First Central - cancelling policy fee of £160

dboyc

Dear MSE crew,

I'm seeking to cancel my insurance policy with first central (been with them for five years or so). My insurance expires in May next year and I pay about £40 per month. I've just SORNed my car and about to enter a lease agreement on a new one, but First Central are trying to charge me £160 to cancel the policy.

Is this a normal fee, and is there anything I can do to protest it?

Thank you so much for your help and time,

Dan

jonesMUFCforever

If it is in their T&C NO - Are you sure that they are not just making you pay the year's premium?

InsideInsurance

You need a break down of the costs and cross compare them to what is in the T&Cs you have.

There could be:

1) Insurers cancellation fee
2) Brokers cancellation fee/ commission clawback
3) Credit/ Loan early settlement fee
4) Addons paid in full to policy end
5) Additional Premium for time on cover based on short term rates

Any reason why not to transfer the policy to the lease car instead of cancelling it?