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Cancelling insurance and fees

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Faldo
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Joined: 05 Aug 2007
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PostPosted: 09:51 - 18 Mar 2017    Post subject: Cancelling insurance and fees Reply with quote
I'm buying a new bike next weekend and have just called my insurers (H&R), who (surprisingly Rolling Eyes ) offered a very uncompetitive quote to change. So I asked to cancel the policy. I think the whole policy was only about £100, I pay monthly, but she said as the policy is over 6 months old I'd have to give them £56.00.

Basically, once the policy has gone past 6 months you have to pay for the full year. Is that even legal?

I'd of told them to fuck off and cancelled the D/D, but they are currently holding my 6 years NCB.

Anybody had similar or know of the legalities?
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Polarbear
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Joined: 24 Feb 2007
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PostPosted: 10:11 - 18 Mar 2017    Post subject: Reply with quote
As has been said many times before...

You are not paying the insurance company for monthly insurance. You have taken out a loan to pay the insurance company the full amount. You are now paying pack a loan.

Do not stop your DD or you will be fucked with your credit rating.. Oh, too late. Rolling Eyes

Why someone gets monthly payments for £100 I cannot imagine. Borrow off your parents, girlfriend or dog, but don't get a loan for £100.
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Ben90
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Joined: 06 Feb 2014
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PostPosted: 10:20 - 18 Mar 2017    Post subject: Re: Cancelling insurance and fees Reply with quote
Faldo wrote:
Is that even legal?


Yes.

The schedule of refund payments (or lack thereof) will be in your T&Cs which you agreed to by taking out the policy. They often charge a £50 admin fee for such cancellations which is likely what you're actually coughing up for.

For the sake of a £100 premium why did you not pay it in a oner? They're known to charge up to 50% APR for 'easy monthly payments' and it wouldn't have put you in any worse a position for refunds since if you paid it all up front they'd have just called it quits and ended the policy rather than getting you to pay the other half now. Hell, even putting it on a credit card is better.

It won't do your credit history any good by stopping payments, since by paying monthly you agreed to a high-interest loan which you're paying a finance company for. Inb4 backdoors smashed in etc.

Edit: What polarbear said.
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Last edited by Ben90 on 10:55 - 18 Mar 2017; edited 1 time in total
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Pjay
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Joined: 18 Jan 2016
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PostPosted: 10:42 - 18 Mar 2017    Post subject: Re: Cancelling insurance and fees Reply with quote
Faldo wrote:
I'd of told them to fuck off and cancelled the D/D, but they are currently holding my 6 years NCB.


Your NCB proof from your previous insurer would be fine, as it would be for the same time as your current insurer wouldn't yet add to the 6 years.
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Rogerborg
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Joined: 26 Oct 2010
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PostPosted: 10:55 - 18 Mar 2017    Post subject: Re: Cancelling insurance and fees Reply with quote
allah wept, this again?


Faldo wrote:
Basically, once the policy has gone past 6 months you have to pay for the full year.

No, the moment you take out the policy, someone has to pay the underwriter for the whole year.

It could have been you for £100, but you chose to let your broker or some other 3rd party extended you a loan to pay for a full year's policy from the underwriter, doubtless at some usurious rate of interest.

They have already paid that out in full and you now owe them it (plus interest) irrespective of whether the policy is still running. If the underwriter refunds anything part way through (and nothing requires them to do so past the statutory cooling off period) then they'll deduct it from what you owe.

This is how it works. This is how it's always worked. I am sorry that you misunderstood the situation, and I think it should be explained clearly up front in BIG PRINT because it clearly isn't obvious from the number of people that get caught out by it, but they are in the right here.

A debt is owed, they can collect it.
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arry
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Joined: 03 Jan 2009
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PostPosted: 11:30 - 18 Mar 2017    Post subject: Reply with quote
Your last renewal notice has your NCD on it.
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Suntan Sid
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Joined: 07 May 2009
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PostPosted: 12:17 - 18 Mar 2017    Post subject: Reply with quote
arry wrote:
Your last renewal notice has your NCD on it.


Not necessarily!
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arry
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Joined: 03 Jan 2009
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PostPosted: 12:30 - 18 Mar 2017    Post subject: Reply with quote
More often than not, then.
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iooi
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Joined: 14 Jan 2007
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PostPosted: 20:23 - 18 Mar 2017    Post subject: Re: Cancelling insurance and fees Reply with quote
Faldo wrote:


I'd of told them to fuck off and cancelled the D/D, but they are currently holding my 6 years NCB.

Anybody had similar or know of the legalities?


100% legal... As its a loan.
Better check the T/C as many companies have something like a £20 charge for a bounced DD....
You may also find that after a couple of bounced DD's that they revoke the policy...

Cue lube up time for the rest of you life on every insurance policy, as they always ask "Have you every had a policy cancelled or revoked" Laughing

Time to swallow pride reinstate the DD and let it run or pay off..
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Old Thread Alert!

The last post was made 8 years, 288 days ago. Instead of replying here, would creating a new thread be more useful?
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