Cashback on Insurance Policy?

Smith_Square

Hi there,

After receiving a renewal quote for my Landlord's Insurance policy from Direct Line a few weeks ago I called them up yesterday to renew. The renewal cost around £135. After I had already made payment, it crossed my mind to check TopCashBack.com, and I noticed that Direct Line is offering £126 cashback for 'new policies'. I have a cooling off period for the renewal, so wondering if I might be able to cancel the policy and then take it out again online? Worried that Direct Line might not renew me again and then I would be left short (they seem to be the cheapest around ). I didn't see anything in the Ts and Cs about the offer not being available to previous customers etc - the only thing is the 'new policy' wording. I also seem to remember something similar in the past, I accidentally had let an insurance policy lapse, and I then took it out with the same provider a few weeks later and got cashback on the policy.

Any thoughts appreciated.

InsideInsurance

What are the cancellation costs?

Cashback is never guaranteed so if you have to pay £50 to cancel this policy and the cashback doesnt come through are you going to be happy that you gambled but lost or get annoyed etc

davetrousers

Smith_Square wrote: »

I have a cooling off period for the renewal,

InsideInsurance wrote: »

What are the cancellation costs?

The OP said they have a cooling off period

Quentin

davetrousers wrote: »

The OP said they have a cooling off period

"Cooling off period" doesn't mean you can cancel scot free!


If you want to cancel an insurance policy during the cooling off period you need to read up in the policy exactly what this entails

InsideInsurance

davetrousers wrote: »

The OP said they have a cooling off period

Makes no difference, cooling off gives you a right to cancel, it doesnt mean its free to do so. Post cooling off there is no statutory right to cancel but most policies do allow it.