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Insurance Company Charging 30% cancellation Fee
yas1320
Posts: 21 Forumite
Hi
Can anyone give me some advice. I used to be a private hire taxi driver and had insurance with a insurance company called insure taxi. I cancelled my insurance last week as I am no longer a taxi driver. They are now charging me £340 cancellation charge, which they say is 30%.
I have checked my insurance documents and they state this. However, I don't remember them actually stating this to me.
I can understand if the cancellation fee is about £50.00. However, £340 is I think taking advantage of me.
Can anyone advise me what I can do? I am really stressed about it.
Thanks
Can anyone give me some advice. I used to be a private hire taxi driver and had insurance with a insurance company called insure taxi. I cancelled my insurance last week as I am no longer a taxi driver. They are now charging me £340 cancellation charge, which they say is 30%.
I have checked my insurance documents and they state this. However, I don't remember them actually stating this to me.
I can understand if the cancellation fee is about £50.00. However, £340 is I think taking advantage of me.
Can anyone advise me what I can do? I am really stressed about it.
Thanks
0
Comments
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You did not read the conditions and you would have had 14 days to cancel.
You are liable for your own mistakes.
sorry if in docs you are stuffed!!!0 -
Is the £340 an actual cancellation charge or is it a combination of things? e.g. non-refundable extras (legal protection, breakdown cover), outstanding premium (if you paid monthly), administrative charge etcI am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Is the £340 an actual cancellation charge or is it a combination of things? e.g. non-refundable extras (legal protection, breakdown cover), outstanding premium (if you paid monthly), administrative charge etc
Yes, I was paying monthly. I didn't have legal protection or breakdown cover.0
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