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    • Troy_af
    • By Troy_af 9th Apr 18, 8:53 PM
    • 1Posts
    • 0Thanks
    Will I have to pay a cancellation fee for not renewing?
    • #1
    • 9th Apr 18, 8:53 PM
    Will I have to pay a cancellation fee for not renewing? 9th Apr 18 at 8:53 PM
    My car insurance is up for renewal in a few weeks and Iíve already got an email giving me a renewal price, also saying it will automatically be renewed and payment will automatically be taken. I pay annually and therefore didnít expect them to just roll over into the renewal automatically, I donít remember being informed about this but Iím sure it was in some small print somewhere. They have already issued my online policy documents.

    Anyway the price theyíre quoting is a few hundred quid more expensive than what Iíve been quoted elsewhere.. Iíll be phoning them up tomorrow to inform them that I wonít be renewing. What I am wondering is should I be expected to pay a cancellation fee, even though this isnít really a cancellation, itís just me deciding not to renew? Iím asking for advice here because to be honest regardless of whether or not I should pay I fully expect them to try and charge me either way and I would just like to know where I stand ?

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    • dunstonh
    • By dunstonh 9th Apr 18, 9:29 PM
    • 94,589 Posts
    • 62,571 Thanks
    • #2
    • 9th Apr 18, 9:29 PM
    • #2
    • 9th Apr 18, 9:29 PM
    You are not cancelling the policy. Renewal and cancel are two different things.

    You say you do not wish to renew the policy. You must not say you want to cancel the policy.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Superscrooge
    • By Superscrooge 10th Apr 18, 7:41 AM
    • 1,089 Posts
    • 786 Thanks
    • #3
    • 10th Apr 18, 7:41 AM
    • #3
    • 10th Apr 18, 7:41 AM
    As long as you tell them you do not wish to renew the policy before your current policy expires, there will be no cancellation fees.
    • radoslaff
    • By radoslaff 10th Apr 18, 8:59 AM
    • 121 Posts
    • 40 Thanks
    • #4
    • 10th Apr 18, 8:59 AM
    • #4
    • 10th Apr 18, 8:59 AM
    When phoning them you can first try to ask them if they can match the quotations you already have. There is a very slight chance for this to happen, but you never know. And if they decline your request just tell them that YOU DON'T WANT TO RENEW. Good luck.
    The journey of a thousand miles begins with one step.
    • Clifford_Pope
    • By Clifford_Pope 10th Apr 18, 10:16 AM
    • 3,725 Posts
    • 3,966 Thanks
    • #5
    • 10th Apr 18, 10:16 AM
    • #5
    • 10th Apr 18, 10:16 AM
    Watch your accounts like a hawk to make sure they don't still take the money. Better still, cancel the payment authority in advance.

    I know that's easier said than done. Lloyds tell me that's not possible online, annoyingly.
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