Insurance Question -

[a4drk]

I sold my Boxster last month - so I cancelled my insurance policy.
It started in Feb 09 & i pay it up monthly.

When i cancelled the policy, i then stopped my Direct Debit at the bank.
I've just got a letter in from the finance company wanting the £50 premium + £40 admin.

Do I still need to pay this to Feb ? ?

I've had a claim - maybe that is why??

I cant get thro to both companies until Monday morning now.

David

[ROSSGR]

They usually have a cancellation charge even though you pay monthly, admin costs. Not sre about the £50 premium, depends if you have to give them 1 months notice or if you had cancelled within the new month....
Previosly had to pay this before with Elephant, £25 i think thogh. £40 sounds steep.

[mwmackenzie]

I paid Johanna's insurance in 1 cancelled after 7 months and got nowt back??? they said it was admin charges etc, tossers... That was CoOp insurance

[a4drk]

Ross, the £40 is the admin fee by the finance company for an unpaid bill.

David

[D50]

Normally the closer you cancel towards your renewal date the less you get back - also the fact that you cancelled the direct debit yourself does not necessarily mean that you have cancelled the policy. Normally it is the company that sets up the direct debit that cancels it and to cancel a policy properly normally means the company will do that for you. You can cancel under the direct debit guarantee but better to close down the policy than the direct debit yourself. Just because you cancel a direct debit does not mean that the company automatically knows that you want to cancel the policy.

Hope this helps

D50

[a4drk]

What i think thats happened is that Footman James havent told the finance company that the policy has been cancelled.

David