Ouch! Short Period Cancellation Endorsement

I’ve just insured my new bike with the same broker. Unfortunately the existing insurance company (Chaucer) won’t quote me for the new bike so I’ve had to swap insurer. (Same broker, different insurer).
Because of this I’ve had to pay Short Period Cancellation Endorsement which means I only get 12.5% of my original policy amount back because I would have been insured for 7 months (more than 7 months means you get nothing back). I also get charged a £20 cancellation fee!
I questioned my broker and they said that many insurers are introducing this so beware.

I know it is in the small print of my policy but it still hurts!:angry:

Bennetts carge £25 to change anything on the policy, even your address, mileage etc complete scam merchants.