Catch 22 car insurance

[Mr.Shanahan]

Re: Catch 22 car insurance

To fight what seems to be a single charge of £275 will mean breaking it down into three separate compartments.

Im trying to follow this, but a relative simpleton to some of you guys. What's the three components?

So, possible 'hidden' fees?

Plus the Consumer Credit Directive warn against exorbitant fees.

& then there's the 'unfair relationship' aspect..........

and how do the three components break out to hidden fees?

i like the sound of 'unfair relationship' sounds pretty unfair to me.

[labman]

Re: Catch 22 car insurance

Three components are Brokers Fees, finance company (for installments) and insurance company refund. As for anything else I'm putting on the dunce's hat!

[des8]

Re: Catch 22 car insurance

.....and you will have problems showing the insurers are ripping you off, as generally the price paid if you cancel a policy, reflects the price you would have paid if you had taken a short term policy to begin with!

I suspect the finance company charges actually do reflect their loss of interest and early settlement costs

Which leaves the so called brokers. Having been a broker for years who existed solely on the commission paid by insurers I do not understand how they can justify their inflated charges (probably goes with their egos!)

I assume Charity is hinting at the unfair relationship that could (does?) occur between any two or all three of the parties concerned.

[Mr.Shanahan]

Re: Catch 22 car insurance

Maybe cancellation fee is something similar to the bank charges scandal where they were charging the earth to send you a letter. And we all know how that ended up. The banks are actually better off with the new way of doing it.

i fear for the future, as I know my insurance is going to rocket up when I move house to a worse postcode, but maybe I will be financially better off cancelling at that point.

i will have to track down my lawyer cousin to see what she thinks of all this.