Cancelling insurance

[SGA33]

Hi My girlfriends car is up for mot at the end of the month but it is going to fail as its a rot box.I rang to cancel the insurance on it as i pay direct debit for it each month and they want £36 cancelation fee and 40 % of the insurance left which has ten months to run.
All in all i am going to have to pay over £80 just to cancel the insurance:mad:
Is this fair????????????????????:wtf:

[Pistol Pete]

Afraid so. You have chosen to pay it by DD so technically you have entered into a financial agreement with them. If you read your documents that the insurance company gave you, it will be explained in there.

[Pistol Pete]

Why not let the insurance run, get a new car and swap the policy to new car. Bulid up NCB bonus then.

[SGA33]

Thats what they advised me to do get a new car,but cant afford one at present,so it looks like i will just sorn it and put it with the rest of the heaps of scrap cars i am gathering at my uncles farm. :cry:

[Shaun_O'Donnell]

Yeah, insurance companies are just in it for the money, not for the customer. They'll rob you any way they can.

[Rich]

Ask them if they can put the insurance on hold? sure ive heard of companies doing that.

[Clean 2.0 nova]

When arranging a policy it needs to be one of the first question you ask - 'what are your cancellation policies'.

I wanted to cancel mine over winter last year - but the underwriters wanted me to pay say 50% of the years policy for 4 months of use - so I let the policy run on. This year I was a bit smarter and selected an underwriter with a pro-rata refund policy. I will still not recieve back the brokers commission and the refund will be subject to a £25 broker admin fee. But its now worthwhile cancelling over winter.