Any LB Lawyers About? My Insurance company are about to shaft me

I’m hoping someone can offer me some much needed advice ( theres definatley a pint in this for someone)

I took out a 3rd party only insurance policy on my 99 Reg R6 in May. Paid the cost in full for the year ( £392 ).

I’ve recently sold this bike so rang up today to sort the policy out. They informed me that due to the policy being canceled BEFORE the 12 month period i would incur a ‘short term cancelation charge’.
This cancelation charge turned out to be a whopping 87.5% of the total premium!
Thats £343 !!!

Add the cancelation and ‘admin’ charges to this and i would recieve a an unlawful £5 back from my £392 policy. And all this for only 6months insurance.

I’ve looked at my policy and this extortionate penalty isn’t documented in any detail …

’ …it should be noted that Insurance companies apply short term cancelation charges which are not proportionate to the annual premium…such charges are applied by the underwriters upon cancelation and not ourselves…’

Thats it. No mention of 87.5% charge which i would have noticed. I expected a £50 or so charge but to only get a fiver back off £392 is ridiculous.

To make it worse they will only insure me 3rd party for my new bike ( R6 08 plate )
I’m basically being held over a barrel with my pants down, arms behind my back and my feet tied together in a giant led boot…

CAN ANYONE HELP?

( Incidently the policy is with Bike Sure who are part of Adrian Flux who are part of Red Star Equity… )

Please don’t let them b#m me :frowning:

I just wrote a whole response to this which has been lost with some script error :crying:

Basically you need to write them a letter, outlining your concerns, send it recorded delivery. They have to respond within 4-6 weeks and within 2 weeks after that if they have sent you a holding letter advising that they are dealing with it. If they dont, let me know and Ill tell you how to proceed from there. Mention that you are concerned that this is an “onerous term” and that you believe it to be unlawful (i.e. you wouldnt have signed to it if you had understood how the company was hoping to enforce it). Address it to the complaints department.

Assuming they dont deal with your complaint satisfactorily, you can then go to the Financial Ombudsman Service with your complaint. They will then mediate between you and the insurance broker and try to obtain a fair result.

If you speak with them on the phone, mention contacting their compliance officer if the query is not dealt with to your satisfaction. I can get you the details of their compliance officer if you need them.

Best of luck! Patience is the key with this one…

I know a little of our pain. I just cancelled the insurance with Bennetts for my 600 Fazer (new bike with different insurer)after renewing it 3 months ago. I had the same deal, but they did inform me in my documentation so I couldn’t argue about it. I’m supposed to get back about 100 quid from a 400 quid TPFT premium on a bike worth 2500 grand :ermm:. I hope you sort it out mate.

Thanks Powerpuff

I’ll start the long and painful process immediately. I’m not letting them get away with 87.5%

I’ll let you know how i get on :w00t:

tom - are you not going to use them to insure the new bike? how much did they quote to change the bike on the insurance? Failing that… if you don’t get any money back - dont cancel the policy, let it run and then at least you get the full no claims bonus?? Thats worth a bit, i know for me, if i dont claim this year, it will take about £800 off my policy??

Not to be nasty but why on earth are bikers still using Bennett’s
Any idea how they pay for all the marketing, advertising and PR they do? Guess!!!

It is normally much cheaper to transfer insurrance than cancel and reinsure. When I transfered the insurance from one X9 to another Bennetts would have charged me £25. As the policy opnly had two weeks to run they offered ti waive that if I renewed. As it turned out I went with a completly different company and wrote off the last two weeks.

No they’ll only give me 3rd party Kelv. The bikes worth a bit more than that plus i’m bound to have a spill riding round London through the winter.

To stay with them on 3rd party will cost an extra £135. I’ll probably have to do this if the other routes don’t pay off…

Cheers for the advice

At the time I found them really cheap out of a lot of companies.
They wouldn’t insure me for my new FZ1 TPFT - only comp, and one quote was 2000 quid :laugh:

Needless to say lesson learnt!

I went with H&R who I’ve used in the past and seem to get a good rep.

Bennetts wouldn’t insure me on my new bike hence the cancellation.
After the cancellation charges and reading more about them on here I’m glad I got rid of them!

when you insure a bike fully comp you can downgrade to TPFT without changing your policy

but when you insure a bike TPFT and then want fully comp you have to change your policy to another insurance company,