What are my rights? - UK Home insurance?

Question

I used mneysupermarket.com to purchase home insurance in October. From tomorrow I shall no longer be liing in the house and I will be renting it out. (I went for the cheapest insurance as I had to prove I had home insurance to change my mortgage to a buy to let. Last night I purchased Landlord insurance and when I have tried to find a number for cancelling my insurance - it turms out that I have actually signed up for a loan through Amber Select - who have paid the home insurance on my behalf. I was unaware at the time that this is what I was doing. As it is a loan this would suggest I have to pay the full amount outstanding. I have obviously been duped and searching the internet it looksl ike many others have too. As I used moneysupermarket.com and it WASN'T made clear that I was signing for a loan. What are my rights to cancel this?

Answer 1

It matters not, most insurers will want you to commit to a year anyway, all you did was defer the payments. You should have upgraded your insurance with this insurer. The most you may have lost is 70 -100 quid so get over it.

Answer 2

You went for the cheapest insurance, you knew you were going to let the property but you didn't check the cancellation terms. I'm laughing my **** off: a landlord that doesn't know his rights. Are you really competent to be able to let property?

O.K., to attempt to answer your question, I thought that insurance policies lasted for the full term unless cancellations terms were specified in the policy. As someone else said, get over it. You sound like a typical landlord.

Answer 3

Amber Select is a premium finance house. They are providing the credit which allows you to pay for the insurance in monthly instalments. It is nothing to worry about, as the contract for the insurance is still between you and the insurer.

To cancel the policy, you just need to speak to the agent (you should call them rather than the insurer directly) and they would sort out the refund for you. The agent in this case is not moneysupermarket.com, it is the person you bought the policy from. It is difficult to explain, but once you got the list of quotes on moneysupermarket.com, you must have clicked on the one which came at the top of the list, and then it would have taken you to the website of an agent who sold you the policy. That is the person you need to contact.

Answer 4

When you cancel your home insurance policy you will be given a return premium by the insurance company that the broker with whom the loan was arranged can use to reduce the amount that you owe for Amber. Hopefully this will virtually clear the account.

I suggest you ask the broker for a copy of the schedule giving the return premium (so you know the amount you are getting back) - there will be an administration charge - the amount will depend on the broker but should have been declared to you when you took out the policy. (Look at the broker 'key facts' document or their TOBA.

Answer 5

Speak to your local citizens advice bureau

Answer 6

think the loan you are refering to may be the credit agreement for paying for insurance on a monthly basis. When insurance is paid for monthly, you may have a credit agreement. What happens is the credit company pays the whole of the insurance and then charges you interest on the monthly payments to cover the cost of them paying it upfront. That is why the cost of paying monthly is higher than paying the whole premium upfront. The contract when you took it out will state the interest rate charged for paying monthly. This is a normal procedure.

However, if you cancel the insurance prior to the end of the year, the credit agreement normally ceases as well. You will have paid the instalments to date and that should be the end of the monthly payments. You may find that you have one last instalment to make to cover any overlap or underpaid costs.

Contact your insurer and they will confirm any outstanding costs.

Answer 7

What rights are you on about?