Elephant Insurance - Cancellation

not4u2touch

Hi

I've hunted around for an answer to this question, having had no response from an email to Elephant, and the call centre person not knowing. Hoping someone on MSE may be able to help.

Elephant are offering me insurance at £800 when the next cheapest is £1300. I am likely to only need the policy for 4-6months, so wondered about the cancellation. Due to the cost saving I need to pay for it as a lumpsum upfront, but need to know roughly what refund I would get when canelling. Is it a pro-rata refund?

I'm fine with their £50 cancellation charge, but If I pay for the whole 12 months upfront at £800, and then cancel in month 5, would I get the remaining 6 months back (so £400 back of the original premium)?

Thanks in advance

chanz4

No it would say a percentage, it wont work in your favour anyways

adamc260

http://www.elephant.co.uk/policyDocs/eleACFly.pdf outlines the cancellation charges

Cancellation after 14 days
If you cancel your elephant.co.uk Motor Insurance
policy after the 14 day cooling off period but before the end of its term, EUI Limited will charge an intermediary fee of £47.50 to cover the costs of setting up your policy and arranging for it to be cancelled.
The insurer will also make a charge for the time on cover. If a claim has been made the full premium for the year will be due.

not4u2touch

Thanks both. That cancellation policy is what I found but isn't hugely clear. So I expect to pay the £47.50, but it's the 'insurer will also make a charge for the time on cover' that I feel is vague.

Does that mean that if I pay the £800 upfront and use circa 5-6 months cover, I should expect about 6 months back (£400)?

mikey72

It should be a pro rata refund, but getting them to pay may a different matter. See http://www.financial-ombudsman.org.uk/publications/ombudsman-news/54/insurance.htm

adamc260

not4u2touch wrote: »

Thanks both. That cancellation policy is what I found but isn't hugely clear. So I expect to pay the £47.50, but it's the 'insurer will also make a charge for the time on cover' that I feel is vague.

Does that mean that if I pay the £800 upfront and use circa 5-6 months cover, I should expect about 6 months back (£400)?

Ring them and ask I worked for elephant but in their claims department