Home insurance cancelation fee

grayson

I renewed my home insurance with Norwich union Direct and a month later Barclays rang me up saying they would beat my existing quote or they would match it and give me £50 cash back, so I went with Barclays. I have just called Norwich union and they will charge me £30 cancelation fee. I cant remember reading that in the renewal papers. Can they really charge that much

dunstonh

House insurance is an annual contract, not monthly. Monthly premiums are paid by a credit agreement (which can be 0% or can be charged with interest). If you cancel mid way through you will often lose money.

So, on that basis, NU are doing nothing wrong.

webuserisme

Always a very good idea to check on any cancellation fees BEFORE taking out another company's policy. Having said that, go to Barclays thru https://www.quidco.com and they will give you £125 cashback, so the £30 cancellation fee pales somewhat in comparison.