Pet insurance refund

amaranthus

I received a letter out of the blue from my former pet insurer (I cancelled the policy for a cheaper one in April) last week. They said they owed me a refund:

Due to a technical error, we made a mistake when we updated the address where your pet lives, and you were charged more than you should have been. We’re very sorry about this. We’re sending you a refund with compensatory interest.

Payment: £378.05
8% compensatory interest: £95.98
20% we have to pay to HMRC: £19.19
Total you’ll receive: £455.84

It’s completely legit and I’ve already had the money paid into my account, but wondered if anyone else had had something like this before? Have the FCA been cracking down on something recently? I’m a bit bemused as I’ve had my current postcode for coming up on 6 years, and the amount of the payment and interest suggests an error made some time ago.

DullGreyGuy

FCA is forever reviewing matters but it also encourages companies to be proactive and so if they find there is a problem they are required to redress customers and not just brush it under the carpet. Senior Managers have been personally fined six figure sums and barred from ever having a leadership role in financial services since SM&CR came into effect. 

35har1old

amaranthus said:

I received a letter out of the blue from my former pet insurer (I cancelled the policy for a cheaper one in April) last week. They said they owed me a refund:

Due to a technical error, we made a mistake when we updated the address where your pet lives, and you were charged more than you should have been. We’re very sorry about this. We’re sending you a refund with compensatory interest.

Payment: £378.05
8% compensatory interest: £95.98
20% we have to pay to HMRC: £19.19
Total you’ll receive: £455.84

It’s completely legit and I’ve already had the money paid into my account, but wondered if anyone else had had something like this before? Have the FCA been cracking down on something recently? I’m a bit bemused as I’ve had my current postcode for coming up on 6 years, and the amount of the payment and interest suggests an error made some time ago.

You lucky being able to change provider must never have claimed I assume 

amaranthus

Oh, I’ve claimed. But every year when it came to renewal they kept jacking the price up more and more, so at renewal this year I finally decided to change to a different insurance provider. Went from Direct Line pet insurance to SpotOn pet insurance. 

DullGreyGuy

amaranthus said:

Oh, I’ve claimed. But every year when it came to renewal they kept jacking the price up more and more, so at renewal this year I finally decided to change to a different insurance provider. Went from Direct Line pet insurance to SpotOn pet insurance. 

You are presumably aware that anything you've claimed for before and related conditions will not be covered by your new insurer?

sheramber

DullGreyGuy said:

amaranthus said:

Oh, I’ve claimed. But every year when it came to renewal they kept jacking the price up more and more, so at renewal this year I finally decided to change to a different insurance provider. Went from Direct Line pet insurance to SpotOn pet insurance. 

You are presumably aware that anything you've claimed for before and related conditions will not be covered by your new insurer?

Spoton cover  pre existing conditions if no recurrence or treatment for 2 years.