Insurance Policy Refund

mathie

So I recently sold my car but two weeks before I did I'd to renew my policy.
My broker said a small fee would apply if I took out the policy and then got a refund.

Two weeks into the policy and I cancel it.

I was refunded 186 euro out of 300 euro. (35 charge for the broker, 75 charge for the insurer)

Would you consider that a small charge or fair enough?

biko

Sounds like a lot. I was refunded 290 after 2 weeks with AIG once (paid 320 initially so happy days).
Then again you had to suffer fees from both insurer and a broker.

godtabh

I did the same with 123. My refund was the value of the policy less €40 if cancelled before 2 weeks or the vlaue of the policy minus the €40 admin fee plus a pro rata rate of the cover used

peteb2

Was it your first year of insurance with that particular insurer? Sounds like short term rates as opposed to pro-rata cancellation which would be the case.

mathie

peteb2 wrote: »

Was it your first year of insurance with that particular insurer? Sounds like short term rates as opposed to pro-rata cancellation which would be the case.

6 years with them.
Although different broker for the last two years.

mathie

As a goodwill gesture my broker is refunding their charge.

But the insurer isn't.

I have been with them for almost ten years and zero claims.

djimi

I would be quizzing the insurer as to where exactly they came up with a fee of €75 as an admin charge? That about double what I would consider to be a fair amount.

peteb2

You'll probably find if they are doing it, that it is clearly in their policy document.