Cancel insurance fee?

[prowler]

I took insurance out on a bike a few weeks ago, i was going to pay it monthly i paid the initial deposit but now i'v cancelled it and it's been over the 14 days cancellation period there wanting £135 off me, am i just going to have to pay this?

[jack_zxr400]

they charge like admin fee's on top of the cancellation fee so thats probably why its come out to that :/

dont think theres a way to get out of it though
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Previous Bike: ZXR 400
Current Bike: R6
Test Date: 8/8/2008-PASSED

[prowler]

I thought the admin fees were like £15 included in the initial deposit.. pfft greedy bastards, scum the lot of them.

[Chriss]

Which company is it?

You could just not pay and ignore them, there isn't a whole lot they can really do about it.

Oh, and they're not all scum, I refuse to use any company that uses 'admin' charges.
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TheShaggyDA: I've got 3 or 4 pairs that predate my wife, so at least 11.5 years old.

[prowler]

Aquote insurance, i don't mind paying for what i'v used 4 weeks cover, but 135 is taking the piss, they said if i don't pay they can contact a debt collecting agency and even take it to court.

[Matt06]

I was in a very similar situation with BikeSure in July.

I was about half way through my insurance period and wanted to cancel due to getting a new bike. I cancelled insurance before by contacting them and then cancelling the direct debit. No charges. This was with 1st Quote. BikeSure wanted me to pay £50ish to cover the remainder of the insurance. I also had to send my cover note back and the policy was cancelled. I think its ridiculous that I had to pay to cover the remainder of the policy but it was being cancelled. What was I supposed to be paying for?

I also had a letter about Debt Collection/Credit Rating etc. I just ended up paying it. It was almost worth the £50 just to not have to speak to them on the phone. £135 does seem rather high though.
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Current: MT-10, Bandit, Grom, GPZ500
Previous: YBR125, GSXR400, ZXR400, MT-03, NTV650, R6, z750, ZX6R, MT-09

[Kickstart]

Hi

What you have effectively done it agree to take out an insurance policy for X, and at the same time a loan to pay for it which will total X + a load more.

When you cancel it you are getting some percentage of X back (there will be a scale of what percentage you get back for how many months you have used) which is then then paid to the loan company, who will knock it off the debt but will no doubt add their own early payment fee.

Basic principle is OK, but £135 sounds excessive. Almost like they are trying to charge you the full interest on the loan for the year (which is dodgy under the consumer credit act).

All the best

Keith
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Traxpics, track day and racing photographs - Bimota Forum - Bike performance / thrust graphs for choosing gearing

[iooi]

Remember when you are paying monthly. You are taking out a loan. The Ins co/ broker get their cash and you then pay the lender back.
So simply stopping the DD is not a good option.


You need to get your policy doc and term and conditions out to see what charges they have listed for early cancellation.

[prowler]

I sent the policy details back so can't look what it says, just going to have to pay it never going to pay by monthly again.

[Matt06]

Depends on the company as to whether or not its a loan.

Like I said before, I cancelled my policy with 1st Quote and that was that. The Direct Debits were paid directly to them and not a finance company.
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Current: MT-10, Bandit, Grom, GPZ500
Previous: YBR125, GSXR400, ZXR400, MT-03, NTV650, R6, z750, ZX6R, MT-09

[Mystery]

Aquote are really bad they took like 75 off me for my scooter policy since they wouldn't change to my 125
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Carbon knuckles assure you maximum protect against debris and unfortunate accidents or if someone cuts you off, their side mirror.Mopeds are like chubby chicks.. they are really fun to ride until you're friends catch you on one