IGO4 cancellation charges!!!!!

wendfd

Just cancelled a home insurance policy as we are downsizing. 18days after the renewal date. Igo4 want to charge me £73.67 for time on cover (monthly fee is normally £25.97) £60 cancellation fee -£49 Optional extras, which I'm not even sure what they are .(Family Legal or something) Total £182.67!!! Anybody challenged this successfully?

HarryMonkee

By law, you have a 14-day cooling-off period, either from the day your insurance policy kicks in or when you receive your policy documents, whichever is later. After than that you can expect fees. Check your policy documents.

dunstonh

HarryMonkee wrote: »

By law, you have a 14-day cooling-off period, either from the day your insurance policy kicks in or when you receive your policy documents, whichever is later. After than that you can expect fees. Check your policy documents.

The cancellation rights period is not free either. They can charge for time on cover and an admin charge during this period too.

Igo4 want to charge me £73.67 for time on cover (monthly fee is normally £25.97) £60 cancellation fee -£49 Optional extras, which I'm not even sure what they are .(Family Legal or something) Total £182.67!!! Anybody challenged this successfully?

Some addons are non-refundable.

Cancellation in the early months means the premium payable is not exactly pro-rata. Whilst the FOS like a pro-rata premium, they accept a greater amount in the early months as the insurer would not have been able to recover the set up costs for that year.

£60 is right at the top end as far as cancellation charges go but we know the FOS has accepted £50 from its own publications and that was nearly a decade ago.

So, broadly speaking, there is nothing unexpected there. Albeit you have a provider which is at the more expensive end.

Rather than cancel, why not switch it to your new policy?

If you knew you were moving, why did you not check the cancellation terms before buying the policy?

wendfd

The policy was in place for a year and this was the renewal date. We exchanged and completed within a week and I only then started looking at cancelling anything. They have in fact waivered the £60 when I kicked up a fuss.