Does anybody know for sure if there is a legal "cooling off" period for insurance policies (like you get with credit cards/loans etc) where you can cancel the agreement within a certain ammount of time without cost?

 

Took out a polocy for £1500 yesterday, but on the recommendation of firebond on here got it down to £1082....

Does anybody know for sure if there is a legal "cooling off" period for insurance policies (like you get with credit cards/loans etc) where you can cancel the agreement within a certain ammount of time without cost?

 

Took out a polocy for £1500 yesterday, but on the recommendation of firebond on here got it down to £1082....

 

yeah there is, i think a 14 day period but you better phone them to check, as they will charge you for every days cover they have for you. :eek:

cool thank you!

 

just found this actually

 

http://www.moneyworld.co.uk/glossary/gl00790.htm

 

more geared towards investments and financial products but as all insureres are regulated by the FSA fingers crossed it applies! result! :hyper: stick it up your arse mr expensive insurance company!

Yep, 14 days. You cancel within that timeframe without paying a penny.

Glad you found a cheaper deal mate.

 

Cancel that other one. Good luck

 

Chris

Bit of a sore point for me this one....

 

In january i got a quote from "A-Quote Insurance" and it was £400 cheaper than my current insurers.

Obviously within a blink of an eye I switched policys/companys and thought "great" saved money.

 

Problem was though that when all the forms came through I noticed that they hadn't stated all my or any of my declared mods on the forms :eek:

And they had listed it as in a garage and I specifically stated I dont have one.

Also...no mention of import.

there were several other small details they managed to fook up like my name and so forth but when I phoned them to let them know that I wanted these items corrected and printed on the forms they said

"cant do that sir...the policy has already been issued".

"We can make a note on the computer and that will be sent to our insurers".

 

They use "Norwich Union Direct" as a insurer/underwritter and so I thought that I would investigate myself.

 

I phoned up N U Direct and they said that they had no records of these ammendments anywhere and so the policy is technically void.

 

Anyway...about 16 phonecalls later and spilt blood I was none the better off and still technically not insured.

 

I wrote to the insurance company "A-Quote" to cancel the policy within the 14 day period and was sent out another form to fill in as to why I wanted to cancel the policy.

 

I wrote...."unable to provide the service which I had Payed for and was told I would receive"

 

I then get a phone call from the company asking me to pay £150 ontop of what they had already taken as a deposit (£250) to cover my cancellation as this was there so called "pro Rata" system and I will have to pay.

 

Absoloutly gobsmacked i asked to speak to the manager and was put throught to the assistant manager....

She was determined that they had been able to give me my insurance cover correctly now (if a little late) and tried to make me stay.

I refused as judging by the service so far I wouldnt trust them with a bargepole let alone my car.

 

So she said I would have to pay the money as a settlment figure.

She said its to cover the addministration costs and the days of insurance that I had.

I was only insured for about 7days and said that £400 is too much for 7days cover but she still insisted I would have to pay.

 

About 15minutes later (still on the phone) my eyes caught a glimpse of the terms and conditions of the policy and noticed this clause"If you do not agree to the terms and conditions then you have a right to cancel within 14days for a refund"

 

So I stated to her that I do not agree to the terms and conditions of this policy and she ummed and rrrrrrddddd and eventually said that she would speak to her manager and see what she could do.

 

Anyhow,,,she phoned me back later to say that I will not have to pay the extra £150 but they will keep the £250 deposit I had made.

 

I thought id better quit whilst i was ahead and take my money n run.

 

Basically...Should I not of had to of payed any money at all apart from what insurance cover I had for the 7days which would not of been £250 worth as the total for the year was £1600???

 

So i have now gone back to PRIVELEGE whos customer service is secound to none and a reputable company who do not charge for cancellations and list all the details regarding modifications etc etc

 

What was meant to of saved me money has ended up costing me £250.

 

This happened in january so do i have any way of going back to the company and demanding my money back or is this best left aloneand learn from the experience??

 

 

Fook....did I write all that...sorry if you read it all :slap:

 

Anyone???

it's worth a try mate as if it say's in the policy that you have a 14 day time scale to canncel then canncel you can just, paying the few days cover that you have the insurance. £250 is alot to just write off.

I work for an Insurance firm, and yup, if you are regulated by the FSA (which they will be) you have a 14 day cooling off period.

 

Well done on getting a better deal ;)

Does this mean I might be able to get some more doller back then?

 

Will I have to go through a third party as the insurance company didnt want to know last time so they will be sure to shunt me again....short of shouting on the phone which gets you no where who/what do I have to do next??

 

Trading standards?...althought they will only give me advice and not actually act on my behalf...

 

I still have the documentation as I took copys coz I thought they were a bit sus.

 

I forgot to mention that they convieniently lost my first cancellation form and so I had to send another (by recorded delivery this time) and so they couldnt get away with that again.

 

Thanks

I work for an Insurance firm, and yup, if you are regulated by the FSA (which they will be) you have a 14 day cooling off period.

 

Well done on getting a better deal ;)

 

sounds like im sorted then, I faxed them earlier to confirm I wanted to cancel the policy before the cover had started so hopefully I will get the £500 deposit I put down back in full.

 

if they try to keep it Im sure threating complaints to the FSA will put the willies up em (so the speak..) :)

If you want to push them you can either complain to the FSA or go to the Citizens Advice Beaureu. Not saying you don't have a chance, but as you've already accepted their offer you might have a bit of bother. But talking to these bodies is free, so you have nothing to lose other than the time on the phone call...

 

Let us know how you get on mate

sounds like im sorted then, I faxed them earlier to confirm I wanted to cancel the policy before the cover had started so hopefully I will get the £500 deposit I put down back in full.

 

if they try to keep it Im sure threating complaints to the FSA will put the willies up em (so the speak..) :)

 

Yup, we FEAR the FSA lol

 

I tell you what though, it's definately sorting the cowboy companies out from our point of view, you have to do everything by the book now, if you don't it's game over...

Does this mean I might be able to get some more doller back then?

 

Will I have to go through a third party as the insurance company didnt want to know last time so they will be sure to shunt me again....short of shouting on the phone which gets you no where who/what do I have to do next??

 

Trading standards?...althought they will only give me advice and not actually act on my behalf...

 

I still have the documentation as I took copys coz I thought they were a bit sus.

 

I forgot to mention that they convieniently lost my first cancellation form and so I had to send another (by recorded delivery this time) and so they couldnt get away with that again.

 

Thanks

 

You Need TRUNKMONKEY mate.

 

All the best

 

Chris

pmsl :rofl:

 

Yup he'd sort them out good and proper

If you want to push them you can either complain to the FSA or go to the Citizens Advice Beaureu. Not saying you don't have a chance, but as you've already accepted their offer you might have a bit of bother. But talking to these bodies is free, so you have nothing to lose other than the time on the phone call...

 

Let us know how you get on mate

 

Whats the FSA then please??

any phone numbers or web addys?

You Need TRUNKMONKEY mate.

 

All the best

 

Chris

 

 

LOL...

 

whats TRUNKMONKEY then?

Thanks for the info chaps :hyper:

 

will get onto it asap

 

:bow: :bow: :bow: :bow:

http://www.fsa.gov.uk/ for all the info you'll need

 

and...

 

http://www.big-boys.com/articles/trunkmonkey.html

 

for all your Insurance employee bashing needs...

 

lol

Excellent

 

Thanks very much Kay :duffer:

No worries mate, give 'em hell :smash: