cooling off period with car insurance

dacouch

Their fees look massive

http://www.barrygraingerinsurance.co.uk/docs/BG_TOB.pdf

Nicky321

What do you reckon I should do? i,m stressing, panicking and everthing you can imagine.

dacouch

You need to speak to them and weigh up what the cancellation costs are over paying the extra.

You can make an official complaint still once you decided.

Don't forget to leave them a review

photome

Nicky321 wrote: »

found this "CANCELLATION: We hope you are happy with the cover this policy provides. However, you have the right to cancel
it within 14 days of receiving the policy documents or the start of the policy, whichever is later,
without giving any reasons. If that happens, we will refund your premium, first deducting a charge
for the cover provided from the beginning of the contract until the policy is cancelled."

thats why I thought there shouldnt be a charge as you are cancelling before cover has started, altho I guess they may be able to charge £15 or so to cover "admin" but not if it was their mistake.

Just noticed OP hasnt mentioned how much they want to cancel.

How much are they trying to charge?

dacouch

photome wrote: »

thats why I thought there shouldnt be a charge as you are cancelling before cover has started, altho I guess they may be able to charge £15 or so to cover "admin" but not if it was their mistake.

Just noticed OP hasnt mentioned how much they want to cancel.

How much are they trying to charge?

I think Nicky copied and pasted the relevant part from Chaucer's Policy.

Unfortunately BG Insurance have quite onnerous charges.

New Business Fee upto £100
Cancellation upto £50 Plus loss of commission (Which is generally circa 8% of the premium) I added the bracketed text
Direct Debit set up fee £20 non refundable.

Their fees are very high and what a broker would charge in the old days.

They may not charge all the fees but it's worth anyone taking out cover with Barry Grainger Insurance being aware of these.

photome

dacouch wrote: »

I think Nicky copied and pasted the relevant part from Chaucer's Policy.

Unfortunately BG Insurance have quite onnerous charges.

New Business Fee upto £100
Cancellation upto £50 Plus loss of commission (Which is generally circa 8% of the premium) I added the bracketed text
Direct Debit set up fee £20 non refundable.

Their fees are very high and what a broker would charge in the old days.

They may not charge all the fees but it's worth anyone taking out cover with Barry Grainger Insurance being aware of these.

They all say UP to so may not be that high and those terms look ambigous to me (an utrained eye).

How can there be a new business cancellation fee and a cancellation fee? whats the difference?

I didnt see where Nicky posted the amount he has been charged to cancel

dacouch

photome wrote: »

They all say UP to so may not be that high and those terms look ambigous to me (an utrained eye).

How can there be a new business cancellation fee and a cancellation fee? whats the difference?

I didnt see where Nicky posted the amount he has been charged to cancel

In theory the broker could have added a fee of upto £100 to the new business premium(You could call it an arrangement fee). Fees are not normally refundable although I suspect any new business fee for the OP is nil or circa £25.

They then state cancellation is subject to a fee of upto £50, in addition they state they will levy their lost commission. This is the commission they would have earned if the policy ran it's full term.

The direct debit fee is stated as being non refundable.

Potentially if BG had say a £25 new business fee this along with a £50 cancellation fee, along with say circa £45 commission (Assuming premium is £500 although I suspect it's £800ish) and also retain the direct debit fee.

I don't think they will levy all of these as I suspect they will waive the commission but their T&Cs do not mention how they treat cooling off cancellations.

Hence why me recommending the OP checks with BG to find out what they will charge before making a decision.

I've not seen terms (Fees) like that for quite some time

photome

dacouch wrote: »

In theory the broker could have added a fee of upto £100 to the new business premium(You could call it an arrangement fee). Fees are not normally refundable although I suspect any new business fee for the OP is nil or circa £25.

They then state cancellation is subject to a fee of upto £50, in addition they state they will levy their lost commission. This is the commission they would have earned if the policy ran it's full term.

The direct debit fee is stated as being non refundable.

Potentially if BG had say a £25 new business fee this along with a £50 cancellation fee, along with say circa £45 commission (Assuming premium is £500 although I suspect it's £800ish) and also retain the direct debit fee.

I don't think they will levy all of these as I suspect they will waive the commission but their T&Cs do not mention how they treat cooling off cancellations.

Hence why me recommending the OP checks with BG to find out what they will charge before making a decision.

I've not seen terms (Fees) like that for quite some time

Shocking:eek: although the OP paid in full by credit card so no direct debit fees to retain (is there?)

Nicky321

This bit is taken from the T & C from the BG ins link Dacouch posted

How to cancel
You may have a statutory right to cancel this insurance within a short period. Please refer to your policy
summary or your policy document for further details. If you cancel within 14 days you willreceive a pro-rata
refund of premium from the insurer (subject to no claim). Insurers are also entitled to make an
administration charge and we may also keep an amount that reflects our administrative costs of arranging
and cancelling the insurance (see fees and charges). Please note that no refund due will be issued until you
have returned your insurance certificate or temporary cover note to us and we have confirmed receipt. If
you wish to cancel outside this period you may not receive a pro rata refund of premium. We may also keep
an amount that reflects our administrative costs of arranging and cancelling the insurance subject to no
claim (see fees & charges).

Looked at my policy documents and it says

Cancelling during the initial period of cover – ‘Retail’
customers only
If you have entered into this contract of insurance as a retail
customer, you have a right to cancel this insurance. To do
this, you must tell us or your insurance adviser within 14
days of the start date (or annual renewal date) of your policy
or (if later) the day you receive the policy documents and
supporting information.
You must return your certificate of motor insurance to us or
your insurance adviser as part of your notice of cancellation.
If you choose to cancel the insurance policy during this initial
period of cover, you will have to pay ‘pro-rata’ rates for the
period of time you have had insurance cover. Further
charges may include a proportion of any commission paid to
your insurance adviser and a proportion of any fees charged
by your insurance adviser, sufficient to cover their costs.

MY HEAD IS MASHED

Received this email to my request

Thank you for emailing Barry Grainger Insurance. We confirm receipt of your email and will be processing your request shortly.

If you have any further queries do not hesitate to contact us on the number below.

Kind regards,
Barry Grainger Insurance

Nicky321

I emailed BG again late yesterday morning, asking them if they could could deal with the matter as urgent, and this morning I have an email from them

Good morning,

Thank you for your email and I can confirm that your policy has been cancelled.

Kind regards

Jane White
Barry Grainger Insurance

and one of netbanx saying

Your refund has been processed by NETBANX on behalf of Netbanx
Merchant: Netbanx
Amount: 549.72
Currency: GBP
Your order reference is: xxxxxxxx

Your NETBANX reference is: xxxxxxxxxxxxxx

Thankyou to everyone who made comments on this thread, and I think everyone should be made aware of BG Ins, luckily I was not stung by them, but will stay clear ofthem in future!