Insurance Cancellation - Where do I stand?

[Weedy]

Hey all,

I sold a bike this week and have just rung MCE Insurance to cancel my policy.

After being on hold for about 45 minutes, I finally got to speak to someone who took my details and put me on hold for another 20 minutes. When she came back to the phone, I was told that I will have to pay £120 to cancel the policy. When I asked why, I was just told that's the amount I need to pay.

Can anyone shed any light on where I stand with this and if I will have to pay the fee quoted?

Cheers
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<CBT passed 16th Sept 2007><Theory Test passed 11th Oct 2007><Practical Test passed 19th Apr 2008>
OWNED: 2008 Aprilia Pegaso Strada CURRENT: Bikeless :'(

[T0MMY]

Did you pay for the policy upfront or were you on installments?

[Minty]

Look at the T&C's in relation to cancellation. Percentage of premiums due are always at their greatest on a policy that is in it's first year of cover.

As much as it sucks, if it is in the T&C's and you signed up for it then it sounds like you need to lube up.
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My fingers smell of your mum.

[Weedy]

[LeanIt]

Can you transfer the policy?
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Life is like a shit sandwich. The more bread you have, the less shit you eat.

[Ste]

Paying by instalments means you've taken out a loan to cover the cost of the policy, so if you cancel the policy the finance company will still want paying.

You need to look at the t&c to see where you stand, but I expect you will have to pay a cancellation fee.

Depending on how long is left on the policy it might be cheaper to just continue the monthly payments rather than paying £120 to cancel it.

[Dazbo666]

[prawny1]

Do you know anyone with a bike off road that you can just swap the policy onto untill it runs out that way you still get your no claims bonus.

If you swap onto a lesser machine the payments may even decrease.

You won't be able to just continue paying the policy on the bike youve sold as it will cause trouble for the new owner something about two policies on one bike being a no no.
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hellkat wrote:

Some people are only alive cos its against the law to kill them.

[t121anf]

i know people disagree with this but you should have just left it running and got a years NCB

[bacon]

[Kwaks]

Cancellation

Once you have entered into this insurance contract with us, you are entitled to 14 days to decide whether you wish to proceed known as a "Cooling off Period", and this commences from either; the day of conclusion of the contract or the day on which you receive the full terms of the contract, detailing the full contractual terms, conditions and other information to the contract, whichever is later. A pro rata charge will be made for this period of cover by your insurer (unless otherwise specified in policy book) and MCE INSURANCE will also make a £30 charge to cover the administration costs of setting up and cancelling the policy. The certificate of insurance must be returned. Exclusions do apply please contact 0870 420 75 09 for further details.
You may cancel this insurance at any time by returning the Certificate of Insurance to us along with your instruction to cancel the insurance. Please be aware that cancellation refunds are not normally given after the event of a claim. If there has not been a claim in the current period of insurance a refund will be made in accordance with the scale of the policy book. If you are replacing the cancelled policy through MCE INSURANCE we will not make any charges, otherwise we make a minimum of £30 charge or an amount equal to the commission within the refund as this was earned for arranging the policy. We do not refund instalment, introducer or administration charges. Please note outside the cooling off period it is not possible to cancel Uninsured Loss, Personal Accident or Breakdown Recovery policies, these policies are non-cancellable and no refund of the premium will be made.
If you cancel your policy and you are paying your premium through MCE Premium Finance**, there may be a balance outstanding if you have not paid enough instalments to cover the cancellation charges as above. Should an amendment occur to the contract that results in a refund of premium, it is our standard practice to issue a credit note for the appropriate amount. Credit Notes will not be issued for refunds under £10.00

From reading that I cannot see why they are charging you 120 to cancel. Worst case scenario I can see is 30 qud. Me thinks they are taking the piss, remember terms and conditions work both ways. So no charge due to the finance, what does the policy book say about the refund due?
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Fallen Angel "Nae sniffing my seat now!!!!! "
www.cliqueycuntsmcc.co.uk
I AM NOT A FAST RIDER!!!!!!!!!

[fiery tupp]

[iooi]

[ZRX61]

Tell em to fuck off.
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They're not one night stands, they're auditions.