Thorburn Posted May 24, 2005 Report Share Posted May 24, 2005 Just been checking on insurance on the MX-5, and the price from the people my insurance is currently with is way over the odds, more than double the best quote I've had. I've only held my current policy for 2 or 3 months so is if I end this policy would I be elligible for a percentage refund? Link to comment Share on other sites More sharing options...
richyA3 Posted May 24, 2005 Report Share Posted May 24, 2005 nope.. u only pay for what u have used.. Link to comment Share on other sites More sharing options...
richyA3 Posted May 24, 2005 Report Share Posted May 24, 2005 to add.. if they come back and say "its a contract" ask them if you signed anything as a legal document has to be signed and agreed by yourself and anyone in the policy.. as insurance companies don't get you to sign documents then you have nothign to worry about. same as if u got your licence taken off you.. you don't keep paying your insurance.. Link to comment Share on other sites More sharing options...
Sparky Posted May 24, 2005 Report Share Posted May 24, 2005 Every insurance document I've ever had from an Insurance company has asked me to sign and return the policy. I have to pay a certain cancellation fee (not much). This has been the case with Norwich Union Direct, Tesco's and Egg. Link to comment Share on other sites More sharing options...
UBM Posted May 24, 2005 Report Share Posted May 24, 2005 [ QUOTE ] Every insurance document I've ever had from an Insurance company has asked me to sign and return the policy. I have to pay a certain cancellation fee (not much). This has been the case with Norwich Union Direct, Tesco's and Egg. [/ QUOTE ] Ane me with Egg, and MoreThan... Link to comment Share on other sites More sharing options...
MattR32 Posted May 24, 2005 Report Share Posted May 24, 2005 Mine runs out in July but because I claimed for theft damage, I'd get none back if I cancelled. Annoying because my premium has gone UP moving from an R32 to a diesel Astra AND we're moving from nasty Bristol to the countryside - ?!!! Link to comment Share on other sites More sharing options...
Thorburn Posted May 24, 2005 Author Report Share Posted May 24, 2005 MattR32, you shopped around a few places? Link to comment Share on other sites More sharing options...
UBM Posted May 24, 2005 Report Share Posted May 24, 2005 Try www.confused.com Link to comment Share on other sites More sharing options...
MattR32 Posted May 24, 2005 Report Share Posted May 24, 2005 I have and can get it cheaper but as I get nothing back, I'd lose out. Will shop around at renewal time. In the meantime, I'm being ripped off! Link to comment Share on other sites More sharing options...
Calm Chris Posted May 24, 2005 Report Share Posted May 24, 2005 Guys On a policy that you have not claimed on, you will get a tapering refund of the premium. Something like:- 3 months used premium, cost 40% of yearly figure 6 months used premium, cost 65% of yearly figure 9 months used premium, cost 85% of yearly figure. Hence why paying monthly tend to be over 8/9 months. This is to prevent you cancelling and dropping out of the scheme before they have collected the correct bounty for the period insured. If you have an accident, the yearly premium is not refundable. Hence why Matt (who claimed more than once) cannot get a refund on the R32 policy. Sort of a catch 22 if such accident happens having:- Paid the full years premium Having claimed in the 1st few months Then changing cars. Easy way, is to simply write off the R32 insurance and start with a full 12 month policy from 'the cheapest insurance ever corp'! Clear as mud? Link to comment Share on other sites More sharing options...
Insurance Jon Posted May 24, 2005 Report Share Posted May 24, 2005 Cancellation rates are pretty much spot on. That comment made further up the thread about it not being a valid contract unless something is sign is not right. When you don't have to sign a proposal you are sent a statement of fact, you have 14 days to get it amended after that it becomes binding, along with the insurers and/or brokers terms and condition which include cancelaltion scales and fees as stated by them under their obligations under the new FSA rules. Previous GISC rules were pretty similar. in effect if you cancel now you may get charged short term rates as it isn't their fault that you changed car, as they are still offering a premium. If you want to be underhand, ring up to see how much it would be to change to a LHD Murcilago, I can guarrantee they will not be able to cover it if the value is over £100,000. At which point you will be able to get a Pro Rata cancellation as it is their fault as they won't cover it! hope this helps! Link to comment Share on other sites More sharing options...
MattR32 Posted May 24, 2005 Report Share Posted May 24, 2005 Sort of Chris! I've paid for the R32 insurance (paid in one go) but it's been cheaper to stay covered on it (despite not owning it!) than cancel! Still can't understand why on earth it's gone up changing to a Diesel Astra AND moving to the countryside! Link to comment Share on other sites More sharing options...
Calm Chris Posted May 24, 2005 Report Share Posted May 24, 2005 I'd work to the assumption that they have you by the short and curlies! Insurance brokers can be specfic to certain car type and makers. Maybe your insurer was best for a R32, but poo for the Vauxhall. You've been caught, since your policy has not lapsed, you won't cancel (since no refund due, due to claim) and maybe the Vauxhall is somehow seen as a bigger risk, in the eyes of your R32 broker. I guessed the rates IJ- Can I have a job and a company car like yours, or your old one, or even (I suspect) the even older one. Matt ghost a quote on the Vauxhall via an online Co, hopefully things will be cheaper when the current policy dies. Mind you, won't the reduced NCB kick in then? Link to comment Share on other sites More sharing options...
MattR32 Posted May 25, 2005 Report Share Posted May 25, 2005 Chri5 - Checked out on confused.com and it will be a lot cheaper next time around. As you say, they have me by the short and curlies for the "crime" of being vandalised! Link to comment Share on other sites More sharing options...
mb Posted May 25, 2005 Report Share Posted May 25, 2005 [ QUOTE ] If you want to be underhand, ring up to see how much it would be to change to a LHD Murcilago, I can guarrantee they will not be able to cover it if the value is over £100,000. At which point you will be able to get a Pro Rata cancellation as it is their fault as they won't cover it! [/ QUOTE ] Have done this trick and it definitely works ! Link to comment Share on other sites More sharing options...
Insurance Jon Posted May 25, 2005 Report Share Posted May 25, 2005 [ QUOTE ] Sort of Chris! I've paid for the R32 insurance (paid in one go) but it's been cheaper to stay covered on it (despite not owning it!) than cancel! Still can't understand why on earth it's gone up changing to a Diesel Astra AND moving to the countryside! [/ QUOTE ] your claims history, it's not that good from what I grasp of the situation. Insurers look at the number of claims, not just the size. Link to comment Share on other sites More sharing options...
MattR32 Posted May 25, 2005 Report Share Posted May 25, 2005 One claim (all costs and excess recovered from other party) in October and one (£150 excess paid for theft related damage). Is that really considered bad? Not like I crashed into anything or got done for speeding/drink driving, etc. None of it was my fault after all! Link to comment Share on other sites More sharing options...
Thorburn Posted May 25, 2005 Author Report Share Posted May 25, 2005 [ QUOTE ] If you want to be underhand, ring up to see how much it would be to change to a LHD Murcilago, I can guarrantee they will not be able to cover it if the value is over £100,000. At which point you will be able to get a Pro Rata cancellation as it is their fault as they won't cover it! [/ QUOTE ] Rang up about changing my policy and was told they would be unable to change from my current car to a Mazda MX-5. When I asked about a pro rata refund they told me that this wasn't true. Anything I can quote for this? Link to comment Share on other sites More sharing options...
Insurance Jon Posted May 25, 2005 Report Share Posted May 25, 2005 it's not guaranteed, but it's more a code that insurers follow. The ones that don't tend to be the cheap ones, it's one way they claw lost profits back Link to comment Share on other sites More sharing options...
Thorburn Posted May 25, 2005 Author Report Share Posted May 25, 2005 This one was Endsleigh and they haven't proved cheap at all, but my dad was handling it so went with them for some reason, on the Fiesta it was at best competitive, on the MX-5 its the highest I've had by a long way! Guess will just cancel it then as even then it'll work out over £1400 cheaper! Link to comment Share on other sites More sharing options...
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