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Do I have to pay a cancellation fee if my insurance was not renewed?
I was insured until just over a week ago when I could not find the renewal notice so switched to another provider as I was about to go on holiday and short of time. I assumed that as the insurer couldn't take payment from my card (new one had been issued in the last few months) the policy would not renew. They have just asked me for a £50 cancellation fee. Can I ignore that?
Asked on 1 November 2024 by elderberry
Answered by
Rhydian Jones
Insurers may charge a cancellation fee if a policy is terminated early, even if automatic renewal was not completed due to a payment lapse. Ignoring the £50 cancellation fee could potentially impact your credit score. So, if you feel like this
charge is unfair, it is best to contact the insurer to ask if this can be waived. If unsatisfied with their response, you could escalate this to the Financial Ombudsman Service.
charge is unfair, it is best to contact the insurer to ask if this can be waived. If unsatisfied with their response, you could escalate this to the Financial Ombudsman Service.
Tags:
insurance
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