conefairy Posted February 29, 2016 Report Share Posted February 29, 2016 Hi fellas I bought my boxster in January and in order to get her up the road I contacted my current insurer (swinton) . The policy price was well over priced but I needed her insured, I fully expected to cancel policy and switch to a cheaper company,which I now have done saving 80 quid a month in the process yes 80 quid, did I say swinton were robbing me of an extra 80 quid !!!!!!!! Ok it gets worse I payed a month up front and cancelled the policy at end of that month, swinton now want 286 quid to cancel and withholding my no claims bonus until I cough up is this legal? Link to comment Share on other sites More sharing options...
Araf Posted February 29, 2016 Report Share Posted February 29, 2016 Your NCB letter is valid for 2 years, so can't you just use your renewal letter from December or whenever? As for the cancellation costs, it seems a little steep, but your monthly cost is not a true reflection of the premium costs for the period of time. You're the one breaking the contract with them. Link to comment Share on other sites More sharing options...
Stuart21UK Posted February 29, 2016 Report Share Posted February 29, 2016 You (should have) should now read the conditions but it is likely they will show there are cancellation charges and that the fact you pay monthly has little to do with their refund charges, in other words you lose say 30% of the premium if you cancel in the first month or whatever... Don't forget though that as it is a financial product you have the benefit of a complaints procedure if it wasn't clear at the outset and the Financial Ombudsman if that was the case and they still won't play nicely with you. Link to comment Share on other sites More sharing options...
Djbox66 Posted March 1, 2016 Report Share Posted March 1, 2016 So I presume you didn't cancel during the cool-off period? You were always gonna get stung, insurance = legalised robbery (for which they probably won't pay out for).. Link to comment Share on other sites More sharing options...
neil@greenlight Posted March 1, 2016 Report Share Posted March 1, 2016 14 hours ago, conefairy said: Hi fellas I bought my boxster in January and in order to get her up the road I contacted my current insurer (swinton) . The policy price was well over priced but I needed her insured, I fully expected to cancel policy and switch to a cheaper company,which I now have done saving 80 quid a month in the process yes 80 quid, did I say swinton were robbing me of an extra 80 quid !!!!!!!! Ok it gets worse I payed a month up front and cancelled the policy at end of that month, swinton now want 286 quid to cancel and withholding my no claims bonus until I cough up is this legal? What you might find is if Swinton havent confirmed your NCB yet and they are actually basing the cancellation refund on an annual premium as if you had zero NCB? You can ask them for a Breakdown of how the "Time on Risk" charge as been calculated. The charge for the time you have had on cover will be proportionate to your premium so if you set the policy up on a high initial premium any cancellation will be to scale. Kind Regards Neil Link to comment Share on other sites More sharing options...
conefairy Posted March 3, 2016 Author Report Share Posted March 3, 2016 Thanks Link to comment Share on other sites More sharing options...
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