Admiral Exit fees

ftbworried

I have (well, had) a 10 month policy with Admiral that I pay for upfront (i.e. the whole 10 month fee- ~£360). The policy had 2 months left on it and I decided to sell the car. Admiral have deducted £45 from the balance as a exit fee.

Is this right? Do other insurers charge an exit fee? If I'd have paid monthly and cancelled they would have surely just stopped the direct debits? Have I been penalised for paying upfront or would have have charged me the £45 exit fee if i had paid monthly as well?

brazilianwax

Yep. If you do a search on this board you'll find that admin and cancellation charges are pretty standard (they do it when you actually change or cancel the policy instead of just increasing the price of the insurance for everyone to cover it).

You'd pay it whether you paid upfront or monthly (plus paying monthly would incur interest charges too).

I assume you had little/zero NCB before with you being on a Bonus Accelerator policy - you won't see any NCB for the insurance you have had if you cancelled before the end of the policy.

ftbworried

I had 2 years no claims - I was trying to build it up faster because although I have 2 years no claims, I'm a bad driver and have had 5 accidents in the last 5 years therefore my premium is higher than it would be.

Anyway, my NCB doesnt matter anymore since I'm giving up owning a car, which is probably best for everyone on the road

brazilianwax

ftbworried wrote: »

I had 2 years no claims - I was trying to build it up faster because although I have 2 years no claims, I'm a bad driver and have had 5 accidents in the last 5 years therefore my premium is higher than it would be.

Anyway, my NCB doesnt matter anymore since I'm giving up owning a car, which is probably best for everyone on the road

:eek: :eek: :eek: :eek: