  |  Flame Thrower Join Date: Feb 2008 Posts: 777 |
car insurance rant. am i being ripped off?
POSTED BY: rockerfella20 3 weeks, 2 days ago6 weeks ago I got offered a cheap van, bought it and insured it, My premium was £665 for the year so i paid outright for a year.
There was only 6 week T&T on the van and i had a feeling it wouldnt pass easily, It didnt and was going to cost me 700 quid to keep on the road (I only paid £250 for the van) so i scrapped it, called my insurance today and they have offered me £330 refund, this means that I have paid £335 quid for 6 weeks insurance, is this right?
The reason I paid outright is 2 years ago I was in the same situation, bought a cheap van which didnt have much life left so thought it was best to pay monthly then could cancel at any point, when the inevitable happened i cancelled and was hit with a £180 admin/ underwriters/ fee after just 2 months insurance.
I can understand if they want to charge me for 2 months then a cancelation fee (£50 apparently) but for some reason they seem to think they can take my eyes out.
Before you ask I cant afford a decent van so dont even suggest it!
to make matters worse i left a key in the van, so i went first thing this morning to retreive it and my transit van was the same size as a shopping trolley. needless to say i need to get a new key cut.
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You should Threaten them with the insurance ombudsman
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renown:
You should Threaten them with the insurance ombudsman
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they will have charged you a cancellation fee and taken this off any amounts due to be refunded...
still, this amount for 6 weeks sounds excessive. Tell them you want to make a formal complaint and ask them for the complaints procedure and tell them that you are going to take your complaint to the Financial Services Authority (for which the insurance company will get charged £500 for the FSA to deal with a complaint from them). Also mention to the insurance company that they have not met their FSA Treating Customer Fairly obligations and that you will be highlighting this to the FSA.  Last edited by StevenA2000_uk : 03-11-2009 at 21:42. |
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rockerfella20:
my friend has suggested that! I will follow that up, cheers mate, rep added. |
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StevenA2000_uk:
they will have charged you a cancellation fee and taken this off any amounts due to be refunded...  |
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rockerfella20:
yeh, if they say 2 months insurance, (works out at about £55 a month) then the £50 cancellation fee so i recon should be £160.
StevenA2000_uk:
they will have charged you a cancellation fee and taken this off any amounts due to be refunded... still, this amount for 6 weeks sounds excessive. Tell them you want to make a formal complaint and ask them for the complaints procedure and tell them that you are going to take your complaint to the Financial Services Authority (for which the insurance company will get charged £500 for the FSA to deal with a complaint from them). Also mention to the insurance company that they have not met their FSA Treating Customer Fairly obligations and that you will be highlighting this to the FSA.
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rockerfella20:
had a brief look over it, im insured by axa through direct choice, through compare the market. my documents are from direct choice and say something along the lines of, 'our policy carries a £50 cancellation fee but practices vary between insurers' |
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pinkleponkle:
How come you can't a afford a decent van but can afford to fork out eyewatering premiums of £665 a year up front?  |
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