Posted By: Anonymous
A first time insurance puzzler - 06/04/2006 18:04
Afternoon. I'm new to the forums and must say there's a wealth of very useful knowledge floating around here. Hopefully I can bring something to party. A quick question for someone to mull over and offer some sage advice.
Just bought a very nice coupe and I'm having a little fun with the insuring the vehicle. I have had a look through previous posts and have started to get quotes from the likes of Adrian Flux and Noel Dazely & Co. However the problem I have is with my current insurance on my old car. Budget (my current insurer) are, of course, unable to cover the coupe with their current underwriter (NIG) and will not offer the full proportional refund (around £200 remaining of the 7 months of the old policy). The reason is that in effect I'm "canceling" the previous policy which incurs a “Short Term Rate Charge” costing me £85. After making a polite point that this was not made clear they have waved the cancellation fee of £55 and can offer me back £99 instead of the £200.
So I’m left wondering can they charge me £85 for something I have no control over and is that charge a fair for what is in theory my money as they are unable to insure my vehicle. One opinion is that my contract is with Budget and they choose to underwrite me with whoever they choose so if I to turn down the quote of £1100 being underwritten by Norwich Union then in affect I’m canceling my contract with Budget.
Hmmm it’s turned out not to be a quick question! Any thoughts? Cheers
Pete
Just bought a very nice coupe and I'm having a little fun with the insuring the vehicle. I have had a look through previous posts and have started to get quotes from the likes of Adrian Flux and Noel Dazely & Co. However the problem I have is with my current insurance on my old car. Budget (my current insurer) are, of course, unable to cover the coupe with their current underwriter (NIG) and will not offer the full proportional refund (around £200 remaining of the 7 months of the old policy). The reason is that in effect I'm "canceling" the previous policy which incurs a “Short Term Rate Charge” costing me £85. After making a polite point that this was not made clear they have waved the cancellation fee of £55 and can offer me back £99 instead of the £200.
So I’m left wondering can they charge me £85 for something I have no control over and is that charge a fair for what is in theory my money as they are unable to insure my vehicle. One opinion is that my contract is with Budget and they choose to underwrite me with whoever they choose so if I to turn down the quote of £1100 being underwritten by Norwich Union then in affect I’m canceling my contract with Budget.
Hmmm it’s turned out not to be a quick question! Any thoughts? Cheers
Pete