Car insurance cooling off period

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I was charged £49.99 admin charge to cancel the new insurance the following day – so the ‘cooling off period’ isn’t really anything of the sort

It is what it is. A period that allows you to cancel without being committed to the whole premium.

In this age of computers, does it really cost them £49.99 to set up an insurance?

How much do the computers cost?
How much do the actuaries cost to decide the premiums?
How much do the staff that man the call centre cost?
How much does the data storage cost?
How much do the utilities and rates cost?
and so on….

You have created work and its only fair that you pay it and it is not passed on to other people.


I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.

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