Rip Off - Car Insurance cancellation fee

peebee64

Hi - can anyone help ?
I have just cancelled my car insurance policy which has been in force since Feb2011 - I have sold my car and no longer need insurance.
I have been quoted £103 to cancel the policy, even though I have never made a claim and paid my installements on time.
I expected to pay maximum of say £50.
Is there anyway out of paying this extortionate amount

By the way it was Kwik Fit so if I cannot get out of it - people be warned !!
Thanks

Tom_Pickering

peebee64 wrote: »

Hi - can anyone help ?
I have just cancelled my car insurance policy which has been in force since Feb2011 - I have sold my car and no longer need insurance.
I have been quoted £103 to cancel the policy, even though I have never made a claim and paid my installements on time.
I expected to pay maximum of say £50.
Is there anyway out of paying this extortionate amount

By the way it was Kwik Fit so if I cannot get out of it - people be warned !!
Thanks

Didn't they send you a leaflet, with the policy, detailing cancellation and amendment charges?

dunstonh

Is there anyway out of paying this extortionate amount

What makes you think it is extortionate?

A £103 charge is not a cancellation fee. Some of it will be. Possibly up to £50. However, the rest will be unpaid premium (as monthly direct debit is not necessarily in sync with the premium cost). Some of it could be third party non-refundable products you may have bought, such as legal expenses or breakdown cover.

By the way it was Kwik Fit so if I cannot get out of it - people be warned !!

Kwik fit dont have a £103 cancellation fee. So, it must be something else as well.

eschaton

You would have signed up to the t&c's when you took out the policy so point whining about it now.