Confused - anyone know?

blackangeluk

Afternoon everyone

Have cancelled various insurance policies as I was paying too much and had a stroppy answer phone message from the insurance broker saying that I will now have to pay him a fee, as he will not get commission.:eek:

To be entirely honest I haven't checked the small print before cancelling the DD's so he may well be right. He also said that the only way to avoid his fee was to rearrange policies with him.

I used Cavendish Online who Martin the God recommended and paid them a fee and got a lot cheaper quotes. Now I'm wondering how much a fee I'm likely to pay and if I'm better sticking with the broker - :mad:

Storm

I guess it depends on the deal with the broker - but I would have thought that if he normally only gets the commission then he's not got a leg to stand on as all policies tend to have a cooling off period during which you can cancel.

Did you sign any agreement with him? If not, then I don't see how he can demand payment!

Seaxwyn

Oh no! Did you sign any agreement with him? If so, you'd better read the small print to be sure. But it sounds iffy to me. I cancelled life insurance arranged through a broker with no comeback from them. I can't see how anyone could be expected to sign anything for life anyway. Maybe he's panicking as he can see himself being put out of business by Martin and the rise of the savvy consumer.

blackangeluk

I signed the policy documents i.e. for Friends Provident, Norwich Union but nothing specific to the insurance broker.

Fair enough he gets a monthly commission from my DD but surely I'm entitled to cancel it after 2 years, he's got his money's worth!

I asked my Dad as he used to be an insurance broker and he thinks he's trying it on. What I am annoyed about is that he promised to cancel a Norwich Union policy 2 years ago when we were swapping policies over and he didn't, so I have paid £20.91 x 24 for nothing:mad: but now he's conveniently forgetting that.

I will threaten him with exposure on Martin's site:rotfl:

Seaxwyn

Blimey, how dare he give you any stress after a mistake like that? He should be reimbursing you - that's over £500! If you haven't signed anything with him he hasn't got a leg to stand on.