Change car on insurance policy

paddyandstumpy

Ah ok, so same underwriter (Southern Rock).

All you can do is ask them why a new business is far cheaper, however expect to be fobbed off. They've already got your money...

AndySave30

Well thats not strictly true, i cancelled the DD with the bank as i was sure it would be an error so i have the money back in my account. Not sure if that puts me in a better position or not.
The email that was sent to me with this part in it: "The return premium for your recent amendment was £21.90. As per our Terms of Business we apply a £50.00 administration fee for any amendments made. Your total additional premium following this change is £28.10 which has been paid in full today."
Does that not state i've paid everything for the policy for this year? or am i reading this wrong?

Nebulous2

AndySave30 wrote: »

Well thats not strictly true, i cancelled the DD with the bank as i was sure it would be an error so i have the money back in my account. Not sure if that puts me in a better position or not.
The email that was sent to me with this part in it: "The return premium for your recent amendment was £21.90. As per our Terms of Business we apply a £50.00 administration fee for any amendments made. Your total additional premium following this change is £28.10 which has been paid in full today."
Does that not state i've paid everything for the policy for this year? or am i reading this wrong?

I think you are reading it wrong. The word additional, which I have highlighted is key.

The finance and premium are likely to be two separate things. You buy a policy from them, which is paid upfront with a finance agreement (a loan) allowing you to pay it over 12 months.

On changing to another car you were due a refund on your annual premium of £21.90 for the remainder of the year. The admin fee of £50 more than cancelled that out.

You still have to repay the loan they gave you to pay the premium in the first place unfortunately.