Hiya guys, im after a bit of advice. My car insurance renewed automatically on the 13th November but i have sold the car so just rang Adrian Flux to cancel the policy and have been told that I have to pay £70 to cancel. Now I know that there is normally a 14 day cooling off period so surely I dont need to pay the cancellation fees do I? Any help would be great. Thanks.

 

Anyone?

 

Financial products and services

Financial products including banking, credit, insurance, personal pensions and investments, sold by distance means are subject to a 14 day cooling off period (this is 30 days in the case of life insurance and personal pensions). This includes renewals for insurance where the agreement has been sent by post. This 14 day cooling off period also covers situations where you bought a financial product from an intermediary or a broker, even if it was discussed and signed face to face. You must be sure to follow correct procedure for cancellation (see below). The insurer or broker must refund any monies paid by you within 30 days, although they have the right to deduct a reasonable admin charge, and a sum proportionate to the number of days cover you have had. If you have any related credit agreements, these will also be cancelled.


Read more here : http://whatconsumer.co.uk/cooling-of...#ixzz2llQ3psNi