I'm annoyed.
I've recently purchased a new car, using my previous vehicle in a part exchange. As you do, I sorted insurance for the new car prior to picking it up.
I couldn't believe it when I phoned my existing insurer, Carole Nash (broker) / Kitsune (insurer) to be told that there would be a £130 fee for cancelling. I was expecting some sort of penalty / admin fee but I certainly wasn't expecting it to be that high. What makes it even more annoying is that fact that I only have a couple of months left on the policy and as I paid over 10 monthly instalments, the premium had already been settled. I also tried to call them prior to arranging the new insurance but their offices were closed.
I admit, I hadn't really thought about the administration fees when I purchased the policy last year and the policy document does state that they will apply service charge of £79.95 for cancellation after 14 days and much further down, it does show a £50 admin fee by the insurer so I'm partially at fault but what happened to insurance fees needing to be "reasonable" and reflecting the true cost of administration? Surely £130 is excessive?
I'm torn over what to do. Should I amend the vehicle on my initial policy and cancel the new one that I have arranged, given I am still within the 14 day cooling off period? Carole Nash would still charge an admin fee of £37.50 to make the amendment and the policy is not as good (it's also more expensive). Alternatively, I could take the hit, pay the cancellation charge and challenge the unfair fee?
Where do I stand from a legal perspective if I was to leave the vehicle insured until it's natural expiry (1st April)? One of the problems I think I would have with this is the disclosure of my no claims bonus with is currently on my old car until such time as I send proof to the new insurer. I could swap it but doing this would no doubt still incur a charge.
Any advice would be greatly appreciated.
Thanks in advance.
I've recently purchased a new car, using my previous vehicle in a part exchange. As you do, I sorted insurance for the new car prior to picking it up.
I couldn't believe it when I phoned my existing insurer, Carole Nash (broker) / Kitsune (insurer) to be told that there would be a £130 fee for cancelling. I was expecting some sort of penalty / admin fee but I certainly wasn't expecting it to be that high. What makes it even more annoying is that fact that I only have a couple of months left on the policy and as I paid over 10 monthly instalments, the premium had already been settled. I also tried to call them prior to arranging the new insurance but their offices were closed.
I admit, I hadn't really thought about the administration fees when I purchased the policy last year and the policy document does state that they will apply service charge of £79.95 for cancellation after 14 days and much further down, it does show a £50 admin fee by the insurer so I'm partially at fault but what happened to insurance fees needing to be "reasonable" and reflecting the true cost of administration? Surely £130 is excessive?
I'm torn over what to do. Should I amend the vehicle on my initial policy and cancel the new one that I have arranged, given I am still within the 14 day cooling off period? Carole Nash would still charge an admin fee of £37.50 to make the amendment and the policy is not as good (it's also more expensive). Alternatively, I could take the hit, pay the cancellation charge and challenge the unfair fee?
Where do I stand from a legal perspective if I was to leave the vehicle insured until it's natural expiry (1st April)? One of the problems I think I would have with this is the disclosure of my no claims bonus with is currently on my old car until such time as I send proof to the new insurer. I could swap it but doing this would no doubt still incur a charge.
Any advice would be greatly appreciated.
Thanks in advance.
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