pro rata basis. So it ended up costing about £40. It was £160 on all the temporary cover quotes that I got.
My old insurance policy has now transferred to the new car.
LV were SO nice and helpful, that when my policy is up for renewal in September, unless they cost an awful lot more, I am transferring to them. They were just brilliant at the LV call centre. So thanks Wig for mentioning LV in the first place!

mikey72

If it was car insurance with the RAC, they can't impose those terms, they can only charge a pro-rata premium, and a fee of up to £50 for cancellation. Have a read of

https://forums.moneysavingexpert.com/discussion/comment/39938318#Comment_39938318

and make a formal complaint.

JennyP

It was RAC. I would love to make a formal complaint but I can't be bothered with the hassle. I'll just vote with my feet and move my insurance in September and not go back. I've not shopped around much for insurance in recent years because I was too lazy and as I work in the media, it's harder to get insurance. So they have effectively lost a lazy customer - me - which is surely a bigger loss to them than losing the type of person who is more on top of things and shops around each year! I think these companies don't realise that some of us weigh up more than just the price of the insurance and think about how helpful the call centre staff are and what the cancellation terms and so on are...

davidjwest

victor2 wrote: »

From Tesco's policy....



So it'll cost you nothing if you take out the policy at the last minute and are able to sell the car within 14 days.:)

Interesting, so if another company offered this option you could swap between to two every 14 days and never pay anything for car insurance.

I think they may get wise to it eventually though.

:rotfl:

Tesco quote a "cooling off period", wouldn't this apply to all insurance, how are the distance selling regulations implicated?

JennyP

davidjwest wrote: »

Interesting, so if another company offered this option you could swap between to two every 14 days and never pay anything for car insurance.

I don't think that works. I cancelled within the 14 days cooling off. I didn't receive all my money back - I think the only thing you don't pay within the 14 days is the cancellation fee. You still pay a pro rata amount for the insurance you've used. At least I did!

Wig

davidjwest wrote: »

Interesting, so if another company offered this option you could swap between to two every 14 days and never pay anything for car insurance.

I think they may get wise to it eventually though.

:rotfl:

Tesco quote a "cooling off period", wouldn't this apply to all insurance, how are the distance selling regulations implicated?

If you read the Tesco quote again you will see they refer to "if the cover has started......." They will only part refund (probably prorata)

It used to be with Tesco and others (Nationwide) that you got a full refund within 14days, I know because I did it. It seems they now have changed to prorata.

I just checked Tesco, Direct Line & Nationwide and they are all very vague in their wordings. They all mention a part refund but do not say if it will be prorata.

After cover has started:
Tesco has no fee within 14days and maybe prorata
Nationwide has a fee at all times £35 and maybe a prorata refund at all times
Directline has a full premium refund before 14days and an undisclosed admin fee - after 14 days they will prorata & undisclosed admin fee
Frizzel (seems to be better than LV as described by Jenny) has a 14 day full refund/no fee
after 14 days £35 fee/prorata

Feel free to add to this list anyone.