Soldato
At a guess, you'll be paying off some of the remainder of the policy and a cancellation fee.
Being charged £169 to cancel a policy
- Thread starter Rybo89
- Start date
So there's no point in cancelling?
Soldato
No idea, not my policy. I cancelled a policy once, about 3 months in, but the amount I got back covered the new policy completely with change left over (went from Hastings at £472 a year taken out in October, to Pluginsure at £249 a year in January). Refund was £293.
I know it's not your policy, I was saying that if you're going to get charged the remainder of the policy and a cancellation fee, there's no point in cancelling (i.e. it's cheaper to let the policy lapse).
Man of Honour
There is because if you leave it running and the new owner then has to make a claim you end up in a real mess of insurers fighting over payouts.
Soldato
Soldato
This isn't always an option if the value of the cars in question is vastly different due to the restrictions in place by the underwriter. I've had to cancel insurance before when going from a shed to something much nicer. I agree the cancellation 'paperwork' charge is BS, though.
Caporegime
Agreed, when I first took out my policy they were great, added a few things to the policy a couple of months in, no problem, no charges, couldn’t have been more helpful.
Fast forward 18 months and on my second/renewal policy they changed to be as less helpful as possible and not particularly competitive, certainty won’t use them again having read a few recent reviews.
Why? Your policy has nothing to do with a new owner, why would they even know about your policy?
Man of Honour
Soldato
Remember that Adrian Flux are a broker, they place your cover with any of a huge range of insurers in different markets. As a result you're likely paying the insurer's cancellation fee, then Flux's own fees on top. When looking at brokers it's worth shopping around as it's not just insurers themselves whose prices differ. Many brokers also charge commission (hidden from you) which they have to disclose if you specifically request that information, but only usually once you've a policy with them.
Caporegime
Car driven uninsured, hits something, does a runner, numberplate run though the database, comes back to your insurance, claim is made, doesn't matter who might have been driving.
Car is parked in a lot, catches fire, causes damage to other cars, claim is made against the active policy on the vehicle.
The amount of scenarios are just about endless.
Rather than the new owner claiming, probably meant a third party running your numberplate.
Caporegime
- Joined
- 21 Jun 2006
- Posts
- 38,372
i got charged nothing once because they wouldn't insure me on the new car i'd bought.
so they refunded me and i went elsewhere. however your NCB gets reset. as in lets say you are 4 years and 9 months in to the policy. it gets reset to 4 years NCB. it may therefore be more beneficial to just leave it and accumulate the 5 years.
so they refunded me and i went elsewhere. however your NCB gets reset. as in lets say you are 4 years and 9 months in to the policy. it gets reset to 4 years NCB. it may therefore be more beneficial to just leave it and accumulate the 5 years.
Just an update.
I left them a 1* review on TrustPilot and got a phone call the next day. They reduced it to £46.50.
I left them a 1* review on TrustPilot and got a phone call the next day. They reduced it to £46.50.
Give Pace Ward a go, have had nothing but a positive experience with them, mods, changing cars, specialist insurance requirements waived etc etc and the price is always very competitive.
Soldato
I've had exactly the opposite happen, after 6 months on a policy, I took out a new policy with the same insurer and they gave me the full year NCB.
Soldato
If a policy is sold on the basis you're the legal owner, and you sell the car, wouldn't that make the policy void anyway?
Nope, not to third parties, they can still claim off the insurer. The insurer must void the policy and remove their name off MID before the claim occurs.
https://www.midportal.org.uk
This is why fraudulent insurance policies are so bad. The insurer still has to pay out for third party damage and injury claims. It is their duty to spot fraudulent policies and void them in time.
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