Car insurance cooling off period

worbikeman

neilmcl wrote: »

Sorry but your analogy makes absolutely no sense.

The fact that somebody worked to produce something doesnt mean that therefore they deserve to be paid for it regardless of whether it is suitable to the customer or not.
In the case of my insurance I was billed double what I was expecting when I had no choice but to accept, and then when I cancelled during the cooling off period I was charged a cancellation fee. The product was not acceptable to me at the price but they get my cancellation money anyway. (If they had stuck to their quote I wouldnt have cancelled). I am not asking for a refund on the cover I used, I am questioning what the cooling off period is for.

arcon5

worbikeman wrote: »

I arranged the quote online so it was set up ready when I made the phone call. However, they charged me double what I was quoted online due to an extra piece of info that the online procedure hadnt asked me. I was over a barrel so I agreed.

How so?
This argument may play somewhat had somebody visited you in your home or stopped you in the street.... but over the phone.... you could have said no, hung up... basically made an informed decision.

If it was merely the price that had changed, the terms of the policy will likely be the same as before also.

OK. These people are in the insurance game, I havent got them out of bed in the middle of the night. I fill all my details online, they send me the print out and charge me for cover.

Ye, ignoring the fact these sophisticated online forms, these people who get out of bed, these people who involve underwriters etc cost money.

If you buy a pair of trousers and take them back you arent charged for the 'administration' fee it took to manufacture the trousers.

Some retailers do charge a 'restocking fee'. Albeit not a clothes shop, but other retail stores (usually higher value will deduct an amount from the refund).

forgotmyname

The cooling off period is so that you can cancel the policy shortly after and only pay a small fee and charge for time on cover which seems to be what you did.

If the policy was not suitable why take it out?

Quentin

Your question has been answered a number of times ("Yes").

Don't shoot the messengers.

And you weren't "over a barrel" - there are lots of other insurers you could have taken out immediate cover with over the phone.

shaun_from_Africa

There is legislation in place that covers contracts such as insurance policies that have been arranged and purchased on the phone or internet.
This is the "Financial Services (Distance Marketing) Regulations 2004"
and this act gives you a 14 day cooling off period.

However, as already stated by other posters, the act allows a company to charge for the time the contract was in force as well as a fee for the setting up costs they incurred.

(6) Subject to paragraphs (7), (8) and (9), the
supplier may make a charge for any service actually provided by the supplier in accordance with the contract.

(7) The charge shall not exceed an amount which is in
proportion to the extent of the service provided to the consumer prior to the time at which the cancellation event occurred (including the service of arranging to provide the financial service) in comparison with the full coverage
of the contract, and in any event shall not be such that it could be construed as a penalty.

http://www.legislation.gov.uk/uksi/2004/2095/regulation/13/made

giraffe69

Surely the cooling off period is there to protect the consumer is it not?

Perhaps the consumer could be better prepared and not organise insurance whilst on a mobile at the last minute. You wouldn't need a cooling off period if you had done the work first.

worbikeman

giraffe69 wrote: »

Perhaps the consumer could be better prepared and not organise insurance whilst on a mobile at the last minute. You wouldn't need a cooling off period if you had done the work first.

I did the work on the internet prior to purchase. All set up, details entered, reference number at the ready.

worbikeman

Quentin wrote: »

Your question has been answered a number of times ("Yes").

Don't shoot the messengers.

And you weren't "over a barrel" - there are lots of other insurers you could have taken out immediate cover with over the phone.

I'm not shooting the messengers, I thank you all very much for your comments.
I could be here til xmas trying to find an insurer who sticks to their side of the deal when I'm ready to start cover. Given that insurance is compulsory under the law, consumers should be protected from excessive charges. Hence the cooling off period. Except it isnt really, as the charge inside or outside the cooling off period is the same. It is a simple cancellation fee applicable at any time during the cover.

Quentin

worbikeman wrote: »

I did the work on the internet prior to purchase.......

You can't have done!

If you had read the ts & cs you wouldn't have needed this thread!

Quentin

worbikeman wrote: »

...... Given that insurance is compulsory under the law, consumers should be protected from excessive charges. Hence the cooling off period. Except it isnt really, as the charge inside or outside the cooling off period is the same. It is a simple cancellation fee applicable at any time during the cover.

No.

The policy you bought has a cancellation fee applicable at any time (not all do).

The cooling off period isn't there "to protect from excessive charges" at all - you would have had to pay a great deal more if you cancelled from day 15 onwards! The cooling off period allows you to cancel without paying the full cancellation charges.


(A £50 cancellation fee isn't excessive, more the norm - you can find cheaper and you can find more expensive)