Insurance
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Post by: mark030358 » Mon Aug 15, 2016 2:37 pm
Just cancelled a policy with a well known broker after less than 4 weeks into the 12 month contract, as I sold the car. Cost of policy was 420ish and all they want to refund me is 109. Robbing bastards. So, worth remembering for future reference.
Now where did I put that solder?
Mark
Now where did I put that solder?
Mark
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mark030358 - Coveted Fifth Gear
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Post by: mark030358 » Tue Aug 16, 2016 9:11 am
what do you use with solder?
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mark030358 - Coveted Fifth Gear
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Post by: john.p.clegg » Tue Aug 16, 2016 12:21 pm
Soldering Iron...
John
John
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john.p.clegg - Coveted Fifth Gear
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Post by: mark030358 » Tue Aug 16, 2016 3:28 pm
nice one... but I think the message is there....
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mark030358 - Coveted Fifth Gear
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Post by: TroonSprint » Tue Aug 16, 2016 6:21 pm
I understand the reference to solder.
My Sprint FHC was insured with RH on a joint policy with my MGB V8. The Lotus portion of the premium was ?160 and the policy was bought in April. I have just cancelled the Lotus part of the policy as the car is now sold and I got ?117 refund. Not too bad, eh!
Mike
My Sprint FHC was insured with RH on a joint policy with my MGB V8. The Lotus portion of the premium was ?160 and the policy was bought in April. I have just cancelled the Lotus part of the policy as the car is now sold and I got ?117 refund. Not too bad, eh!
Mike
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TroonSprint - Fourth Gear
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Post by: john.p.clegg » Tue Aug 16, 2016 7:09 pm
Adrian
It helps the solder flow...
John
It helps the solder flow...
John
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john.p.clegg - Coveted Fifth Gear
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Post by: Routen Chaplin Lotus » Wed Aug 17, 2016 4:00 pm
Hi all,
As a broker with a Lotus Scheme I would advise that insurers have what are know as "short period" cancellation scales. These vary from insurer to insurer but normally up to 1month the charge would be 40% of the premium, 31-60 days 60% of the premium and 61 -90 days 80% of the premium. Anything after that no return premium would apply. So on your premium of ?420 (why was it so high) I would have expected more of a return. Terms and conditions including cancellation charges should have been made available to you when you took the policy out, It might also be worth asking for a copy of the return premium endorsement so you can see exactly what the exact charge was and if any other deductions have been made?.
If it was a multi vehicle policy and you only cancel a vehicle off the policy, not the whole policy, then generally a pro rata refund is allowed, which would explain why the RH refund was what it was.
Kim
Routen Chaplin Insurance
see vendors page.
As a broker with a Lotus Scheme I would advise that insurers have what are know as "short period" cancellation scales. These vary from insurer to insurer but normally up to 1month the charge would be 40% of the premium, 31-60 days 60% of the premium and 61 -90 days 80% of the premium. Anything after that no return premium would apply. So on your premium of ?420 (why was it so high) I would have expected more of a return. Terms and conditions including cancellation charges should have been made available to you when you took the policy out, It might also be worth asking for a copy of the return premium endorsement so you can see exactly what the exact charge was and if any other deductions have been made?.
If it was a multi vehicle policy and you only cancel a vehicle off the policy, not the whole policy, then generally a pro rata refund is allowed, which would explain why the RH refund was what it was.
Kim
Routen Chaplin Insurance
see vendors page.
- Routen Chaplin Lotus
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