Posted By: Anonymous
Insurance return Premium - 26/10/2012 14:54
What is it?
I've today cancelled an insurance policy as I no longer have the car (little pug).
Anyway, today the premium for the next month has left my account so I was assuming that I would get this back as a refund.....
I'm wrong, and apparently i'm entitled to... £0 refund (8 months left on the policy and I pay for it monthly).
They say that even though today the premium left my account they have infact saved me a further £77 for the cancellation as a gesture of good will, yet still charged me £50 for cancelling.
I simply don't get it.
He said he would send me a breakdown of the final bill which would explain everything, this is what I've got.
Outstanding Balance £ 492.90
Insurance Return Premium £ -547.18
Commission Clawback £ 4.28
Cancellation Fee £ 50.00
Balance Due £0
So my Question is wtf is 'Insurance Premium Return' as it all looks like bull to me and they are simply stealing my next months premium.
I've today cancelled an insurance policy as I no longer have the car (little pug).
Anyway, today the premium for the next month has left my account so I was assuming that I would get this back as a refund.....
I'm wrong, and apparently i'm entitled to... £0 refund (8 months left on the policy and I pay for it monthly).
They say that even though today the premium left my account they have infact saved me a further £77 for the cancellation as a gesture of good will, yet still charged me £50 for cancelling.
I simply don't get it.
He said he would send me a breakdown of the final bill which would explain everything, this is what I've got.
Outstanding Balance £ 492.90
Insurance Return Premium £ -547.18
Commission Clawback £ 4.28
Cancellation Fee £ 50.00
Balance Due £0
So my Question is wtf is 'Insurance Premium Return' as it all looks like bull to me and they are simply stealing my next months premium.