‘Admin’ fees & cancelling car insurance policy


Hi,

I’ve registered and come here for some advice regarding cancelling my car insurance policy and so called ‘Admin’ fees.

My insurer had sent me a renewal notice with the price of the premium, they then contacted me via phone to discuss it etc. At the time their renewal price was the lowest I could find so I decided to go ahead with it and pay for it in full. This was done on the 18/07/18.

Today, after some research, I’ve been able to find a private insurer that have quoted me nearly £100 less for a similar level of cover. So I thought great, I’ll have this one and cancel the one which I paid for yesterday. Bearing in mind, my current policy lapses on the 20/07/18 so the new cover hasn’t yet kicked in.

In my mind, I was within the cooling off period plus the new policy has not even started yet so cancelling it wouldn’t be an issue for a full refund. I ring the insurer to make them aware and was advised that I will incur admin charges for cancelling (in excess of £50). I’m not even a new customer, so the renewal was sent to ME by THEM, so the quote they had sent to me was already done (plus a minor amendment to the details on the policy).

To me, this seems very unfair and I am pursuing it with the insurer as I type this. I would like to know would I have a leg to stand on if I continue down a complaints route to the financial ombudsman?

Any advice will be appreciated

Thanks.



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