Insurance company requesting more money after policy paid for

dantastic

So the insurance on my car is up for renewal and I have been out comparing the market. My current insurer and I agreed on a price. I paid, insurance disk sent out.

And then today I get an email saying they want more money for the policy or it won't take effect. They say I can have my money refunded or I have to pay the difference up to their new price for the policy.

It's not a lot of money they are asking for but I have never in my life been asked to pay more for a product after a sale has been completed. I'm quite frankly pretty peev'd. Have they a legal leg to stand on or are they just chancing it?

Gillo

If you had agreed a price, paid and the disk has been sent out I'd say it's their problem not yours. Have they said why they are looking for more money?

Your best advice would be to talk to them and if they won't budge, explain that that you will be taking the matter to the Financial Services Ombudsman.

My main concern would be if something happened while all this is going on; you could be be currently driving a car which effectively isn't insured.

Milly33

Is it AXA by any chance <SNIP>

coylemj

dantastic wrote: »

And then today I get an email saying they want more money for the policy or it won't take effect. They say I can have my money refunded or I have to pay the difference up to their new price for the policy.

We're not getting all the facts here - they must have discovered something that changed the goal posts, why else would they ask for more money or threaten to revoke the policy?

Full disclosure please.

dantastic

Nope, straight up. Full disclosure above. Surely is something out of order would have been found out they wouldn't be all *please* about it?!

ratracer

This happened me a couple of years ago. I gave the phone agent all the details of driving history, including a claim my wife had. They quoted me, I paid and got put on cover temporarily pending submitting copies of licence, NCB etc to them. When I sent this in, said company rang me, told me I hadn't disclosed my wife's claim and that the cost would rise ( significantly as it happened). Told them I had disclosed everything, asked the to back through the taped conversation which verified I was telling the truth. After a lot of management discussion they eventually honoured the policy at said price. Mind you I haven't been a customer of theirs since.

TL:DR - Ask for the taped conversation if you got a quote over the phone.

coylemj

dantastic wrote: »

Nope, straight up. Full disclosure above. Surely is something out of order would have been found out they wouldn't be all *please* about it?!

Ok, accepted and apologies for suggesting otherwise. It must have been a mistake on the part of whoever gave you the quote but they normally bite the bullet and take the hit. Proportionally is there a big difference i.e. what percentage are they asking you to stump up to add to the amount you originally paid?

homer911

Is it possible the underwriter queried something after the broker issued the policy?