esure cooling off period.

faddy

Phoned esure the day before my insurance ended and asked them not to autorenew as I intended to look for other quotes. The agent suggested that I instead let it renew as I would have 14 days in which I could cancel without penalty. I queried the "without penalty" bit and was told that the cooling off period in the initial term had a cancelation fee, but the cooling off period on renewal did not.

This sounds almost too good to be true - it sounds as though I can get 14 days free cover from esure before switching to a cheaper insurer. Have I misunderstood what I was told? Do other insurers offer the same? If and when I phone to cancel will they insist on immediate cancelation or can I ask for the policy to end exactly 14 days from renewal (or more probably at the start of a new policy 12 hours earlier than the midday renewal time)?

dunstonh

This sounds almost too good to be true - it sounds as though I can get 14 days free cover from esure before switching to a cheaper insurer. Have I misunderstood what I was told?

Yes you have.

The cancellation rights period means they can only charge a premium and a relatively small admin charge during that period. You do not get free cover.

Esure's website says they charge £26 for cancelling during the cancellation rights period. So, if you left it 14 days you would pay 14 days premium plus £26

faddy

dunstonh wrote: »

Yes you have.

The cancellation rights period means they can only charge a premium and a relatively small admin charge during that period. You do not get free cover.

Esure's website says they charge £26 for cancelling during the cancellation rights period. So, if you left it 14 days you would pay 14 days premium plus £26

I'm clear that the agent said that the fee (I think he mentioned £26) was only chargeable in the initial term of the policy, but doesn't apply to the cooling off period of a renewal term.

Looking at my documents I now see that the policy booklet states "As long as no incidents have arisen which could result in a claim under your policy, we will refund the premium you have paid, less the administration fee that applies. The current fees are shown in Your Agreement with esure Services Limited."

The Agreement shows a £26 fee payable only "If you or we cancel your policy within the 14 day cooling off period of the first period of your cover".

Reading the two together seems to me to confirm what I think I was told.

(The Agreement also lists a £35 fee payable "If you or we cancel your policy in subsequent periods of cover" but if that applies during the first 14 days of a renewal period it's hard to square that with the agent's statement that cancelation would be "penalty free")

dunstonh

Irrespective of the fee, you do still pay the premium for time on cover.

faddy

dunstonh wrote: »

Irrespective of the fee, you do still pay the premium for time on cover.

"we will refund the premium you have paid, less the administration fee that applies."

If the refund is actually the premium paid less an amount for the period on cover, don't they need to say that here?

faddy

I've just spoken again to esure who have confirmed that it's exactly as I'd understood - I would get back 100% of the premium paid, with no fee charged.

dunstonh

That is very unusual. The norm is admin fee and time on cover.

Don't expect free cover from others. esure is unusual here.

Quentin

So

dunstonh wrote: »

That is very unusual. The norm is admin fee and time on cover.

Don't expect free cover from others. esure is unusual here.

No chance of you apologizing for your incorrect answers to the OP in
all your authoritative yet I'll informed posts?!

Have the decency to stand corrected!