Alex C. Posted August 3, 2011 Share Posted August 3, 2011 If you don't, but want to cancel anyway, the insurance company is within their rights to demand you pay the entire rest of the annual premium. Buying a year's cover than changing your mind after a month or two, does not mean you don't have to pay for the whole year. Not quite, although its an annual contract, the FOS takes the stance that premiums should be refunded on a pro-rata basis, subject to a cancellation fee. See this article here. Obviously there is no premium due here as it is monthly payments but they shouldn't be trying to charge for the full year. Breakdown assistance, legal expenses and any other 'addon' products can be charged at annual rates though with no refund due. They've not published guidance on an acceptable cancellation fee but £50 is often quoted as being reasonable. Link to comment Share on other sites More sharing options...
HeadingNorth Posted August 3, 2011 Share Posted August 3, 2011 Not quite, although its an annual contract, the FOS takes the stance that premiums should be refunded on a pro-rata basis, subject to a cancellation fee. Ah, well that's an improvement I didn't know about. Link to comment Share on other sites More sharing options...
GrannyGranny Posted August 3, 2011 Share Posted August 3, 2011 You are well within your rights to cancel your insurance if you are not happy and wish to change. Pay the admin charges and cancel your DD. That means its paid upto when the next payment was due. Next time read ALL the T & C's and if you are not happy with the information ie. cost of buy back miles, then go elsewhere. Link to comment Share on other sites More sharing options...
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