Admiral Insurance cancellation fee

bridiej

Phoned Admiral last Friday to cancel my car insurance, I paid in full when I took out the policy, and they said there is a £45 cancellation fee.

Unfortunately I have none of my "small print" paperwork with me as I'm now living out of a suitcase and just brought the bare minimum paperwork required.

Is this correct? Any why the charge, never had this from any other insurers!!!! :mad:

YorkshireBoy

I'm not sure about a £45 cancellation fee, but on every policy I've ever had there was a penalty for cancelling early.

This normally consisted of a refund of only 4 months if 6 months left to run, or 3 months if 5 months left to run etc.

The above applied even if you were paying by monthly direct debt.

Bossyboots

I have just checked the policy online and it says that the cancellation charges are set out on the back of your insurance certificate.

From this site and others I use, it is clear that this cancellation fee is now standard on most policies, if not all.

m00nie

cant you keep the policy open even though you wont be using it as not here, you have paid for the year so least saves paying the cancellation fee?

Vic_980

This happened to me last year, although it wasn't Admiral.

I called up to cancel my policy and they asked me for a £65 cancellation fee. I told them to get stuffed, and simply cancelled the Direct Debit.

They sent me several letters threatening me with solicitors etc. but they eventually wrote it off.

As you have paid up front you obviously can't do the same, but it's worth disputing the charge if it isn't clear in the paperwork for any reason.

bridiej

m00nie wrote:

cant you keep the policy open even though you wont be using it as not here, you have paid for the year so least saves paying the cancellation fee?

Well, I was hoping for some money to be refunded...

Bossyboots

bridiej wrote:

Well, I was hoping for some money to be refunded...

Any refund will be a decreasing proportion of what you paid. The longer you have had the policy the less you get back and towards the end that will be nothing. I checked out one insurer for someone else a while ago and they would get nothing back at all after nine months. There was also no refund in the first two months and then in between it was varying percentages plus the cancellation fee.

It is worth working out whether it is going to be of any benefit cancelling the policy and the figures should be on the back of the insurance certificate.