insurance cancellation fee's

Shiny · Post by **Shiny** » Wed May 28, 2014 11:05 am

Unfortunately you're fooked then. You don't have "cooling off" rights on commercial policies, you are a "commercial" customer and not a consumer.

For the one day you will be charged the time on risk by the Insurers, which could be up to 30% for policies cancelled in the first month of cover. Any legal expenses charged at renewal will be non-refundable, as will the DNA's renewal fee charged. You will then be charged by DNA a £40 cancellation fee and they will reclaim their lost commission, which could be up 20% of the premium. http://www.dna-insurance.com/terms-of-business.html

You can try an appeal to their better nature as it was only one day after renewal. Personally i wouldn't be imposing any charges, but that is because i am sympathetic to situations and like to treat customers how i would like to be treated. Costs me money, but i sleep safe in the knowledge. Bucket brokers on the other hand are often strict followers of their TOBAs (which of course they have every right to be) so you may not get anywhere.

Shiny · Post by **Shiny** » Wed May 28, 2014 11:06 am

Lol, Wurly types quicker than me!

Post by **Vtecmec** » Wed May 28, 2014 11:07 am

Did you tell tham you were renewing, or did they just assume and roll it on?

Shiny · Post by **Shiny** » Wed May 28, 2014 11:15 am

I very much doubt it will be an automatic renewal on a motor trade policy.

89 UKDM BA4 4WS (resto job!) · Post by **wurlycorner** » Wed May 28, 2014 11:26 am

Shiny wrote:Lol, Wurly types quicker than me!

I was much less eloquent and comprehensive/thorough though