charged in 14 day cooling off period? HELP!

InsideInsurance

A cooling off period is a period during which you can cancel. In theory afterwards there doesn't have to be any right to cancel at all though this would breach the FSA's Treating Customers Fairly tenants.

Always read the terms and conditions before buying as cancellation clauses vary massively between insurers/ brokers etc

RedFraggle

This is from the "What Consumer" website:
Financial products and services

Financial products including banking, credit, insurance, personal pensions and investments, sold by distance means are subject to a 14 day cooling off period (this is 30 days in the case of life insurance and personal pensions). This includes renewals for insurance where the agreement has been sent by post. This 14 day cooling off period also covers situations where you bought a financial product from an intermediary or a broker, even if it was discussed and signed face to face. You must be sure to follow correct procedure for cancellation (see below). The insurer or broker must refund any monies paid by you within 30 days, although they have the right to deduct a reasonable admin charge, and a sum proportionate to the number of days cover you have had. If you have any related credit agreements, these will also be cancelled.
So they can charge you for the insurance cover, and a "reasonable" admin fee

flashg67

Hammyman wrote: »

TBH, your thinking that you were entitled to benefit from something for free just because you decide to cancel within 14 days is so borderline moronic that it deserves nothing but vitriol.

Jumping in as usual with your size twelves Hammyman? I think you'll find the OP was happy to pay for the cover, but was querying the service charge.

Seriously, have you been on here so long you think you don't need to read the posts properly anymore :T

mikey72

bigjl wrote: »

............. Then 3 months later a letter from a money chaser turned up............

Wait until you try to make a claim again, and you get flagged up as having insurance cancelled for non payment previously, not declared on your current policy, and then your current insurer cancels your policy from inception.

Padz_2

I renewed my insurance then 15 days later decided to change my vehicle. The company charged me a cancellation fee of £30 odd quid even though I was insuring my new vehicle with them AND the underwriter was the same! Robbing barstewards! I will most likely kick them into touch next renewal date!

shazzom

What is a "reasonable" admin fee? Is there a definitive answer on that anywhere? At what point does it become unreasonable, and who would you actually raise that with? When I told the AA I thought £20 was ridiculous the girl I spoke with said she would log my dissatisfaction, but it couldn't be raised as a complaint or anything. So if you did want to complain would you have to go to the regulating body? I wanna know what "administration" this fee actually covers, because from what I can see it must cost the actual company £5 max to send out a letter etc.