I recently cancelled a policy with Bell as I had purchased a car in the middle of the policy and started a new policy with Churchill.
It was a 10 month Bell policy that I paid £300 outright. 5 months into that policy I upgraded my car and Bell proceeded to take a further £325.
A week later I cancelled, with a £50 fee, and started a new policy with Churchill.
A few days later I was refunded with £258.85, which I'm unsure how they've worked out. The customer sales adviser mentioned it was pro-rata'd. I think they achieved this by (£625 / 10 months) * 5 months - £50 canc. fee.
Another way I looked at it was:
half of £300 outright = £150 (having used half of the policy)
+£325 (additional premium due to change of car)
-£50 cancellation fee
totals £425
Obviously there's a large difference between these sums and I feel the pro-rate calculation is more than likely the correct solution in this case, but I can't help but think and question the second method of working it out.
Just looking for opinions and thoughts from people on this, anyone from an insurance company in particular that can help out?
It was a 10 month Bell policy that I paid £300 outright. 5 months into that policy I upgraded my car and Bell proceeded to take a further £325.
A week later I cancelled, with a £50 fee, and started a new policy with Churchill.
A few days later I was refunded with £258.85, which I'm unsure how they've worked out. The customer sales adviser mentioned it was pro-rata'd. I think they achieved this by (£625 / 10 months) * 5 months - £50 canc. fee.
Another way I looked at it was:
half of £300 outright = £150 (having used half of the policy)
+£325 (additional premium due to change of car)
-£50 cancellation fee
totals £425
Obviously there's a large difference between these sums and I feel the pro-rate calculation is more than likely the correct solution in this case, but I can't help but think and question the second method of working it out.
Just looking for opinions and thoughts from people on this, anyone from an insurance company in particular that can help out?
even though I cancelled that policy 3 weeks ago as well as returning policy papers. It means I now have to get a letter from Bell stating my NCB and cancellation of the previous policy.
