Car dealer indemnity insurance - why do I pay?

motorguy

KeepOnRunning wrote: »

Could the 14 day cooling-off period cancellation right have been used to get a refund on the insurance policy? (If the trader didn't back down on the charge of course.)

there is no cooling off period

System

motorguy wrote: »

there is no cooling off period

All finance agreements have a 14 day cooling off period.

splinternet

Tarambor wrote: »

All finance agreements have a 14 day cooling off period.

Maybe, but not the purchase of the car. I think the cooling off only applies to a finance deal, in which case you need to find some other way to pay.

IamNotAllowedToUseMyName

splinternet wrote: »

Maybe, but not the purchase of the car. I think the cooling off only applies to a finance deal, in which case you need to find some other way to pay.

I think the point was that you are committed to the purchase of the car but you should have a 14 day cooling off period for the cancellation of the insurance element of your purchase by law. So if they had forced you to take the insurance, you could have gone back the next day and said "I do not want this insurance, please refund me." and they would have been obliged to.

Didn't manage to find the legal reference but it is in the FCA handbook.

Jakg

IanMSpencer wrote: »

I think the point was that you are committed to the purchase of the car but you should have a 14 day cooling off period for the cancellation of the insurance element of your purchase by law. So if they had forced you to take the insurance, you could have gone back the next day and said "I do not want this insurance, please refund me." and they would have been obliged to.

Didn't manage to find the legal reference but it is in the FCA handbook.

It's unlikely to be a regulated insurance product.

IamNotAllowedToUseMyName

[STRIKE][/STRIKE]

Jakg wrote: »

It's unlikely to be a regulated insurance product.

I was under the impression that anything that appeared to be insurance was regulated.

What forms of insurance sold to insurance can fall outside regulated activities?

Jakg

IanMSpencer wrote: »

What forms of insurance sold to insurance can fall outside regulated activities?

Just because something is informally described as insurance, does not make it so.

A common example is extended warranties - e.g. Currys' Whatever Happens care plan is not an insurance product.

HPI's check is backed by a guarantee - but is not an insurance product.

IamNotAllowedToUseMyName

Jakg wrote: »

Just because something is informally described as insurance, does not make it so.

A common example is extended warranties - e.g. Currys' Whatever Happens care plan is not an insurance product.

HPI's check is backed by a guarantee - but is not an insurance product.

I would suggest that to market something to a consumer explicitly described as insurance would put the ball in the court of either it being reasonable to expect it to be insurance, or is a misrepresentation. I doubt the FCA would be entirely sympathetic to a non-regulated company selling something that is described as insurance.

Jakg

IanMSpencer wrote: »

I would suggest that to market something to a consumer explicitly described as insurance would put the ball in the court of either it being reasonable to expect it to be insurance, or is a misrepresentation. I doubt the FCA would be entirely sympathetic to a non-regulated company selling something that is described as insurance.

Hence why HPI has a "guarantee" and the Currys example is a "care plan" - but a consumer may describe these as insurances. I would imagine this is sold in the same way.

unholyangel

Jakg wrote: »

Hence why HPI has a "guarantee" and the Currys example is a "care plan" - but a consumer may describe these as insurances. I would imagine this is sold in the same way.

Yet even currys "care plan" (aka insurance) has a 14 day cooling off period.