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General Car Insurance |
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Cancelling Your Insurance Policy Under regulations imposed by The Financial Services Authority, as a private individual you have up to 14 days from the inception of a policy to cancel any insurance. You will be charged pro-rata for the time you have been on cover, plus any reasonable fee that the insurer or broker wishes to charge.
If you have exceeded the 14-day ‘cooling-off’ period, the insurer will charge whatever scale of refunds defined in their Terms of Business. This will not be a pro-rata rate, but sliding percentage scale, depending on how long you have been on cover, for example, if you have been on cover for 5 months, you may only get a 30% refund.
You should be informed of this cancellation rate before you take out your policy and your attention drawn to this in the insurance companies Terms of Business. If you can prove that you were not informed of this, you may have a case to obtain a full or pro-rata refund. This is difficult, so check your documentation when you first receive it.
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