Insurance cancellation costs!!!!

Darth · World Chat Champion Joined: 15 Mar 2008 Karma :

WTF???!!!!!

Tried to get MCE to swap bikes on Saturday but they couldn't with out speaking to the underwriters- was going from TPFT to FC - said they would call back on Monday (which they didn't). Anyway - needed cover on new bike from Sunday so took out a new policy elsewhere and just called MCE to cancel my old policy today.

£89.89 to cancel! I nearly fucking choked! So i am basically paying the full policy despite only using 5 months. Are they allowed to do this?? Can i complain to anyone or do i just have to take it on the chin as i financed my policy over monthly payments?
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Harold_Shand wrote: I suppose it's like anything, you get your fingers burned when you start out, you learn from it and eventually become a complete arsehole about the whole thing.

dom141 · Renault 5 Driver Joined: 05 Sep 2009 Karma :

I suspect it will be printed somewhere in small print so you have no leg to stand on. They are ridiculous though, all they have to do is press a few buttons on the computer and it costs 90 quid?!!!

Ste · Not Work Safe Joined: 01 Sep 2002 Karma :

The reason it costs money despite it being a simple task is that insurance brokers and insurance companies are both businesses wanting to make money, they're not charities.

Darth · World Chat Champion Joined: 15 Mar 2008 Karma :

I was expecting a cancellation fee - just not the remainder of the policy. I know it will have been stated somewhere but damned if i can see it! I am annoyed Evil or Very Mad

Ah well, lesson learned i suppose!
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Harold_Shand wrote: I suppose it's like anything, you get your fingers burned when you start out, you learn from it and eventually become a complete arsehole about the whole thing.

Mystery · World Chat Champion Joined: 23 Jul 2009 Karma :

every company does it but 98 quid is steep mines is around 70 as well i think if i do cancel
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hmmmnz · Super Spammer Joined: 22 Aug 2006 Karma :

dont cancle it then, keep it going and earn the ncb at the end of it
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Darth · World Chat Champion Joined: 15 Mar 2008 Karma :

I considered that but just wanted an end to it. Would have cost me over £130 in the end that way too so even more expensive.
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Harold_Shand wrote: I suppose it's like anything, you get your fingers burned when you start out, you learn from it and eventually become a complete arsehole about the whole thing.

Feasty · World Chat Champion Joined: 01 Nov 2006 Karma :

R32, you've been a member of BCF for a while now - have you never seen threads before about insurance cancellation costs!? Confused

I'm just suprised you didn't already know this could happen as there have been a fair amount of posts from members who have had similar experiences...
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Previous: Aprilia Habana Retro 50cc (beauty), Yamaha SR125 (fell apart), Honda XR125 (nippy little commuter), Honda SLR650 (Geewhizz), Yamaha Diversion 900S (Smoooooth) written off courtesy of a stupid escaped horse.
(7 year gap), BMW F650 (Relaxing ride). Aprilia Caponord ETV1000 (Big and bold). Yamaha FZS600 (got me in trouble too quick!).
Current: Yamaha TDM 900 (Comfy, light but big, power when needed).

iooi · Super Spammer Joined: 14 Jan 2007 Karma :

Cigaro · World Chat Champion Joined: 28 Mar 2007 Karma :

I had this explained to me once by an insurance company. Basically most insurers are brokers, they'll have already paid the underwriter so they have to charge you a certain amount or they'll lose out.

Fair enough IMHO.

Ste · Not Work Safe Joined: 01 Sep 2002 Karma :

Wafer_Thin_Ham · Super Spammer Joined: 18 Nov 2005 Karma :

Been hit with "admin" charges myself before, but as Ste says, if you don't pay them it just ends up worse as they'll make the money elsewhere. ...
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iooi · Super Spammer Joined: 14 Jan 2007 Karma :

Darth · World Chat Champion Joined: 15 Mar 2008 Karma :

I had no qualms paying a cancellation fee, but a fair one! To continue my policy over the next 7 months would cost me £130ish but in those 7 months i was a liability which could potentially cost the company a huge amout of money in claims.

By taking myself out of the equation and therefore also any potential for loss to insurerers cost me £90. Cant see the logic.
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Harold_Shand wrote: I suppose it's like anything, you get your fingers burned when you start out, you learn from it and eventually become a complete arsehole about the whole thing.

Theoutsider · Scooby Slapper Joined: 03 Sep 2008 Karma :

well I have to say you are lucky! I payed for my NSR125 the deposit which was 200 quid(I said I have one year no claim bonus,which I should`ve received the letter from my other insurance company) than they asked for the letter,I never got the letter,I told them to change the policy to 0 years no claim bonus,I had to pay another 120 quid,been with them for 4 months,sold my bike,they took the montly payment in the day I canceled the policy which was 50 quid,they asked for another 25 quid to cancel the insurance so I lost arount 400 quid Thumbs Up

konsoli · Traffic Copper Joined: 24 Jul 2007 Karma :

I thought when you paid monthly they take 2 months worth plus more as a deposit and let you have the last 2 months free and if you cancel, obviously you don't get it?

Darth · World Chat Champion Joined: 15 Mar 2008 Karma :

Well she did say that they were paying £44.79 so guess i should be thankful! My monthly premium was about £23.
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Harold_Shand wrote: I suppose it's like anything, you get your fingers burned when you start out, you learn from it and eventually become a complete arsehole about the whole thing.

iooi · Super Spammer Joined: 14 Jan 2007 Karma :

Carl_steveo · World Chat Champion Joined: 23 Jun 2008 Karma :

I cancelled my insurance with MCE. The outstanding money owed to the broker was paid off by MCE from the money I hadn't claimed on. Then there was the £35 cancelation fee. I wasn't that bothered about the fee because they originally wanted me to pay 150 for the rest of the insurance.

The next day I got a letter from a debt collector asking for £55.55. I was thinking how come in one day it's gone from £35 quid to MCE to £55.55 to a debt collector.

I rang MCE and they didn't care so I rang the debt collector who said they didn't want my £55.55 and they would just take me to court and he then hung up.

So I thought from then on I will have to do everything by email so theres a record of it.. So I started to write an email to MCE but by the end of it I was a bit pissed off and the email ended up stupid. The email when finished included a picture of my dog and it was just concieted.

I got an email back the next day saying on this occasion they will accept £30 to end it all. Thumbs Up

I've gone off MCE they have given me nothing but abuse over the phone. They didn't have a set date for when the direct debit left my account so one month it was the 17th and the next the 30th.

One month there wasn't any money in because I had expected it to have been paid already. They sent a letter saying it will be taken out in 3 days. I rang up saying can you wait 5 days it would be financially better for me. The women then said no its coming out in 3 days whether you like it or not. So I said but I have no money till I get paid in 4 days. To which she replied well you obviously have other wise how do you afford to eat. Then asked me how much money I have in my pocket. They annoy me to funk.

I'm going to try somewhere else this time.
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Darth · World Chat Champion Joined: 15 Mar 2008 Karma :

sickpup · Old Timer Joined: 21 Apr 2004 Karma :

When you go for the cheapest quote this happens.

TJust renewed my Courier insurance with the usual company, they removed the ER-5 I no longer have which only saved £2 so they argued with the insurance company on my behalf and got me free protected no claims and some other money off. Cheapest is not best when it comes to service.

MattEMulsion · World Chat Champion Joined: 29 Aug 2004 Karma :

27cows · World Chat Champion Joined: 01 Nov 2009 Karma :

Insurance companies are the very spawn of Satan's foetid testicles Evil or Very Mad

I've never made a claim or had a claim made against me in 24 years on the road and the thieving pile of steaming excrement at Norwich Union still see fit to increase my premium every year Shocked

doggone · World Chat Champion Joined: 20 May 2004 Karma :

Bennets did this to me and the new policy was with them too but on changing bikes it had to be with a different insurer.
Only they didn't tell me that would happen, just sent a bill.
Had the most appalling blazing row with them I ever had on the phone about it.
Didn't help that the first communication I had about the charge was laced with threats of court action if not paid within days.
Clearly they are used to disputes about this charge.