Cancelling contents insurance/changing address details

jeet70

Hi
I am moving address and wanted to cancel my home contents insurance (moving in with family temporarily) and my insurance company has charged me a cancellation fee - can they do this?

Also wanted to updated my car insurance with new address and being charged £30 - can they do that?

BT are also charging £30 to cancel broadband as they have told me it is a supplier cost they pass on

Can these companies get away with this?
Thanks

Faith177

All the cancellation fees would have been detailed in your policy documents when you took out the policies

The FCA have advised that insurance companies can charge a fair cancellation fee and with some of them being as high as £50 £30 isn't that bad

InsideInsurance

Cancellation fees and administration fees are both supported by the regulator as they are a "pay on use" approach rather than blanket charging everyone an extra £60 a year irrespective of if they make changes or cancel policies etc.

Both fees have to be proportional to the total average cost, for cancellations this includes the sunk marketing/ acquisition costs they've had to pay on the assumption that it was a 12 month contract but you've now shortened to X months.