Car insurance cooling off period

kingofclare

Hi,


I recently made a change to my insurance by adding my sister who intended on moving in with me. She has however now made other plans, so the insurance is not needed after all.


My insurer tells me that there is no cooling off period that I can cancel this within, is this correct please? Seems a little odd to me given it is part of a credit agreement.


Any advice much appreciated.

waamo

They are correct. Car insurance rarely allows a cooling off period. It's to prevent insurance fraud.

shaun_from_Africa

I think that your insurer is correct.
Whilst it's certainly correct that there is a legal cooling off period for new financial agreements such as insurance policies, you haven't taken out a new policy, simply made an amendment to an existing contract.

shaun_from_Africa

waamo wrote: »

They are correct. Car insurance rarely allows a cooling off period. It's to prevent insurance fraud.

That's not correct.
By law, there is a minimum of a 14 day cooling off period when taking out a new motor insurance policy.
You may be liable to pay a reasonable administration fee and you will be charged for any part of the 14 days period for which cover was in force.

kingofclare

Thanks for the speedy responses guys

waamo

shaun_from_Africa wrote: »

That's not correct.
By law, there is a minimum of a 14 day cooling off period when taking out a new motor insurance policy.
You may be liable to pay a reasonable administration fee and you will be charged for any part of the 14 days period for which cover was in force.

I was always of the understanding there wasn't, however I am happy to stand corrected. Ignore my previous post please.