Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • p85ki
    • By p85ki 13th Oct 18, 3:26 PM
    • 47Posts
    • 14Thanks
    p85ki
    Query around fees: Tesco Bank: Cancelling insurance due to selling vehicle
    • #1
    • 13th Oct 18, 3:26 PM
    Query around fees: Tesco Bank: Cancelling insurance due to selling vehicle 13th Oct 18 at 3:26 PM
    Hi there,

    I have been trying to find an associated topic around this and wandering if anyone has had experience in this.
    I've broke it down below of my understanding.


    1) I've sold my car and have a much smaller vehicle (from a 2litre vehicle down to a 1litre vehicle) and half the body of the vehicle.
    2) When I do a price comparison everywhere, my new vehicle is 180 - 200.
    3) To upgrade with my current insurance company (which use a broker) is 360
    4) To go direct to the brokers of my insurance company it's 190
    5) If I cancel my insurance, it will cost me the admin fee, plus the rest of my legal protection and another fee which comes up to around 120.

    When I've disputed how they can justify the costs between point 2,3 and 4 they have said it's down to my policy summary???

    Now what I don't quite understand is how do they get those prices go sky rocket. I've ticked everything possible on the front end of what I can see and still can't get the 360 figure...

    I'd accept slight bumps in prices... but this is beyond ridiculous.

    Also, I have tried to find within my policy at what costs I will need to pay and cannot find anything outlined to anything similar to "When selling a vehicle or no longer having a vehicle".

    I am currently awaiting for them to point me to my T&C (as I have read it a few times but cannot find the costs at all). Currently, they are unable to point this to me (not sure why which makes it even more suspicious). Only when they tell me what the costs are, but not what I've signed or agreed.

    Has anyone else experienced this? If so, what was your outcome? I'm planning to challenge this all the way, as I feel I'm being penalized for selling a vehicle. I'm happy to pay the fee if I can find the wording which I signed and agreed, but they cannot point me to a website if my policy does not tell me to go to the website to look at the T&C (as I have all the PDF they have provided me as part of my motor legal policy).

    Many thanks
    Last edited by p85ki; 13-10-2018 at 3:29 PM.
Page 1
    • forgotmyname
    • By forgotmyname 13th Oct 18, 4:03 PM
    • 27,784 Posts
    • 11,272 Thanks
    forgotmyname
    • #2
    • 13th Oct 18, 4:03 PM
    • #2
    • 13th Oct 18, 4:03 PM
    Just because its a smaller engine does not mean its cheaper to insure. I had a 2.5L V6 large petrol car that was hundreds cheaper to insure than a 1.6L medium hatchback.

    Price comparisons 180 to 200?? Are you sure thats all you get and not scroll down to find companies that want thousands of pounds?

    Direct to the brokers? If your using a broker then they need to make money also.

    How can they justify the costs, easy your creating work for them and changing the contract.

    Your new car is a higher risk because its new to you. Spotted this recently that owning my car for 3 years knocked 50 off quotes.
    Punctuation, Spelling and Grammar will be used sparingly. Due to rising costs of inflation.

    My contribution to MSE. Other contributions will only be used if they cost me nothing.

    Due to me being a tight git.
    • EdGasketTheSecond
    • By EdGasketTheSecond 13th Oct 18, 4:30 PM
    • 764 Posts
    • 406 Thanks
    EdGasketTheSecond
    • #3
    • 13th Oct 18, 4:30 PM
    • #3
    • 13th Oct 18, 4:30 PM
    It is a rip off. Complain all the way to the ombudsman. Good luck
    • p85ki
    • By p85ki 14th Oct 18, 5:45 AM
    • 47 Posts
    • 14 Thanks
    p85ki
    • #4
    • 14th Oct 18, 5:45 AM
    • #4
    • 14th Oct 18, 5:45 AM
    Price comparisons 180 to 200?? Are you sure thats all you get and not scroll down to find companies that want thousands of pounds?
    Originally posted by forgotmyname
    Essentially all i care about when doing a price quote are:

    1) My insurance company and
    2) My underwritters

    If they are miles away vs my 'upgrade' value then I am enquiring to why. I'd accept a slight difference in cost but I am not working on assumptions.

    Direct to the brokers? If you're using a broker then they need to make money also.

    How can they justify the costs, easy your creating work for them and changing the contract.
    My T&C does not state any of the above as facts so that is an (educated) assumption.
    That is the difference of what I have signed and what they will tell you to why it will cost X amount of money. That is also the difference in what you pay.

    If the above is true (thats in my contract), then fine, I'm asking them to show me in the contract either my fees or what I have to pay.

    Currently I've been waiting 15 days for them to show me this. If it was as simple as what you say then this would have been resolved quite swiftly (which is making me suspicious).
    • Quentin
    • By Quentin 14th Oct 18, 2:22 PM
    • 37,526 Posts
    • 21,736 Thanks
    Quentin
    • #5
    • 14th Oct 18, 2:22 PM
    • #5
    • 14th Oct 18, 2:22 PM
    You are the one wanting to change the goalposts


    The original premium was based on you keeping the policy unchanged for 12 months


    They don't have to justify the cost of adjusting the cover mid term


    The policy docs will set out what is involved if you cancel mid term (ie a cancellation fee to be paid as well as no refund for any addons you bought etc)
    • EdGasketTheSecond
    • By EdGasketTheSecond 14th Oct 18, 9:00 PM
    • 764 Posts
    • 406 Thanks
    EdGasketTheSecond
    • #6
    • 14th Oct 18, 9:00 PM
    • #6
    • 14th Oct 18, 9:00 PM
    They don't have to justify the cost of adjusting the cover mid term
    Originally posted by Quentin

    No, but they should not have carte-blanche to charge whatever they feel like; it should be a genuine adjustment at market rate. That is what the problem is, the insurer knows that it will be expensive to completely cancel the policy mid-term and so over-prices mid-term adjustments knowing that it will be costly (again due to their own fees) for the insured to go elsewhere.
    • anniecave
    • By anniecave 14th Oct 18, 9:18 PM
    • 2,246 Posts
    • 730 Thanks
    anniecave
    • #7
    • 14th Oct 18, 9:18 PM
    • #7
    • 14th Oct 18, 9:18 PM
    When I was planning to move house just after my car insurance was due for renewal I did multiple quotes checking the potential prices with different insurers both at old address and new address and factoring in the admin fees.
    The downside of using broker providers are that there will be higher fees for any changes needed to a policy. That's the way the system works!
    Indecision is the key to flexibility.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,882Posts Today

9,248Users online

Martin's Twitter