Insurance Policy Cancellation Minefield

[gtd2000]

Although it seems ridiculous to charge a fee for minor changes to a policy, I feel that this was justified to an extent when everything was done manually on paper.

 

These days, when you can normally manage your whole policy online it's surely a matter of time before certain changes become no charge items.

 

My basic outlook is that when I take out an insurance policy I'm committed for a year - and if I cancel/change before that term ends, then I'm going to get fucked!

[Father Ted]

^^^

Yup, rather than get dry bummed £25 to change my number plate I have expressly saved putting it on the car til the insurance was due for a change over. I'll "get the tax & log book" back from the DVLA the day before its due to swap to the new company.

[Tartan58]

I could easily add to the various moans but not really got anything that's not already been said.

 

In terms of being shafted by interest rates if you pay monthly what I do is pay it up front on an interest free credit card (very easy to come by these days, just make sure you pay off before the interest free period runs out then take out a fresh one for the next 12 months) then you can manage the payments yourself with no interest independently of the insurance company. Obviously you have to be able to manage your debt blah blah and make sure you do pay it off.

[Pete-M]

The comedy thing about credit hire companies is that they charge rates which are set by the insurance companies.

 

If they try to charge less, they have problems getting paid because they're not charging the "correct rate". The Ins. Companies set mentally high rates and the credit hire firms charge what they're told to.

 

Poor old Joe Bloggs who's had his car smashed into is in an awkward situation. If he toddles off to Avis and pays to hire a Mondeo or whatever he'll often have a nightmare trying to claim his money back. If he goes to an insurance approved credit hire firm it's insane money but he's not directly paying for it (until renewal day)

 

It's a disgrace, but there are that many solicitors out there who are involved any tightening of guidelines is pointless within a week or so.

[Volksy]

When changing the car, and not been given a competitive quote by my current insurer, ask them to requote with a new policy, they will often waive any canx fees on the old one as they (they think anyway) will be getting you signed up for a further twelve months of overpriced installments. Accept the new policy then cancel within the 14 day cooling off period, where they have to refund you any monies paid - but will charge pro rata for the day or so you've had the policy.

 

Simples!

[Luxobarges_Are_Us]

These days, when you can normally manage your whole policy online it's surely a matter of time before certain changes become no charge items.

 

Swiftcover say they don't charge you for changes made online. You only have to pay any difference in premium. Which always comes higher, even if buying a brand new Swiftcover policy with the new details would be cheaper than buying one with the old ones!

 

 

My basic outlook is that when I take out an insurance policy I'm committed for a year - and if I cancel/change before that term ends, then I'm going to get fucked!

 

^^ This ^^

 

My trade policy charges 100% of the premium for cancelling after, not 10 months, not half a year, but FOUR MONTHS!!! However, I am a pedantic sod and I was aware of the terms at the time of purchase. Still much better than paying money to Direct Liars!

 

By the way, buying insurance with direct debit is just idiotic. If you don't have the cash, just stick it on a credit card. This way:

i) you keep the insurance and finance separate (so they can't cancel your policy and leave you uninsured because of a cock-up at the bank), and

ii) you pay less as credit cards tend to have lower APRs in the first place.

[M'coli]

^^^Oh aye, simple enough to do when you own a credit card...

[CIH]

Some companies will "mirror" NCD, or give a decent introductionary discount in lieu of NCD, BTW.

 

Or just buy old motors insured as classics and never deal with NCD ever again. My habit of changing cars and taking breaks friom driving for months at a time means I've never had any NCD, despite one accident and one theft, in 10 years.

[Guest]

All I can 'add' is my agreement to the fact that as mentioned,our, as a nation's complacency, has let us be bummed.

£50 cash back in three months?

Harrass the fuckers on the phone? TICK

Still no cheque?

Pop in their office and refure to move til you have the money! FCUK YES!!!

Fuck 'em I was bored/it was raining/ I just like being a cunt

 

My staff will sit and moan.

so we have a meeting.

say what you want.

go on.

we need input.

not a dickie bird.

silence.

walk out of meeting.

all the chatter starts.

FUCK ME GENTLY!! NO ONE WILL DO A THING UNLESS YOU KICK UP!

[Station]

More Than don't charge a cancellation fee, or didn't last year, they probably do now. I was surprised when I queried about cancelling.

I've been dumped with cancellation charges, but I haven't paid any. It just means I can't use Admiral/IBuyEco/Direct Line again. Plus I won't be able to apply forcredit for a TV at Dixons.

 

 

How much of the percentage of insurance company's huge profits need to be lost through whiplash claims so it can justify increasing the amount they charge for insurance by 100 - 400% over a half a decade? Insurance is the biggest grossing industry.

 

I hope this Jack Straw thing isn't just the usual rhetoric, but looking at how they've pussyfooted around trying not to offend the bankers, there is no hope. Why don't these politicians do this type of thing when they're in the job?

[Luxobarges_Are_Us]

^^^Oh aye, simple enough to do when you own a credit card...

 

True, however I don't suppose getting a credit card requires superhuman powers. I got given one at 19, with my STUDENT ACCOUNT and without any previous credit history (as I had just moved from Greece). They didn't want to give me a debit card because of the 100 quid cheque guarantee, but a credit card was no problem!

 

I realise that getting one may be slightly more difficult after what's been going on in the past 2-3 years or if you have a seriously adverse credit history, but I would imagine that the vast majority of adults in the UK either have a credit card or could obtain one within days. And, as long as you're sensible using it, a credit card can be quite a useful thing.

[Father Ted]

Pah.

Back in the bad old days I had a credit card at 16. Christ knows how I got one but the Nat West would give me an Access card, but not a cheque guarantee card.

Does you do or does you dont do Access? Yes I fupping did, that and Britannia Records got me in all kinds of debt at 16!

[ashmicro]

Hughes Insurance (Northern Ireland) were GR32 when my Tucson was having immobiliser issues. The dealer lent me another Tucscon while they fixed mine, I got mine back and it went wrong again, I got another lend a car, and then got my own car back, fixed properly this time. Hughes would have been perfectly within their rights to admin charge for swapping my policy back and forth four times, but waived the charge each time.

 

When my mum damaged her Rover, and it came back from the approved repairers, it wasn't fixed properly (shite in the paint). I phoned Hughes, who gave the repairers a fucking rocket, dropped my mum off a brand new Ibiza to drive, and sent the Rover elsewhere to be repaired (came back great). No additional charges then either.

 

They did a direct debit thing where your monthly payment was 1/12th of the premium, and all they charged was a one-off £45 fee.

 

I changed from them as they couldn't cover the Porsche at a reasonable price, but I'd still recommend them.

[eddyramrod]

a story of insurance competence!

 

There's an insurer that does things right? How did that happen? Don't tell the industry or they'll force Hughes out of business!