14 Day Insurance Cancellation Terms?

[donsrno1]

Does anyone know much about your right to cancel insurance in the first 14 days of the policy? As far as I was aware you can cancel it for pretty much any reason in the first 14 days and you can get a full refund minus an admin fee? But I've just asked my insurance company and they claim thats only the case if you are mis-sold something.

Can anyone confirm that either way?

The reason I wanted to know was I took out a policy for my new DC2 that I bought at the weekend on Saturday before going to pick it up. When I took it out I got the policy TPFT but since picking the car up I wanted to change the policy to fully comp as its in better condition than I'd expected and imo worth paying the extra. But the insurance are saying they won't let me do that, and they won't even let me cancel the policy and take out another one with them fully comp.

As a result I asked about cancelling my policy as I'd rather go elsewhere and get it fully comp but they're only offering me a refund of about half what I paid my insurance, and I've only had the policy two days!

If anyone can help it would be much appreciated.

Cheers.

 

[Has]

Did they send you terms and cons???

It will state in there.

Most companies such as Tesco operate on a pro rota basis + 1 month as admin.


SOME companies take a lot more, such as 6 months in some cases!

 

[donsrno1]

Did they send you terms and cons???

It will state in there.

Most companies such as Tesco operate on a pro rota basis + 1 month as admin.


SOME companies take a lot more, such as 6 months in some cases!

Yeah, I'm still waiting on my documents coming through at the moment. I know some companies have s**t cancellation terms, but I know that legally theres something about a "cooling off period" in the first 14 days but I wanted to check exactly what those terms are as I'm not sure the guy was right in what he was saying.

 

[dannyboy1000]

You should be able to cancel from the inception date, and get your money back (if you have paid any so far) if you have taken it out within 14 days, as said above though best to check the terms and conditions of the policy.

 

[donsrno1]

Anyone else know more about this?

Basically what they have said is that I would only get £630 back if I cancel and I paid £840 for the policy. They say that the difference is something like the insurance companies £20 admin fee and their commision of abou £150 (that doesn't add up but its something like that). Does anyone know if they are within their rights as a broker to keep all their commision?

Its kind of backed me into a corner as I can't afford to/won't throw away £200 for 10 days insurance, but then again if I don't then I'll have to just keep the car insured TPFT for a year which could potentially be a risk of losing even more money.

 

[wallop]

I would suggest you do a little research mate, I would have a quick browse but I don't have all the information....

A good place to start is 'google' distance selling act....

I would guess if you've paid up front, (no credit agreement), then your screwed....

If you have entered into a 'credit' agreement, then you may well have more rights with regards a 'cooling off' period, but again this varies....This would also be based on the supplier of the credit, not the item or service you purchased with the money....

There are certain 'services' which fall under a 'cancellation period', but again this depends on certain criteria....

cancellation
distance selling
exceptions

In either case it looks like you only have 7 days, but if you read between the lines it looks like your currently bending over a barrel and the guy behind you doesn't have any lube handy.....ouch!!!!

May well be worth checking the above links for advice lines, give them a call & you should get a more detailed & correct response, (who knows, they could offer you some vaseline)....