Insurance Renewal

staker

Hi,
I got a quote from my previous insurance broker for public liability insurance, to which I agreed to renew verbally over the phone.
My old policy had lapsed and the new one was backdated to run concurrent.
Shortly afterwards I received an invoice for this policy,but since then I've found cheaper insurance elsewhere.
Am I bound to pay for that policy,just on a verbal agreement alone?
Thanks in advance.

staker

Bump.


I'm guessing I'm not tied into anything formally, just like to hear someone's opinion on the situation.

slimjimmc

Even if you are tied into a contract I'm sure it has clauses like most insurance policies which allow you to cancel the policy at any time and receive a refund for the remaining unused term of the policy minus a small penalty. You won't get all your money back but bear in mind you already have been enjoying the protection of the policy from the backdated start date.

However, according to what I see on www.consumerconnect.ie, the Distance Selling regulations provide a minimum cooling off period of 7 days from receipt of goods or service. Individual businesses are free to offer longer periods so check with your insurer to find out what their terms are.

BTW, I would consider receipt of goods/service to have occured when you phoned up and got immediate cover; therefore imo your cooling off period starts from then, not any later date such as when you received the invoice.

Victor

staker wrote: »

previous insurance broker

The broker is working for you, not the insurance company, even if paid by the insurance company.

You could cancel, but I imagine administration fee will take up a chunk of the savings.

You also have to wonder why its cheaper and the broker didn't notice. Did the broker make a mistake or is it lower quality insurance.