Car insurance cancellation question

Cortinav6

Hi all, I own a classic car which has been on a classic car policy for the last 2yrs, it automatically renewed in july with the insurer, the car has been off the road recently for the last few months for some modifications. I attempted to ring my the insurer to tell them about the mods but i was unable to contact them on the phone, after 3-4 days of trying i insured with another company. i eventually contacted the previous insurer by e-mail and cancalled the policy. I was expecting to pay an charge of around 60-70 pounds for cancelling (it was over 12mths) but they have charged me near enough the full years figure for just 2mths on the policy (£150)! The only response i could get out of them when i finally got through on the phone was "we have done nothing underhand and its all in the small print" yet the small print makes no mention of charging the full amount just that a fee will be charged. Has anybody else come across this, ive cancelled insurance in the past and been charged but nothing like this.:mad:

MarkyMarkD

A large proportion of insurers don't charge short-term rates in second and subsequent years of insurance, so the sort of charge you are describing sounds excessive. In any case, charging 90% or so of the premium after only 2 months' cover is OTT.

I think you need to clarify whether this charge is being made by the insurer, or the broker. If both of them are charging an administration fee, it may be that the amount of those PLUS the premium for the time on risk add up to the amount you describe.

Stephen_Leak

Isn't there supposed to be something called "symmetry" for refunds (ie. you get back approx. 1/12 of what they've charged for the year for each month)?