Cooling off period

chewback
chewback Posts: 66 Forumite
First Anniversary Combo Breaker
in Insurance & life assurance
Does an insurer have to offer a cooling off period if I add a named driver to a policy?

My policy has been running for 2 months

Comments

  • rudekid48
    rudekid48 Posts: 2,382 Forumite
    First Post First Anniversary
    No. Only when you take out a new policy / renew an existing one.
    All matter is merely energy condensed to a slow vibration, we are all one consciousness experiencing itself subjectively, there is no such thing as death, life is only a dream, and we are the imagination of ourselves.
  • chewback
    chewback Posts: 66 Forumite
    First Anniversary Combo Breaker
    Thanks. If I were to add a named driver and then took them off after a month would I get a refund?
  • rudekid48
    rudekid48 Posts: 2,382 Forumite
    First Post First Anniversary
    Only your insurer can answer that, sorry.
    All matter is merely energy condensed to a slow vibration, we are all one consciousness experiencing itself subjectively, there is no such thing as death, life is only a dream, and we are the imagination of ourselves.
  • dunstonh
    dunstonh Posts: 116,252 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    The expectation of that scenario is that you would pay an admin fee for adding them and possibly an increased premium. Then when you take them off, you would pay another admin fee and a partial refund (not exactly pro-rata and may not be worth it).
    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.
  • Aretnap
    Aretnap Posts: 5,200 Forumite
    First Anniversary Name Dropper First Post
    If you only need to add a named driver for a limited period you can usually have them added as a temporary additional driver for a set period (a week, a month, whatever). That way you only pay one admin fee, nor do you have to pay the extra premium for the full year (assuming the extra driver increases your premium - it won't always do so).
  • forgotmyname
    forgotmyname Posts: 32,545 Forumite
    First Anniversary Name Dropper First Post
    Was the premium considerably more than the admin fees?
    Censorship Reigns Supreme in Troll City...

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