Changing car- continuing existing policy?

Question

I am changing my car for one that has a slightly higher group and I have been quoted £94.06 from my existing insurer just to change the policy over. On top of that I have to pay the broker a fee.

This is ridiculous. I am not cancelling the insurance, I should be paying the difference between what I have paid and the higher group price.

Has anyone else been quoted such rip-off fees?

Answer 1

Mid term adjustments on insurance policies are calculated on a pro-rata basis.  That is to say the new risk details are quoted by the insurer on an annual basis, and the difference between the new annual premium and the original annual premium is split over the number of days remaining on the insurance.  This, along with any fee, is what comprises your additional premium.

You cannot go direct to an insurer where the policy is administered by a broker.  The insurer will not deal directly with you if the policy was purchased via the broker channel.

Your broker will have issued you with an Initial Disclosure Document (IDD) and Terms of Business Agreement (TOBA) when you took out your policy with them.  This, along with a Key Facts Document issued by the insurer will outline in advance all fees and charged associated with your insurance.

If you're a long standing customer (and your broker is not one of the money-hungry nationals), they may waive the fee for you on request.  If however you're dealing with one of "the big boys", they will most likely stick to their guns and you will have to pay the fee.

Be warned, if you cancel the policy in protest, they'll charge a fee then too so there's no escape.

Answer 2

It Sounds like you are really screwed up by this problem. Hope you could get good luck here.http://car-insurance.easyideas4u.info/ca...

Answer 3

If that's what he is charging....how long is left to go on the Policy?...if its a long time then the price quoted may not be too bad....how much is the broker fee? I must admit they are not really trying to keep your custom are they

Answer 4

HELLO

DID YOU CONTACT THE INSURANCE COMPANY OR THE BROKER?

GO STRAIGHT TO THE INSURANCE COMPANY THEIR PHONE NUMBER WILL BE ON THE SCHEDULE AND POLICIES AS I HAVE DONE THIS BEFORE AND ALL I PAID WAS THE DIFFERENCE BETWEEN THE 2 POLICIES

Answer 5

if you have full coverage insurance sthe synbol of the vehicle will create an additional premium if higher, if lower you will get a credit