Card Protection payments

CapnK

Hi there, i'm generally new to posting on these forums so if I do anything I shouldn't be doing please give me a slight push in the right direction.

I've just got off the phone to my Credit Card Company (Halifax One if you're interested)... After paying off my monthly bill and the like I had a further question for them, the £7 pounds I pay a month for Payment Protection is quite frankly at the moment a waste of money.

I asked her that If I cancelled my payment protection now would the previous amounts i've been paying still cover me if I was to lose my job or could not pay for whatever i'm covered for. She said she was not 100% sure but she thinks I would not be covered, when I asked her if it basically meant that it was dead money that i'd been paying if I cancelled it she said "I think so, i'm not sure"

Is this right? I feel a bit ripped off at the moment. She said that I could ring the insurance company to find out but I thought instead of spending a large amount of time on the phone trying to find out I would ask here instead. If no joy then obviously I will have to contact the insurance company.

Thanks in advance

-CapnK

jonesMUFCforever

If you cancel the cover that's it - cover ceases and what you have paid in has been dead money.

You don't say why you think it is a rip off and why you are asking the question now when presumably it has appeared on how many previous statements??

stacey21_2

If you cancel your car insurance policy then right off your car - your not covered.

If you cancel your house insurance policy and you get burgled - your not covered.

If you cancel your mobile phone insurance and it gets stolen - your not covered..

Don't see why this should be any different.. All insurance is 'dead' money, I've spent nearly £3k on car insurance and never claimed - I'm not going to get that money back?

tom188

Insurance only pays out whilst the policy is in force.

Therefore you are no longer covered.

If you held car insurance 5 years ago but cancelled it 4 years ago, then crashed your car a year later could you imagine saying 'sorry officer i thought i should still be covered by my old insurance'. No.