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Ben Jones
Ben Jones, UK Lawyer
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If you cancel a car insurance policy during the 14 day cooling

Resolved Question:

if you cancel a car insurance policy during the 14 day cooling off period, can the insurer charge you a cancellation fee,, when the first months installment and the annual interest has been paid upfront.
Submitted: 2 years ago.
Category: Law
Expert:  Ben Jones replied 2 years ago.
Hello, my name is ***** ***** it is my pleasure to assist you with your question today. Are they refunding you the unused part of the month's cover and the interest?
Customer: replied 2 years ago.

no, they appear to have forgotten about it.

Expert:  Ben Jones replied 2 years ago.
You have the legal right to cancel a car insurance policy within 14 days of taking out the cover. The insurer is able to charge you a cancellation fee to cover the time, administration costs or other expenses incurred in setting up the policy for you. If you have paid a premium then you are entitled to get a full refund, although they can deduct a proportion of that to cancel the time during which you were insured with them. So if you had paid a month’s premiums and cancelled after 7 days of taking out the policy they can deduct the equivalent of 7 days’ premiums. If you paid interest to cover the annual premiums then that should be refunded too. So you are able to ask for these payments back, although you can still be charged a cancellation fee.
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