Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Insurance Renewal - Time period

  • 04-11-2009 12:46pm
    #1
    Brando_ie
    Registered Users Posts: 425 ✭✭


    Is there any requirement for an insurance company to issue a renewal notice a certain time prior to the current policy expiring (to allow for 'shopping around' time). My recent renewal notice was issued Oct 30th (renewal date 1st December) but comes with the notice that I must accept or cancel within 14 days of receipt of the letter in writing (so practically 12 or so days to allow for posting!).

    I vaguely thought that folks had 30 days or so to decide on renewal quotations rather than the practical 12-14 alluded to in my renewal?


Comments

  • #2
    dudara
    Registered Users Posts: 33,519 ✭✭✭✭dudara


    Moved to Banking & Insurance & Pensions

    dudara


  • #3
    NuMarvel
    Registered Users Posts: 3,279 ✭✭✭NuMarvel


    Looking at the Financial Regulator's website, there seems to be an obligation that motor insurance companies must make sure you get a renewal notice at least 15 workings days before your policy ends.

    (See page 12 of this guide: http://www.itsyourmoney.ie/files/publications/p_20091023115053Car%20Insurance%20guide_WEB.pdf)

    However, nothing is said about what notice period, if any insurers must give for home insurance.

    In your case, you seem to have received plenty of notice, but the added provision that insurance must be accepted or declined within 14 days of receipt is what seems to be the issue. What do your terms and conditions state about cancellation (should you choose to cancel)? I think what the terms specify would superce the note you received.

    Finally, I presume the insurer can't proceed with renewing your cover without your consent in the first place, so the note seems a bit odd. Perhaps the insurer included it to increase retention rates?


  • #4
    Brando_ie
    Registered Users Posts: 425 ✭✭Brando_ie


    NuMarvel wrote: »
    Looking at the Financial Regulator's website, there seems to be an obligation that motor insurance companies must make sure you get a renewal notice at least 15 workings days before your policy ends.

    (See page 12 of this guide: http://www.itsyourmoney.ie/files/publications/p_20091023115053Car%20Insurance%20guide_WEB.pdf)

    However, nothing is said about what notice period, if any insurers must give for home insurance.

    In your case, you seem to have received plenty of notice, but the added provision that insurance must be accepted or declined within 14 days of receipt is what seems to be the issue. What do your terms and conditions state about cancellation (should you choose to cancel)? I think what the terms specify would superce the note you received.

    Finally, I presume the insurer can't proceed with renewing your cover without your consent in the first place, so the note seems a bit odd. Perhaps the insurer included it to increase retention rates?

    The insurance relates to a health policy but from the sounds of things the notice period only covers car insurance?

    I was told the requirement was to cover the time it takes to cancel the direct debit and if I failed to provide written confirmation of refusal of the renewal that there was a chance that I would be debited in December automatically (actually, to that I replied that i could do them the favour of canceling the DD the day or so prior to it becoming due from my end to guarantee no overpayment)

    To me the renewal quote with its 14 day caveat would appear to be a retention tactic and I was just interested if the 14 day requirement was a loophole to avoid any statutory obligation but it would appear that no obligation exists.

    I don't like being rushed..... (unless it is out of the way of oncoming traffic or some-such!!)


Advertisement