The Great 'Car Insurance Cancellation & Administration Fee' Hunt

walshy.walsh

SURELY, they must document this in the agreement???

walshy.walsh

also, it wasnt a short term need, she was quite prepared to just transfer the policy to her new vehicle, BUT they wanted £100 just fotrb that privelege!

dunstonh

walshy.walsh wrote: »

also, it wasnt a short term need, she was quite prepared to just transfer the policy to her new vehicle, BUT they wanted £100 just fotrb that privelege!

That doesnt matter. She chose to cancel rather than amend. It was the wrong option.

walshy.walsh

NO, she chose originally to amend, even though she would be paying A LOT more than other quotes. but when they wanted £100 as well as a high premium, it just wasnt worth it. add to that the fact that she was on hold for 40 mins, and you get the picture?? what happened if she needed to claim?? 40 hrs??

walshy.walsh

p.s i take it you work for an insurance company??

dunstonh

walshy.walsh wrote: »

p.s i take it you work for an insurance company??

No I do not. I am objective to what has happened but you appear to be emotionally attached to it and that is removing your objectivity.

she chose originally to amend, even though she would be paying A LOT more than other quotes. but when they wanted £100 as well as a high premium, it just wasnt worth it.

However, she ended up paying more because cancellation during the policy year is not something you should do unless you are sure you will save money. Most times you will not.

She made a bad decision by choosing to cancel without being aware of the consequences. A broker would have made her aware of this but if you dont use one then you have to be aware based on your own research. You take on that responsibility.

gerardflanagan

I just need coverage until 7th September. Should I just buy an annual policy and cancel in September, accepting the cancellation charge?

Am I right in thinking the admin fee listed in this thread relates to the fee when you buy your policy?

anniecave

admin fee is the fee if you need to make a change to your policy (such as change your address, car or other relevant details). The fee is charged in addition to the change in the premium. If the premium is more (for example if you move to a higher risk area) then you pay the admin fee plus the extra premium. If the premium is less (such as when I moved house last year) then the admin fee is offset against the reduction so you get a lesser amount back.

anniecave

the link to the tesco policy no longer seems to work (since tesco changed their website I think) and I can't find any figures in the policy when I find it. Has anyone got a policy with them that they can check?

gerardflanagan

Thanks for the reply.

So should I just get an annual policy and cancel it in September rather than a monthly one?