Cancelled insurance policy, insurer seeking short term rates

LeChienMefiant

I recently cancelled an insurance policy within the first year and the broker is seeking to charge short term rates. I had cover for more than 2 weeks, but less than 1 month.

The thing is that they never sent me the policy documents as they were waiting on documentation from me. Does this mean that I was within the cooling off period?

If I was charged the premium pro-rata, it would cost me about 6% of the premium rate. I believe the short term premium for under 1 month is 25%. So there is quite a difference.

LeChienMefiant

Anyone had this before?

Toyotafanboi

Seems convenient that they invented 'short term rates' pretty quickly when nobody in ireland offers short term insurance.

That said, i'm sure they are doing it to deter people who need short term insurance taking out 1year policies and cancelling after a week or two.

What is written in the policy doccumentation regarding the lenght of the cooling off period and the cancellation terms? Why did you cancel?

LeChienMefiant

Most insurers have short term rates for this purpose, I didn't know this previously. I took insurance on my old car while selling it. I told the broker this when purchasing, the broker didn't mention any issue at the time. I think my best hope is that I can argue I was still in cooling off period as they never sent the docs out.

Toyotafanboi

Well you'l need to read the policy doccumentation to see where you stand regarding the cooling off period etc.

You also need to weigh up is it worth the fight. If it was 25% of a €600 policy, i'd just pay up to be shut of it and take it as a lesson learned.

LeChienMefiant

You, the *consumer, have the right to cancel this Policy within 14 days of the inception date or the date you receive
these Policy documents without penalty and without giving any reason.

Most insurers say the later of the two dates, I can't find the relevant legislation. But this is not a good will gesture, it's a legal requirement on the insurer.

Toyotafanboi

LeChienMefiant wrote: »

Most insurers say the later of the two dates, I can't find the relevant legislation. But this is not a good will gesture, it's a legal requirement on the insurer.

Have you told them that?

Graham

Who is the policy with, have you checked their website for the T & C's. You'd usually find the cancellation conditions easily enough.

IIRC the cooling off period is 14 days.

LeChienMefiant

I've checked all the wording and it is ambiguous, possibly intentionally so.

I have asked the question, if they say I'm outside the cooling off period then I will check the legal angle.

If that doesn't work, then I will check the mis-selling angle.

It's worth about €150 to me, so worth a bit of effort.

Graham

I don't fancy your chances outside of 14 days and it sounds like you knew you were getting an annual policy so can't see how you could claim mis-selling.

Best of luck with it anyway.

LeChienMefiant

Graham wrote: »

I don't fancy your chances outside of 14 days and it sounds like you knew you were getting an annual policy so can't see how you could claim mis-selling.

Best of luck with it anyway.

I told the sales person I intended to cancel.

Toyotafanboi

LeChienMefiant wrote: »

I told the sales person I intended to cancel.

At the time of purchase?

LeChienMefiant

Toyotafanboi wrote: »

At the time of purchase?

At time of quotation. I didn't immediately purchase, I called back.