Shame - Insurance Companies

Why do they want to charge £50 cancellation fee on an insurance policy with two months left at £15.63 a month!!!

Hmmm… decisions…

Edited by PJ

they all do it…Bas*ards!

Don’t tell me that, I just insured my bike with them … o jheeze !!!

sadly its all in the terms and conditions in the policy booklet that when you take out the policy that youy agree to

virtually all insurers have these charges etc so always worth a quick read of the them before the seven days after taking the policy out are up.

and why you cancelling policy with two months left to run ? as you will surely lose the no claims bonus for that year . cheaper to let it run would it not .

Usually it isn’t a cancellation fee, it is a brokers fee. Which is their way of earning money from the policy and it usually counts from the minute you take out the policy, so whether you cancel in 7 days and 30 secs or 11 months and 29 days doesn’t matter.There is probably some deal between brokers and insurers that if they sell a policy for an entire year, they earn, but if the policy is cancelled for any reason they don’t get paid. Therefore, a cancellation fee, they need to get paid somehow.

Everyone does it. Yes, it seems strange when it costs you less to run out the policy, but it is only strange from your point of view, from their point of view, they won’t get paid unless you run a year, they don’t care if it costs you £31 or £50 either way they earn the same money, £50.

Personally I think it is a bit unfair to shame them for that. Everyone does it, and it is probably financially necessary.

Picking up a new bike tomorrow and got a better quote/policy for the new bike through another insurers.

I had this from my old insurers – Carol Nash I think. Upgrading from VFR to blade, and had a few months left to run on the old policy. They were unable to quote to insure the new bike, and wanted to charge me a cancellation fee for the old policy. As they state this is a cancellation charge is has to be that, not a brokers fee. I stated that this didn’t seem to be in keeping with their FSA obligation to treat customers fairly and that I would appeal to the Financial Services Ombudsman. Got a cheque in the post within a week for the remainder of my policy re-fund.

Think I was lucky, but worth a try?

Yep, it is amazing what will happen when you dig in

What are you getting JME?

I had a similar thing when I upgraded my policy for the new bike. On top of the to be expected surcharge for the new bike, they quoted me £600+ for upgrading from TPFT to Fully Comp on the remaining 6 weeks of the policy. To put that into context, I could get a full year fully comp with an alternative broker for about that same price.

This was with H&R and they were blaming their underwriters, I don’t care, I’m their customer, not their underwriter’s (which is there supplier, not mine), so I told them to stuff it and as well as loosing custom for the upgrade, I told them clearly they would miss out on the renewal or any other future policy.

I reckon if more people put it like that, those brokers would put a bit more pressure on their underwriters to be fair. It’s their loss, not ours.

hmm i was with H&R and only cost me £50 admin to change insurance from a CBF to a Hornet but then again it is the same CC

I am now mostly riding a KTM 990 Supermoto T

Very nice! :slight_smile:
It was high on my list, but couldn’t resist the extra giggles triggered by the Superduke :slight_smile:
We should go out for a ride soon again.

Always up for a Sunday morning pootle fella. Racked up 130 miles before 10am last Sunday. Felt a desire to scrub in the tyres, purely for the sake of safety you understand.

Considered a few different bike, but wanted something which was more of a commute/ tour (emphasis on the tour) all rounder.

hmm why this been edited ?

ahh doubt its anything to do with adverts running down the edge now is it :wink:

Is that right? I mean is that correct…obviously it’s not right to censor someone’s post to fawn to site sponsor’s wishes? I really hope that’s not the case Kim Jong-PJ. It’s not like he was even slagging ‘so-and-so’ off, more highlighting a trend which seems to be prevalent across the industry. :doze:

I’m with Motorcycle Direct and they’re charging me £30 documents fee to renew :blink: !!
So you give them repeat business and they make £29 profit out of the four sheets they send you! :crazy:

I can’t get the sentence out but it goes something like *rse in the shafted or the other way round.

BM

I don’t know anyone who has anything good to say about any insurance company in the UK. As if their premiums aren’t sky high enough, I had a woman open her door sitting in traffic and cause damage to my bike. Their insurance company was very nice and got me the money to fix it quickly. Now, they are going after my insurance company for reimbursement knowing full well their driver was at fault.

And, I know what people say, “it’s standard procedure.” Well, “standard procedure” is just attempted robbery IMO. But, don’t expect anything to change on this front. As with everything in the UK, we just bend over and take it deep and wide and love every minute of it.