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MSE News: Cancelled Direct Line car insurance? You could be due a refund

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"Past and present Direct Line customers who've cancelled car insurance mid-term could be in line for a refund..."
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Cancelled Direct Line car insurance? You could be due a refund

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Cancelled Direct Line car insurance? You could be due a refund

Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Just saying ....
My elderly FIL got a refund in 2013 and I checked it was correct (he is elderly so I look after their finances).
Personally I would have noticed if the amount was not correct and I'm suprised if any MSE's wouldn't have checked and noticed.
I would suggest that anyone reading this now, that has moved address, check if the refund cheque hasn't already been issued to their old address.
I've been in touch with Nationwide (and through the different companies involved - UK Insurance, Churchill...) and should be getting a re-issued check to my current address soon.
The policy in question was for car insurance with Nationwide. They were offering 'double the difference' back against the cheapest/best quote.
I'm sure I claimed £800/900 under the promotion and that was successfully paid before I cancelled the policy...
Its a cancellation charge not an admin charge. It is predominately to cover the cost of acquisition/ marketing and operational overheads
A former client calculated the total average cost for a policy was around £125 for new business and £75 for renewals. The average cancellation was done after 3 months so assuming a linear earning pattern 75% of those costs are still outstanding at the point of cancellation.
It will be cheaper to start new insurances because I am sure the cancellation charges on the old policy's will be more than the refund.
Is there anything wrong in just leaving the old ones to run out?
The problem is that an NCD can only be used on one policy at a time and so as they will still be in use on the old policies you'd have to buy the new ones with no NCD
Secondly, if they find out they can void your policy and that'll push up your premiums for life
I reckon it will cost over £50 to transfer the home/contents policy to my new address. A years new policy will cost under £100 with cashback (current insurers want over £150)
I haven't checked for a new car quote but I am sure that would be similar to the house.
Hadn't thought about the NCB so it looks like I will have no alternative but to cancel the old ones and pay the charges!