Is there a 'cooling off' period when buying insurance?
My son bought insurance with Adrian Flux for his car. At the time of purchase he asked about cancellation charges. He was told first of all that cancellation in the first 14 days would cost £25 after he agreed to this and took out the policy the lady then told us the policy said cancellation was free. I am witness to this. He cancelled the insurance the next day due to issues with the MoT. Adrian Flux have charged him £96 which they say is £50 for their fees and the rest for the insurance company's fees they say that they would only give the money back if he could prove he got a cheaper quote. This was not explained at the time of purchase. Please can you let us know our rights?
Asked on 25 July 2017 by Julie Jobling
Answered by
Honest John
There is a 14 day cooling off period under distance selling regulations, there is NO fee chargeable. Once past this point any cancellation should be a "reasonable" amount of no more than £50. This is under the 2015 Insurance Act if my memory serves me. If you have paid with a credit card, then you also have additional provisions covered under the Consumer Credit Act.
We give you the low down on how to save on insurance, little-known tricks and tips, what insurance groups mean and how to use insurance aggregators to beat insurers.
Insurance group finder and how to save on insuranceSimilar questions
Are brokers obliged to provide evidence of NCB if requested? I asked my broker to provide evidence because I wanted to change to a different provider who had offered a better price. They refused and made...
My son has been asked for all manner of paperwork by his insurer (a broker), whose quote using comparison sites was £300 less than any competitor. Now they've asked for his N.I number, a copy of his V5C...
We are lucky enough to buy our twin 17-year-old girls a new car for their birthday. However, getting them insured is difficult. Many insurance companies operate online only and the forms aren’t set up...
.jpg)
