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Thread: Cancelling insurance

  1. #1
    Regular Member Adz86's Avatar
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    Default Cancelling insurance

    Hey all, due to current circumstances I've had to cancel my insurance as £60 a month I could do with right now, thing is I've always paid on time by direct debit, my deposit was £100 in may so up to now I've paid 6 instalments of £60 which should return me £360 plus the £100 I make out at £460 minus the £26.70 cancellation fee, so all in all I should get around £430 ish, thing is when I rang them they couldn't tell me what I will get back or when I'll get it??? My insurance is cancelled as of now aswell?? Any help guys??

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    Regular Member m8internet's Avatar
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    It really depends on how many installments there were
    I don't see how you would end up with much money back, as in effect you have paid for cover from May to cancellation date
    Details for calculating the amount due wil be outlined in the policy documents, which will include a percentage of cover depending on how long is left on the policy

    Ironically, it may have been more beneficial to downgrade the policy (TPO with nil mileage), rather than cancel

  3. #3
    Regular Member Boy Lard's Avatar
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    As above. You are unlikely to get anything back as the policy has been in effect from May.

    At best you will owe them the cancellation fee.

  4. #4
    Full Member Big Sig's Avatar
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    Its a sliding scale on rebates normally, so after 8 months and you cancel you owe 100% of your policy type of thing.
    Now I need a turbo to keep up!

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    Regular Member anthonychall's Avatar
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    depends, insurance is worked out on a day to day basis so if you have paid all your installments then they will remove the canx fee from the deposit.
    to work it out you need to do

    YEARLY PREMIUM divided by 365 = (daily rate)

    daily rate times by number of days on cover = how much insurance you should have paid.

    plus the canxfee gives you how much u have to pay for the " time on cover" you had. then figure how many installments u made plus the deposit and work that out! if u need any help just pm me the dates and the costs and il work it out for u

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    I dont see how you can expect anything back.
    You said you have paid in monthly instalments, therefore I assume you would have to keep paying the same amount till the policy ends.
    If thats so you wouldn't expect them to give you all the payments back at the end of the year?!?!?!

    If you had paid the FULL amount up front and had just used 6 months you may have been entitled to some back.

  7. #7
    Regular Member m8internet's Avatar
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    Unless it is a money back or life insurance policy, but I doubt it
    Sadly its normally money in, heehaw out!

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    Quote Originally Posted by Adz86 View Post
    Hey all, due to current circumstances I've had to cancel my insurance as £60 a month I could do with right now, thing is I've always paid on time by direct debit, my deposit was £100 in may so up to now I've paid 6 instalments of £60 which should return me £360 plus the £100 I make out at £460 minus the £26.70 cancellation fee, so all in all I should get around £430 ish, thing is when I rang them they couldn't tell me what I will get back or when I'll get it??? My insurance is cancelled as of now aswell?? Any help guys??
    So you think they insured you for free for the time you have had the policy ? mate i'm going to cancel mine after 364 days, i will get back all my money less the cancellation fee if you're right.

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    As a number of the guys have said, you will probably get nothing back as you are paying on a monthly basis. In fact you could end up owing them the remaining monthly installments depending on what your payment agreement states.

    Remember to read the small print!

  10. #10
    Regular Member gaz4d's Avatar
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    Yeh, as everyone is stating above, you're unlikely to get anything back from them.

    I just hope your not going to continue to drive without insurance !!!

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