Car Insurance Farce - Charged when i felt forced to cancel

[Quasar911]

Hello All,

Not sure if in the right place - but i cant find Car Insurance,

I was with an insurance company and quite happily paying £15 a month fully comp for a 2litre turbo.

I changed my car to a newer, lower spec and called insurance and told them about the car change - they then said £44 a month, i asked in outrage, HOW MUCH ?? and why - all i was told, that was the underwriter on the computer has come back with,

I said to the guy, can you see my licence details, advanced tests passed and 25+ years no claims, he said does not matter,

I explained that i had already been on a comparison site - and the top 10 prices for me was NO higher than £25 a month !!!

He would not reduce or match -so i felt that my hand was forced to cancel as the price was extortionate and was still charged a pathetic cancellation fee of £33

As my hand was forced, i dont think this is fair, what are my rights here, if i wrote a letter of complaint and maybe one to the Fos

Regards
Q

[Phaeton]

Car insurance is legalised theft, I doubt there is anything you can do,

[Kati]

tagging des8

[des8]

Was your insurance placed directly with an insurance company or through a broker?
In any case if you cancel a policy prior to expiry the premiums will be recalculated on short term rates, and if you are paying monthly it could quite easily mean you have to pay extra.. In much the same way if you pay up front and cancel you won't receive a pro rata refund.
If placed through a broker they often add their "administration" fees for early cancellation.
Regarding the higher premium for a lower spec vehicle you also say it is a newer vehicle.
That could have an effect on the insurers rating as it might be more expensive than your previous car to repair if involved in a collision.
Each insurer has its own underwriting guide, set to deal with the type of business it wishes to attract.
Consequently those looking to insure young inexperienced drivers will not necessarily have rates attractive to the older retired driver.
It might be worth writing to the company asking if they can explain the excessive rise in premium, but a complaint to FoS is not worth the effort as the insurers have not done anything wrong. They can charge what they want.
Regarding Phaeton 's comment it is worth noting that UK motor insurance made underwriting losses each year between 1993 and 2014
In 2013 the loss was £53million, in 2015 the underwriting profit was £33million.
Not very successful thieves

[Phaeton]

Regarding Phaeton 's comment it is worth noting that UK motor insurance made underwriting losses each year between 1993 and 2014
In 2013 the loss was £53million, in 2015 the underwriting profit was £33million.
Not very successful thieves

They only have themselves to blame, the whole motor insurance is a corrupt & vile industry where they can do as they wish, legalised theft, sorry but they are my pet hate, they are worse than debt collectors & parking fines.

[Quasar911]

Was your insurance placed directly with an insurance company or through a broker?
In any case if you cancel a policy prior to expiry the premiums will be recalculated on short term rates, and if you are paying monthly it could quite easily mean you have to pay extra.. In much the same way if you pay up front and cancel you won't receive a pro rata refund.
If placed through a broker they often add their "administration" fees for early cancellation.
Regarding the higher premium for a lower spec vehicle you also say it is a newer vehicle.
That could have an effect on the insurers rating as it might be more expensive than your previous car to repair if involved in a collision.
Each insurer has its own underwriting guide, set to deal with the type of business it wishes to attract.
Consequently those looking to insure young inexperienced drivers will not necessarily have rates attractive to the older retired driver.
It might be worth writing to the company asking if they can explain the excessive rise in premium, but a complaint to FoS is not worth the effort as the insurers have not done anything wrong. They can charge what they want.
Regarding Phaeton 's comment it is worth noting that UK motor insurance made underwriting losses each year between 1993 and 2014
In 2013 the loss was £53million, in 2015 the underwriting profit was £33million.
Not very successful thieves

Hello

I originally got the quote from CompareTheMarket - but when clicking Proceed - you are then actually full applying and paying on the insurance peoples OWN website.

[Quasar911]

Suppose in the long run im still saving a bit -

there is no way i was paying £528 when i am now paying £21 a month = £252

My insurance has always kinda been very cheap - due to the licences i have.

But i do feel they take the pee and charge what they like - especially if you already have insurance with them..

[des8]

Hello

I originally got the quote from CompareTheMarket - but when clicking Proceed - you are then actually full applying and paying on the insurance peoples OWN website.

But that could still be a broker (sorry "insurance intermediary" as they are currently called!)