Does anyone know with insurance companies if they charge you for canceling within the "14 day cooling period"?
And also if you wanted to re-insure with them, is there a time limit before you can?
Paul

Hi,

This depends from insurer to insurer, most will charge you for the time you have been on coveron a pro rata basis, eg premium = £365 and you cancel the policy after 6 days you will pay £6 and get any over payment refunded back.
However some companies like Elephant.co.uk will charge a £15 admin fee to cancel for the cost of issuing the docs.
Also if you have any ancillaries such as Leagl Protection which is an add on to your actual policy you may not get any money back for that.

Hope this helps.

There isn't a 14-day cooling off period for insurance sales as insurance services aren't covered by the distance selling regulations.

Most companies will charge you *at least* pro rata for the time you have been covered, but it is common charge above pro rata rates as well.

Hi,

Most insurers will usually just charge the pro rata figure as an FSA guide, and an admin fee is purely the insurers discretion.
Also some Insurers will allow a pro rata refund on the basis that you have returned the Certificate of Insurance and they have received it within the 14-day period (Might be worth sending it recorded del'
So in other words you may call them to cancel the policy after 2 days, but if the Cert isn't returned until lets say day 15 then a TOR (Time ON Risk) charge will apply and is usually a % of the annual premium and always more then the pro rata figure

Checked with the Insurance company and its Pro-rata + 19 pound admin fee. Wanted to know as Insurance whilst I'm 20 is 2350, but I turn 21 ina few weeks, couldn't stand leaving the coupe on the drive for the time without driving it so insuring at crazy price then canceling and re-insuring when i'm 21 for 960 pounds. Such a big difference in prices!

Add your mum if she has a good driving history - will bring the price down for sure

Yeah most insurers use quote systems that are not future specific...

a bit shite really cause £1390 for a matter of a few weeks, now that's

yeah my mum is on both those quotes, but she has an accident, (drove into the back of a banged up escort in her 230 slk at like 5mph lol ¬_¬)and still brings all the quotes down by about a grand, my dad with no accidents adds like 500 quid lol.

You need to be carefull about adding parents on, not so bad if they are a named driver but when some people put the mum/ dad down as the policyholder and thus the main user when in reality they're not it's classed as "Fronting".

Which is insurance jargon for miss representation of Risk, or in other words fraud. Your insurer can kick out a claim if this came to light so just be carefull!

My mum is named driver I am main driver

sorted should be ok, its just some people will put their parent down as the main driver in order to get a better price.

Direct Line give a 14 day cooling off period and a full refund if the policy is cancelled.

Yeah but they wont even give me a quote lol. Say I need to be 25 to drive a Coupe, same as my current scooby insurance with Barcleys insurance, they wouldn't transfer my current to the coupe

Direct Line are pretty cool like that, just double check that there is no admin fee. Some insurers will give you a full refund on the premium but then charge an admin which in reality means your not getting all your spon back!

Maximum *admin fee* on Direct Line is a very reasonable £15, which they waived when I got angry on the phone

I'm always a polite Mr Angry though.......

Intelligent insurers like Direct Line will sooner waive a £15 charge then risk bad publicity... Word of mouth is still the best form of advertising