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Gtir Motorsport club » General Discusion » Random banter » insurance

insurance

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1insurance Empty insurance on 9th January 2016, 1:10 pm

Stu

Stu
Admin
Admin
Anyone know anything about cancelling an insurance premium?
I cancelled my policy after 6 months.
My insurance was £650 + 30 tax and an installment fee so £715.94 for the year.
I payed £169.94 up front.
And then over 6 payments I payed £292.02
So £462.02 in total.
So I only had £253.92 left to pay.

So the way I see it is.
Breakdown..
12 months insurance at £715.94 ÷ 10 months payments is £71.60 a month.
Times that by 6 months = £429.60

Is this correct?

If so I payed £462.02
Take away £429.60
Leaves £32.42 Owing To Me.
Minus cancellation fee of £20 leaves £12.42 owed to me.

So why is it they say I owe them £140?
I'm confused and they are closed until Monday so cant phone them..

Have I worked that all out wrong. Do they do it different?
I only used 6 months of a 12 month policy so really I should only pay for those 6 months?
So my workings out of the payments over 10 months maybe should be spread over 12 months which then means I have over paid by more..
It's taken them 4 months to contact me about this also.

Anyone got any insight about this please?


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2insurance Empty Re: insurance on 9th January 2016, 1:16 pm

Stu

Stu
Admin
Admin
£357.97 is 6 months when you spread the £715.94 over 12 months.
So is this what I should have payed and not the £429.60 that I worked out above.


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3insurance Empty Re: insurance on 9th January 2016, 5:51 pm

johnny gtir

johnny gtir
moderator
moderator
Total quick response here some are a joke charging admin fee or fact that they class it as a change upto £150. But you said cancel fee was £20 but that prob for insurance company not finance company who thought would make x amount of pounds over the year interest fact you end it early they charge or something 

Most companies like this are robbers

4insurance Empty Re: insurance on 9th January 2016, 6:35 pm

Stu

Stu
Admin
Admin
Its nothing to do with the finance company they now use to collect your payments mate.
I phoned them up dirrect at the same time and asked them if they would charge me or if I woukd owe them anything... they said no and actually cancelled their payments for me while I was on the phone to them.
What I have been told is that some insurance companies don't give refunds at all. So maybe they are trying to get the rest of the premium?
I can't see how they can expect me to pay for something I havent had tho.
I will phone them monday. Then phone the ombudsman and also citizens advice to see where I stand legally.
I'm not paying for something I havent had that's for sure!


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5insurance Empty Re: insurance on 9th January 2016, 9:44 pm

gtir_woody

gtir_woody
moderator
moderator
Ombudsman's are always helpful in these cases. Ive used them a few times and always get my way lol

6insurance Empty Re: insurance on 9th January 2016, 10:10 pm

Guest


Guest
dont think it matters if you pay it in instalments or in full.the amount they quote is for a year if you cancel before the end of term its up to them how much they refund you

7insurance Empty Re: insurance on 10th January 2016, 4:32 pm

pulsarmad20

pulsarmad20
christ your insurance is expensive stu Shocked

8insurance Empty Re: insurance on 10th January 2016, 6:00 pm

Stu

Stu
Admin
Admin
And that's only 3000 miles a year ffs
I couldnt believe it myself. In 2010 I was only paying around £380 for the same policy.
I didnt shop around like I should have..


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9insurance Empty Re: insurance on 10th January 2016, 6:13 pm

shroom

shroom
Is it not a classic insurance policy Stu or what? I find it a pain too as its easy to sign up but can be a pain in the arse with fees etc!

10insurance Empty Re: insurance on 10th January 2016, 6:17 pm

Stu

Stu
Admin
Admin
Yeah was a classic policy.
I wont be using them again.
I should have used someone else when they quoted the price but just wanted it insured...
I want to use it as a daily driver this year so will be looking for a decent price for a normal policy this time .


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11insurance Empty Re: insurance on 10th January 2016, 8:08 pm

Bandyleg

Bandyleg
That's a hell of a premium.. But it sounds to me like you are having your pants pulled down. If you have used 6 months of a policy and over paid then they have to reimburse you, usually they charge cancellation and admin fee my last admin fee was 25 quid, but if you are paying monthly then they can only charge you up to the day you cancel.! You pay the 12 month premium over a 10 month split minus your deposit. so in theory you actually ow them feck all bud. You stick to your guns and give em hell!!

Also have you tried these guys? Keith Mitchell's?? They reckon they specialize in pulsar jap imports and have a special cherished group for them...

12insurance Empty Re: insurance on 13th January 2016, 10:43 am

Stu

Stu
Admin
Admin
Just been on the phone to the insurance company.
This is their story in short.
They say they have payed the insurer in full and then set up a finance agreement for me to pay to claim back the money they have paid out.
Really?
Is this how insurance work these days?
This is news to me! I have always payed my insurance in installments and when I have cancelled my insurance before I havent had to pay for the full policy..
Plus if this is true. What happens to the policies that 'they' cancel?
Surely if this is what they do, when they cancel a policy rhey are going to be out of pocket? And I'm sure they wouldn't have something in place that makes them loose money..
I have left it with them to work it out as the lady on the phone couldn't explain it to me enough and she wasn't totally sure herself hat was what..
I still can't see how they can lawfully expect me to pay for a service that I no longer use or want.
This new finance agreement shit for paying by installments is very complicated. Confusing and bullshit!


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13insurance Empty Re: insurance on 13th January 2016, 10:47 am

Stu

Stu
Admin
Admin
@Bandyleg wrote:That's a hell of a premium.. But it sounds to me like you are having your pants pulled down. If you have used 6 months of a policy and over paid then they have to reimburse you, usually they charge cancellation and admin fee my last admin fee was 25 quid, but if you are paying monthly then they can only charge you up to the day you cancel.! You pay the 12 month premium over a 10 month split minus your deposit. so in theory you actually ow them feck all bud. You stick to your guns and give em hell!!

Also have you tried these guys? Keith Mitchell's?? They reckon they specialize in pulsar jap imports and have a special cherished group for them...  
This is exactly what I thought. They can't expect me to keep paying them when I have cancelled the policy. Surely lol
I didnt try the above mentioned because I thought they wanted the car garaged at night.
I will be trying them tho when I put the car back on the road.


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14insurance Empty Re: insurance on 13th January 2016, 11:00 am

Bandyleg

Bandyleg
I don't know if they do want it garaged but let us know how you get on as I will need to insure mine as well.

15insurance Empty Re: insurance on 13th January 2016, 1:12 pm

shroom

shroom
God that sounds complicated Stu! I use NFU as they offer classic policies now me and dad as named driver and 3k miles a year is under 200 quid and in not 25 yet. We have been with them donkies tho so unsure if that helps

16insurance Empty Re: insurance on 14th January 2016, 2:12 pm

Cosmic73

Cosmic73
tell them fuck right off and if they don't like it, take you to the small claims court!
Insurance companies are the scum of known universe (Swintons being the worst)
I've dealt with a few who tried to rip me and then sent the usual 'collection agency' letters.
Not one of them had the balls to actually take me to court. Twats!

Rant over

17insurance Empty Re: insurance on 14th January 2016, 4:32 pm

Stu

Stu
Admin
Admin
Lol nice rant haha
I still haven't heard back from them.


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18insurance Empty Re: insurance on 29th January 2016, 11:49 am

Stu

Stu
Admin
Admin
Just recieved a letter saying I don't owe them anything Smile
Good job I contested it and didn't just pay them the money!


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19insurance Empty Re: insurance on 29th January 2016, 1:31 pm

Bandyleg

Bandyleg
@Stu wrote:Just recieved a letter saying I don't owe them anything Smile
Good job I contested it and didn't just pay them the money!

well done

20insurance Empty Re: insurance on 29th January 2016, 1:58 pm

Cosmic73

Cosmic73
power to the people! Very Happy

21insurance Empty Re: insurance on 29th January 2016, 4:08 pm

nomad

nomad
Admin
Admin
Thats it i guess they rely on people just saying ok il pay the cheeky fookers ... fuming


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22insurance Empty Re: insurance on 29th January 2016, 5:50 pm

kevmc76

kevmc76
I hate dealing with them cause they will just keep adding and taking every time, Glad you fought your case well done.

23insurance Empty Re: insurance on 29th January 2016, 7:20 pm

Stu

Stu
Admin
Admin
Thanks all.
Just glad I didn't have to pay for what I knew I hadn't used...


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