Sold my car: Rang insurance but no refund

Johno100

singhini wrote: »

Found it:

upto 30 days = 60% refund
31-60 days = 40% refund
61-90 days = 20% refund
over 90 days = 0%

Well I should have read the T&C's properly.

Thanks to all those who responded

Who's T&C's are those the brokers or the underwriters?

Have a read of The Financial Ombudsman Service's guidance on such matters and the case study is also worth a read. Yes, it is some years old but I can't imagine it would still be there if the situation had changed markedly.

http://www.financial-ombudsman.org.uk/publications/ombudsman-news/54/insurance.htm

Ozzuk

Car_54 wrote: »

That sounds like fraud to me.

Could well be, I didn't say it was good advice!

lg13mza

I had similar on house insurance recently. Even though it was in their T&C's I still argued that the 'admin fee' for cancellation wasn't appropriate and I would report them to the FCA. Amazingly they reduced the admin fee dramatically.

Warwick_Hunt

singhini wrote: »

still got it

Uninsured?

dlee16

Just had a similar experience with Rias Insurance. I had the policy for six months and changed my vehicle. To insure my new car that had a smaller engine was £452.33 for the remaining six months and the annual cost for a new policy with them was £1161.52! I cancelled the policy and was charged £50 admin but started a new annual policy with Saga for £261. Beware of Rias Insurance.

Johno100

dlee16 wrote: »

Just had a similar experience with Rias Insurance. I had the policy for six months and changed my vehicle. To insure my new car that had a smaller engine was £452.33 for the remaining six months and the annual cost for a new policy with them was £1161.52! I cancelled the policy and was charged £50 admin but started a new annual policy with Saga for £261. Beware of Rias Insurance.

£50 is about normal for an admin fee. Assuming you paid the full premium up front, are they refunding you on a pro-rata basis, so in your case approximately 50% of your annual premium coming back to you?

dlee16

Thanks for your reply. I'll look into this right now as I paid full premium up front in March.