canceling Insurence questions?

9761 · 18 Oct 2006 at 20:57

Hi,

Im currently with Virgin on pay monthly scheme been with them for 3-4 months now. I did a quote from another insurence company and it has more than halfed what Im paying now!

So ive paid my deposit and 3-4 month's worth insurence but if I want to cancel it what sort of financial problems would it incur? Do I have to pay for the next 7-8 months of premiums or do I have to pay a 1 lump sum etc?

Ive been reading my paper work and cannot make heads or tails of it.

killsta · 18 Oct 2006 at 21:18

Sometimes you can't cancel - sometimes you can cancel and receive a pro-rata refund less an admin fee. Depends on the company.

Call Virgin

ste_bla · 18 Oct 2006 at 21:36

Example:
With the post office you had to pay an extra bit to cancel it iirc;

Month 1 Pay 20% Total
Month 2 Pay 25% Total
Month 3 Pay 30% Total

And so on..

Or

As you paid a deposit you might get away with just canceling it and paying nowt

You'll have to look at your docs as they arnt online

Biffa · 19 Oct 2006 at 00:44

I had to pay £30 to get out of my RAC insurance, mind you I saved nearly £300 for exactly the same policy with Churchill

Oh this was about a month after the renewal

Sone · 19 Oct 2006 at 09:01

if i remeber life when you pay isurnace monthly you arn't actual paying montly, you are taking a finance agreement on the whole lot.

Jamie1984 · 19 Oct 2006 at 09:11

I tried to cancel my motorcycle insurance but they were gonna charge 10% of the total premium + £25 admin fee....about the same price as the cheaper policy id found... that's with motorcyles direct so make sure you find the best quote before buying!

9761 · 19 Oct 2006 at 18:18

So would canceling give me a bad credit rating?

zain · 19 Oct 2006 at 19:00

lol they make it like that on purpose. I remember cancelling mine.."you owe us £500" only had it 11 days...so obviously I said I won't pay then he said my supervisor managed to get it down to £80...o.0 daylight robbery!