Can I cancel home insurance?

DominicJ_2

I got my renewal quote over the weekend, £340
Went on Meerkat and got a quote for £200, paid on Credit Card

Insurance company phoned me just now, asked if I wanted to renew, said no, they quoted me £150

Insurance isnt due for renewal until the 7th of August.

Can I cancel the new policy without charge?
Its Bradford and Bingly

Quentin

You need to read up in the policy and see what happens when you cancel in the early days of taking out the policy.

At worst if you cancel before the start date they will only charge a cancellation admin fee (ie all your premium would be refunded, less any admin fee).

DominicJ_2

thought it might be that, I'll check, but I'm thinking its not going to be worth it

[Deleted User]

Policy hasn't started yet so you haven't actually bought or used anything - are you sure they've even charged you yet?

You have 14 days to cancel with no penalty anyway IIRC.

InsideInsurance

You have 14 days to cancel - it is not with no penalty! Simply after 14 days you have no automatic right to cancel.

That said, some will allow you to cancel without a fee if it is before the policy has incepted.

*Scarlett

Also check that the cover you are getting is the same and also the excess fees.

I know that your renewal is generally going to be higher than quotes that you are getting as a new customer but to go from £340 to £150 is a huge drop (unless you have been with them for year & years) so they might be offering different cover or a higher excess.

You do normally have a 14 day cooling off period. Some have a fee if the cover has started and will charge you for the time they have insured you for.

Others don't charge if the policy has not started and some will charge a fee in either case.

Check the policy docs or the website. You could also give them a ring and ask - they might even offer you a further discount to retain your business.