Comments on: Cooling Off Period Applies To Renewals http://money-watch.co.uk/3755/cooling-off-period-applies-to-renewals UK Personal Finance Blog, Money Information and Links. Tue, 16 Mar 2010 12:20:38 +0000 http://wordpress.org/?v=abc hourly 1 By: William Jones http://money-watch.co.uk/3755/cooling-off-period-applies-to-renewals/comment-page-1#comment-59843 William Jones Wed, 16 Jul 2008 13:02:23 +0000 http://money-watch.co.uk/3755/cooling-off-period-applies-to-renewals#comment-59843 I have been with Bennetts insurance (motorcycle)for the past 9 years, my renewal date was the 28/6/08 which is renewed automatically. My son was due to take his test on the 14/7/08(and passed)and I wanted to add him onto my insurance. I contacted Bennetts on the 16/7/08 who told me I would have to cancell my policy and take out a new one with my son on. I paid £140 renewal on the 28/6/08 but all they would give me back was £59 for cancellation (just 18 days on the policy)lossing £80 and the new policy would be £236 this would mean I had paid out £316 to insure myself and son. I went on the internet and found a company who did a better policy (with the same insureres Norwich union) for £123.98. So I lost £80 with bennetts,it cost me £123.98 for the new policy this added up cost me £203.98 but with the £59 rebait from bennetts it ment I only paid out £144.98 all to geather far cheaper the Bennetts £236 quot (and they lost a good customer of 9 years. I have been with Bennetts insurance (motorcycle)for the past 9 years, my renewal date was the 28/6/08 which is renewed automatically.
My son was due to take his test on the 14/7/08(and passed)and I wanted to add him onto my insurance. I contacted Bennetts on the 16/7/08 who told me I would have to cancell my policy and take out a new one with my son on. I paid £140 renewal on the 28/6/08 but all they would give me back was £59 for cancellation (just 18 days on the policy)lossing £80 and the new policy would be £236 this would mean I had paid out £316 to insure myself and son.
I went on the internet and found a company who did a better policy (with the same insureres Norwich union) for £123.98.
So I lost £80 with bennetts,it cost me £123.98 for the new policy this added up cost me £203.98 but with the £59 rebait from bennetts it ment I only paid out £144.98 all to geather far cheaper the Bennetts £236 quot (and they lost a good customer of 9 years.

]]> By: UKMoneyPot http://money-watch.co.uk/3755/cooling-off-period-applies-to-renewals/comment-page-1#comment-21999 UKMoneyPot Tue, 10 Jul 2007 17:30:14 +0000 http://money-watch.co.uk/3755/cooling-off-period-applies-to-renewals#comment-21999 I've recently discovered that car insurance providers are allowed to charge an admin fee even if you cancel during the 14 day cooling off period. Most also give you back a percentage of the premium paid whenever you cancel too so the 14 cooling off period is practically pointless! Ah, well.. I’ve recently discovered that car insurance providers are allowed to charge an admin fee even if you cancel during the 14 day cooling off period.

Most also give you back a percentage of the premium paid whenever you cancel too so the 14 cooling off period is practically pointless!

Ah, well..

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