14 day cooling off period question

Annoyed_Driver

Quick question if anyone can help.

Sent a renewal for my car insurance from LV (incidently they took the funds a week before renewal which is a bit cheeky). It was renewed last night. I would like to cancel the policy now as I have found a cheaper option.

Called LV and asked about a full refund - less one days insurance cost -as I am in the 14 day cooling off period of a new policy as I understood things. They said no I would have to pay a £40 cancellation fee. There is a note in the docs about a £40 cancellation fee and a line about no refund if you have made a claim and then cancel the policy within 14 days. I have not made a claim.

I thought that there was an underpin for the consumer that we always have a 14 day cooling off period in which to cancel a policy with no additional fees (I accept having to pay for the days of insurance used of course).

Any pointers or suggestions?

mcjordi

they are allowed to charge for cancellation unfortunatley have a look in last years documents theres probably a bit about auto renewal

dunstonh

I thought that there was an underpin for the consumer that we always have a 14 day cooling off period in which to cancel a policy with no additional fees (I accept having to pay for the days of insurance used of course)

Ni, That is a myth. Providers, brokers and advisers can charge a cancellation fee during the cancellation rights period and the full premium if you have made a claim.

*Scarlett

They usually refer to it as an "administration" fee if it is within the cooling off period and as you know you would need to pay for the time that they have insured you for.

Is the £40 saving worth cancelling the LV policy?

Too late now - but next year make sure you have a reminder of your renewal dates in place to allow to shop around for the best deal without penalty.

deutsch

send in proof of alternative insurance?