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Cooling Off for Car Insurance
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petunia100
Posts: 536 Forumite
I wanted to cancel my car insurance within the cooling off period but the insurers said it would cost me £56 pounds. Is that legal?
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Comments
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Perfectly.
The cooling-off allows you to cancel your insurance, it doesn't allow you to do so free of charge as your insurer has incurred costs in setting up the policy, and the cancellation cost will have been spelled out in the contract terms.0 -
Is that legal?
Yes. The cancellation rights period allows you to cancel the policy within that period only incurring the cost of insurance per day plus an admin charge.I 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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