Squirming out of insurance

I took out some cas insurance, paid them 347 deposit over the phone. Then when the documents arrived they'd added on another 160 odd quid for the monthly payments, due to me being slack I rang them after 14 and a half days to cancel and was told as I was outside the 2 week cool period, I had to pay them an extra 243 cancellation charges. So I have effectively had to pay 600 pounds for less than 15 days insurance.

[L3nny]

I had the same when I bought my Fireblade. I renewed on the SV then 3 months later sold it and got the blade.

The underwriters I was with would not cover me with the Blade but the brokers were so keen to keep my business they did me a good deal with another underwriters and they waived the cancellation fees and I got 12 months insurance for the price of 9.

If they are brokers call them up ask to speak to a manager say you really like them and want to keep your business with them and they will probably give you a good deal.

Call the citizens advice bureau, there you will get proper advice for free. These things are so subject to individual T&C's that there's not likely to be anybody on here that really knows. There may be laws or regulator guidelines that contradict the T&C's.

Originally Posted by tactcom7

I took out some cas insurance, paid them 347 deposit over the phone. Then when the documents arrived they'd added on another 160 odd quid for the monthly payments, due to me being slack I rang them after 14 and a half days to cancel and was told as I was outside the 2 week cool period, I had to pay them an extra 243 cancellation charges. So I have effectively had to pay 600 pounds for less than 15 days insurance.

Surely would have been better off just keeping the policy and paying ~£500 for a year? If they told you the amount you paid on the phone was a "deposit" were you not expecting to have to pay a balance? How much did you then pay to another insurance company for the rest of the year?

It seems a lot of insurance companies who are having their margins squeezed by comparison sites are resorting to punitive tactics to try and lock you into a policy. As a general rule of thumb I make sure I read the whole policy (boring I know) and all the potential cancelation charges before taking the policy out. Our you could ring them and ask the pertinent questions about termination charges, changes to the policy, admin fees and the like. Make sure before you buy seems to be the way forward.

I don't know about you all but I feel that most insurance companies are 'snakes in the grass'. Not to be trusted. It worries me that if they are doing this sort of stuff up front when you buy, what are they going to be like when you have to make a claim?

[Biker Biggles]

Originally Posted by Scrawf

It seems a lot of insurance companies who are having their margins squeezed by comparison sites are resorting to punitive tactics to try and lock you into a policy. As a general rule of thumb I make sure I read the whole policy (boring I know) and all the potential cancelation charges before taking the policy out. Our you could ring them and ask the pertinent questions about termination charges, changes to the policy, admin fees and the like. Make sure before you buy seems to be the way forward.

I don't know about you all but I feel that most insurance companies are 'snakes in the grass'. Not to be trusted. It worries me that if they are doing this sort of stuff up front when you buy, what are they going to be like when you have to make a claim?

Too right.Anyone who changes their bike,or any other relevant factors during a 12 month policy is in for a stinging.Ultimately they will drive their customers away to the likes of Ebike and others who allow variations.

Originally Posted by -Ralph-

Surely would have been better off just keeping the policy and paying ~£500 for a year? If they told you the amount you paid on the phone was a "deposit" were you not expecting to have to pay a balance? How much did you then pay to another insurance company for the rest of the year?

They quoted me originally £1350 for the year, so I accepted, then they rang back ten minutes later and said it would be £1500, so I said fair enough and paid the £347 deposit. Then when my documents arrived the total cost was in the region of £1650 because of the extra payments due to the finance.
I wasn't told this figure on the phone, only the £1500 amount.

So I tried cancelling and was told as I was into my 15th day I couldn't basically. So it cost me £600 roughly (450 goes to the insurers as they demand 30% of the policy upon cancelltion and the other £150 goes to the brokers towards there fees! what a bloody rip off. Even after I said i'd continue with te policy they said I couldnt because i'd already cancelled i and it couldn't be restarted.

gutted.

Edit, haven't bothered re-insuring it, can't afford it.