Car insurance cancellation fees Robbery!

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  • lisyloo
    lisyloo Posts: 29,617 Forumite
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    And... while I'm asking, does adding more experienced drivers on the insurance of a less experienced driver reduce the premium as is commonly assumed?

    Normally yes.
    Although it would of course depend on their claims and convictions history.
  • aagill
    aagill Posts: 23 Forumite
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    My insurer wants to charge me around 180 quid

    25 cancellation fee- OK
    15 windscreen cover which was extra - fair enough
    20 legal cover which was extra-fair enough
    50 for 30 days notice insurance cover -tough

    arorund 60 for their "commmision which is not refundable"??? :mad::mad::mad:
  • dunstonh
    dunstonh Posts: 116,389 Forumite
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    arorund 60 for their "commmision which is not refundable"??? :mad::mad::mad:

    They have done the work whether you go 10 days, 60 days or 365 days. Moving to explicit charges like this is the way the FSA like it, even though for some people you can end up financially worse off than the old way.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • aagill
    aagill Posts: 23 Forumite
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    'Some' people?
    Are there any exceptions?

    They got the premium paid for more month that they actually cover, so no risk or them
    They got 31% APR for paying monthly
    They got cancellation fee

    Seems like loosing customers is more profitable for insurers than keeping them
  • dunstonh
    dunstonh Posts: 116,389 Forumite
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    They got the premium paid for more month that they actually cover, so no risk or them

    Who are you referring to as "they". I read your post as the broker charging £60 (As you mentioned commission).

    The broker doesnt get any of the premium or the APR on the finance agreement or the cancellation charge. The insurance company and the finance company get those bits.

    Who is insurer and broker?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • aagill
    aagill Posts: 23 Forumite
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    Ednsleigh is a 'broker'
    Zurich is an 'insurer'

    Endsleigh is owned 100% by Zurich

    What a coincidence :D
  • yogi_brrr
    yogi_brrr Posts: 83 Forumite
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    my cancellation fee is £75...
  • yogi_brrr
    yogi_brrr Posts: 83 Forumite
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    sylviad wrote: »
    Hello! Can anyone tell me if is right for the insurance company to charge me 30£ cancellation fee if I bought the policy from the Internet 5 days ago and I paid it in full ( £365 )?
    Sylviad, I think you are allowed 14 days colling off period. Maybe someone can correct me if Im wrong. Check the ts and cs
  • dogbot
    dogbot Posts: 1,062 Forumite
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    yogi_brrr wrote: »
    Sylviad, I think you are allowed 14 days colling off period. Maybe someone can correct me if Im wrong. Check the ts and cs


    Yes you do have a 14 day cooling off period, but a cancelation charge can still be levied to cover the costs.
  • aagill
    aagill Posts: 23 Forumite
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    aagill wrote: »
    My insurer wants to charge me around 180 quid

    25 cancellation fee- OK
    15 windscreen cover which was extra - fair enough
    20 legal cover which was extra-fair enough
    50 for 30 days notice insurance cover -tough

    arorund 60 for their "commmision which is not refundable"??? :mad::mad::mad:

    Update

    Paid
    A week later received a letter demanding further 103 quid due to 'calculation error' :wall::wall::wall:
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