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switching insurance doesn't always pay
Yellow748
Posts: 3 Newbie
Hi new member here
i usually have a good search each year to see if i can get a better quote and this time i did
i bought this month a new bike my insurers quoted £350 my policy renewal for my old bike in june was £191 .
my new bike is smaller less powerful and a lower insurance bracket so was surprised at the quote, a quick search brought up a quote of £102 much better so i phoned up my insurers and asked to cancel my policy as i had found a better quote , fair enough they said that'll be a £27 fee ok i was expecting something like that , but then they said the insurers that they were brokering for charged £75 to cancel and once all the calculations were done i would receive a refund of £14 considering i only renewed in full 3 months ago i wasn't particularly happy !!! :huh: ..
Wasn't sure if was able to name firms on the thread but definitely won't be doing any dealings with this particular firm again
i usually have a good search each year to see if i can get a better quote and this time i did
i bought this month a new bike my insurers quoted £350 my policy renewal for my old bike in june was £191 .
my new bike is smaller less powerful and a lower insurance bracket so was surprised at the quote, a quick search brought up a quote of £102 much better so i phoned up my insurers and asked to cancel my policy as i had found a better quote , fair enough they said that'll be a £27 fee ok i was expecting something like that , but then they said the insurers that they were brokering for charged £75 to cancel and once all the calculations were done i would receive a refund of £14 considering i only renewed in full 3 months ago i wasn't particularly happy !!! :huh: ..
Wasn't sure if was able to name firms on the thread but definitely won't be doing any dealings with this particular firm again
0
Comments
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Just to be clear - you want to replace one bike with another (not insure two bikes at the same time)?
Did you make it clear to the insurer that you wanted to keep your existing policy, but change the bike covered on it?
And they said that you needed to pay an additional premium (and fee) of £350 for the remaining 9 months of the policy?
That does seem strange.
(Could it be that they thought it was an additional bike, so they quoted for a new 12 month policy - and therefore with no NCD?)0 -
Trying to change any existing policy mid-term is unlikely to be cost free. This is a non-story IMO.0
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I think I know who you are talking about. There is one insurer that charges astronomical fees to cancel their bike policies, and this goes on top of the brokers cancellation fee as well.
Just make it clear that you are swapping one for the other, not adding an additional one.
If they still say it's £350 for the remainder of your policy (when does it renew?) then you will have to decide if it's worth cancelling and moving or staying where you are until renewal.0
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