Swinton motorcycle policy cancellation

Downthedrain

My wife has decided to give up riding her motorcycle and sold it yesterday, 28th September, then immediately notified Swinton to cancel the policy.

The policy started on 1st August and paid in full (£61.52).

Markerstudy the underwriter refunded £21.46 and Swinton charged £21.46 to cancel the policy.

The pro-rata used part of the insurance is 59 days which I calculate as £9.94. Swinton says no refund is due. This seems to be unfair - should she expect a refund of the unused part of the insurance minus the cancellation fee?

Mildly_Miffed

What does the policy paperwork say about cancellation?

But for a £60 annual premium? I'm utterly unsurprised it's almost all eaten up in fees.

GrumpyDil

Swintons are a broker. What do their T's and C's say about cancellation?

Then what does the insurance company's T's and C's say.

I suspect Swintons is >than the refund amount so they have just kept the refund rather than asking you to pay more to cancel the policy but the answer will be in the T's and C's

Hoenir

Downthedrain said:

The pro-rata used part of the insurance is 59 days which I calculate as £9.94. 

The insurance cover itself will only be a small element of the total premium paid. 

chrisw

The standard cancellation fee may be £25 or more. It's possible that Swinton have restricted it to the refund amount to keep things simple. I've had that in the past.

cw8825

Downthedrain said:

My wife has decided to give up riding her motorcycle and sold it yesterday, 28th September, then immediately notified Swinton to cancel the policy.

The policy started on 1st August and paid in full (£61.52).

Markerstudy the underwriter refunded £21.46 and Swinton charged £21.46 to cancel the policy.

The pro-rata used part of the insurance is 59 days which I calculate as £9.94. Swinton says no refund is due. This seems to be unfair - should she expect a refund of the unused part of the insurance minus the cancellation fee?

with a £61 premium via a broker its highly unlikely any refund would be due, which should have been explained at the point of cancellation

Markerstudy will have their own cancellation fee. 

The swinton cancellation fee is £40 - they dont want to charge you to cancel the policy so have retained the £21.46

 

Downthedrain

Looking again at the figures I see that £30 was the non-refundable broker fee to set up the policy and as Hoenir points out the insurance itself is a small amount.