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Home insurance cancellation charges
geoff34
Posts: 2 Newbie
Can a company (RBS) charge me £27 admin fee for cancelling a policy that is due to run out? They're saying it will renew automatically (after doubling the price from last year!) but if I don't want to renew they're placing this admin charge on me. Surely they can't do that?
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Comments
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Can a company (RBS) charge me £27 admin fee for cancelling a policy that is due to run out? They're saying it will renew automatically (after doubling the price from last year!) but if I don't want to renew they're placing this admin charge on me. Surely they can't do that?
The may be a clause in the terms and conditions, you need to read them carefully. It will come under cancellation fees's normally. Otherwise I would simply let it run out. As far as I am aware there is no policy which is auto renewing as this would not allow for alterations?
It seams to be underwritten by Uk Insurance Ltd ( part of RBS) I have looked on the website but can not see the terms and conditions anywhere sorry! Seams very unfair as you don't seem to have much options, pay the fee or pay double. Check the terms and conditionsHappiness, Health and Wealth in that order please!:A0 -
It looks like an agent has seized on the word "cancel". (They may rightly be able to charge for a cancellation)
But you do not want to cancel the policy, but "lapse" it at the end of its period.
Get back to them and make sure they understand your instructions are to lapse the policy. There woll be no charge for this as long as you give instructions prior to the renewal date. Ask them to confirm your instructions in writing.0 -
Can a company (RBS) charge me £27 admin fee for cancelling a policy that is due to run out? They're saying it will renew automatically (after doubling the price from last year!) but if I don't want to renew they're placing this admin charge on me. Surely they can't do that?
If you tell them to cancel then they can charge. If you tell them that you are not renewing then they wont charge.
Make sure you are not mixing up wording up and creating the confusion that makes them think you are cancelling rather than not renewing.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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