took out insurance for my 200sx on the 4th of july as got a good deal 750 pounds i paid 200 pounds deposit.
Found of the car is rotton and not worth fixing rang up sky today 18/07/2011 to ask about stopping the insurance and they said i have to pay 160 pounds.
Really not happy
Keep the policy but then change the car to your next car if possible.
Its a standard thinhg with insurance these days, if you dont like it then dont take the instalments option.
Originally Posted by scimmy ben
I get the feeling that this would only work if we could pursuade Ernest Borgnine to drive the Isle of Wight to Portsmouth hovercraft.
14 day cooling off period - are you just outside of it?
took out insurance for my 200sx on the 4th of july as got a good deal 750 pounds i paid 200 pounds deposit.
Found of the car is rotton and not worth fixing rang up sky today 18/07/2011 to ask about stopping the insurance and they said i have to pay 160 pounds.
Really not happy
Doesn't matter. The insurer will stipulate the amount you get back in case of a cancellation - you lose lots of money very quickly past the 14 daysIts a standard thinhg with insurance these days, if you dont like it then dont take the instalments option.
wont be getting another car for some time now im just a little pissed off its cost me 360 pounds for 2/3 weeks car insurance and i haven't even driven the car.
oh well wont be using these people again
If you took it out on the 4th then the 14 day cooling off runs til the 18th - today... why are they not refunding the whole amount (minus the pro-rata bit you've used and, presumably, an admin fee)?
Dont have to money to pay it out right wish i didIts a standard thinhg with insurance these days, if you dont like it then dont take the instalments option.
Why? What have they done wrong?
All sorted they got it wrong the 160 quid comes out of the deposit lol
I assume they're not going to give you your deposit back?
Sky's website says:
50% of a £700 policy seems pretty freaking steep to me for 'commission and fees'?You have certain rights of cancellation in the early stages of the policy life and these are shown in the insurer’s policy document. However we are entitled to retain our commission and fees as they are deemed earned upon the inception of your instructions. Policies vary between insurers and are otherwise calculated on a short period scale weighted in favour of the insurers. and are otherwise calculated on a short period scale weighted in favour of the insurers, as their costs are similar whether a policy has run for one day or for one year. Cancellation cannot occur until we are in receipt of your current insurance certificate and written instructions to cancel your policy. Cancellation refunds are not given if there have been any losses or accidents which may result in a claim during the period of insurance.
You can read what the FSA have to say about cancelling here.
They don't actually mention 14 days or cooling off, but they basically say when you cancel the insurance, the company is entitled to charge you for the service actually provided by the firm. They also say:
Key to me is the word 'proportion'. I'd be inclined to argue that £360 cancellation doesn't represent a proportion of their commission and a proportion of their fees. I'd also argue that as the FSA consider a reasonable cost for time on cover to be calculated on a pro rata basis, that roughly 4% of the total policy time on cover should not cost 50% of the total amount.The amount payable may include:
(1) any sums that a firm has reasonably incurred in concluding the contract, but should not include any element of profit;
(2) an amount for cover provided (i.e. a proportion of the policy's exposure that relates to the time on risk);
(3) a proportion of the commission paid to an insurance intermediary sufficient to cover its costs; and
(4) a proportion of any fees charged by an insurance intermediary which, when aggregated with any commission to be repaid, would be sufficient to cover its costs.
I'm sure you could come up with more arguments too. They're well within their rights to charge you for cancelling the policy, but too many insurance companies like to take the piss when they calculate the charge.
EDIT: OK, so they give you the deposit back. I'd still be pretty irritated at a £160 charge for 14 days on cover, but hey, each to their own
i got my deposit back - the 160 pounds i still think thats abit steep as well butI assume they're not going to give you your deposit back?
Sky's website says:
50% of a £700 policy seems pretty freaking steep to me for 'commission and fees'?
You can read what the FSA have to say about cancelling here.
They don't actually mention 14 days or cooling off, but they basically say when you cancel the insurance, the company is entitled to charge you for the service actually provided by the firm. They also say:
Key to me is the word 'proportion'. I'd be inclined to argue that £360 cancellation doesn't represent a proportion of their commission and a proportion of their fees. I'd also argue that as the FSA consider a reasonable cost for time on cover to be calculated on a pro rata basis, that roughly 4% of the total policy time on cover should not cost 50% of the total amount.
I'm sure you could come up with more arguments too. They're well within their rights to charge you for cancelling the policy, but too many insurance companies like to take the piss when they calculate the charge.
EDIT: OK, so they give you the deposit back. I'd still be pretty irritated at a £160 charge for 14 days on cover, but hey, each to their own
ive not got a bad word to say about sky, theyve done nothing but impress me when ive had to deal with them.
as for this, its good that you got your money back and think of it like this, how much would it cost for you to get temporary cover on the 200sx for 2 weeks? it would be much much more than £160. So people could just muck them around to get cheap temp cover on a car and just cancel it so they have to protect themselves from jokers. Obviously youre not one of those people but for every one of you theres 100 that would do it if they could.
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