When I bought my new van I tried to get cover transferred from my old vehicle to the new one, but the policy would not cover vans less than 2 years old.
Hence with 3 months left to run on the old policy I have left it on the old vehicle and have now forked out for a new policy on the new vehicle.
The old van goes on Saturday and I want to approach the insurers about suspending the remainder of the policy so it can be used up at a later date, when my van is more than two years old perhaps.
What can I reasonably expect?
Allowing the policy to be "used up" at a later date when the renewal date comes up, thereby delaying the payment of a new premium for three months?
A proportional discount off 12 months premium with that insurer?
Refund is out of the question as there is no refund on 3 months policy.
Any help please?
Hugo
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Given that they declined the risk, it would be normal under those circumstances for a pro-rata refund to be given.
Of course, your broker would probably try to swallow that as an admin charge.
Other than that, there\'s not likely to be any opportunity. Sorry.
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Hugo,
When I went overseas I had approx 4 months of a UK policy remaining. The brokers advice was to inform them that there was no car to cover and suspend the policy....ie it cannot incur any risk or claims, then at the end of the year you get the extra years NCB which I would then be entitled to use on my planned return in two years time and I got a nice letter to give to the Australian insurance co explaining my ncb history.
Since I wasnt going to get a refund this seemed tlike a better deal than cancelling the policy at 8 months in which case I was not going to get an extra years NCB and they might not have been so helpful otherwise.
regards
Ian L
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Thanks Stargazer and Mark
Mark, I think I may try to contact the company myself and bypass the broker. If I can get some sense out of the company then wish me luck.
Ian, I'll also explore your possibility.
Thanks again
H
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Mark, I think I may try to contact the company myself and bypass the broker. If I can get some sense out of the company then wish me luck.
After speaking to the broker - a large national concern that deals Direct with Commercial Vehicles (I'm not one for naming and shaming), and getting only a promise that the manager would call me back - which was kept, I got no joy so I did just what I said I would do above.
The underwriters told me exactly what Mark told me. As the restriction is in place and I cannot use the policy, a full pro rata refund is normally due.
I then explained that the broker had failed to point this out on a number of occasions and that I felt this was not on. The underwriters kindly offered their director to take this up directly with the broker if I got no joy. In the meantime they helped by contacting the broker and straightening them out.
I then received a call from the manager at the underwriters, asking me whether I would like a pro rata refund or to suspend the policy. As I would have to wait 2 yars before I could use the remainder of the policy they have suggested a pro rata refund. OK I will miss out on a year's no claims but I seem to be getting the max discount from them anyway without declaring any no claims, as I have been with them for almost 2 years without incident. I am currently paying £378 fully comp with free breakdown cover.
I am just waiting for them to confirm the pro rata refund amount. I think it's around £90. I want to make sure they don't deduct anything before I accept it.
I shall then be writing Direct to the Commercial Vehicle brokers to ask them how I was not informed as to my options wrt this policy and measures they will put in place to ensure that I and other clients are dealth with properly in the future. If I am not satisfied with their response I shall turn it into a complaint and go the ombudsmen route.
So, once again the BR has come up trumps and Mark, I owe you a beer, oh and please feel free to edit this post as you may see fit :)
Hugo
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Mark, I owe you a beer, oh and please feel free to edit this post as you may see fit
Let me assure you, that to resist interpreting "edit as you see fit" as "feel free to increase the number of pints I'm offering you" was a significant effort !!
As for the help, you're very welcome.
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>> Mark, I owe you a beer, oh and please feel free to edit this post as you may see fit Let me assure you, that to resist interpreting "edit as you see fit" as "feel free to increase the number of pints I'm offering you" was a significant effort !! As for the help, you're very welcome.
LOL and thanks Mark!
Just an update....
The broker agreed that a Pro Rata refund was due but informed me that an admin charge would be made and asked me to send in my certificate.
This I duly did and accompanied it with a formal letter of complaint on the following counts.
1 - They failed to advise me on numerous occasions that a pro rata refund was due.
2 - They saw fit to intend to deduct an admin fee when the underwriter expressly pointed out to me that a full pro rata refund should be made to me.
I asked them to do the following,
Apologise
Send the FULL pro rata refund with NO deductions.
Explain why I had been repeatedly mislead over this issue
Explain what actions are being put in place so that I would be treated with the level of professionalism and integrity I should expect rather than being fobbed off like a village idiot.
I explained that my next step would be the ombudsman if I received no satisfactory response.
A week later I received a cheque for the full Pro Rata refund with a written apology stating that staff training was to be reviewed.
I am a little scepticle that nobody at that brokers seemed to know what Mark had pointed out regarding my entitlement to a full pro rata refund, so I choose to suspect that they kept quiet about their obligation to refund me just over £100 in the hope that I would not be sufficiently informed to argue my case.
Anyway Mark - you're a star - and thanks again to the backroom for some excellent advice - Long may it continue!
Hugo
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