Currently with LV, had no issues over the past 2 years we have been with them but have a question. I only got the renewal letter yesterday so yet have not checked prices But it says on the letter £40 to close/leave them. £40!!!! Now i pay once a year on my credit card. How can them cancelling a insurance policy cost them £40, seems rather bollox and more to keep customers with them Is their any way to tell them to stick it if I get a cheaper price? I'm more than happy to try the "take it from my credit card, and I will get them to get a refund back from you as it seems very dodgy to charge £40 to leave them. Or say that I will leave them as I find their charges excessive? Any tips or suggestions?
i would google it mate and see what lv customers have done in the past. i had a bike insurance where it was going to cost me money to cancel it ,so i just kept it going until it ran out , even though i no longer owned the bike.
NO sorry I mean that it's due for renewal and they have on the renewal letter that it will cost me £40 if I do no renew with them!!!! not cancel it x months into the insurance
I am not sure that legally you can be charged to cancel an insurance that is up for renewal, as the distance selling regs kick in as well. They may try and charge you for a certificate of no claims which your new insurers may require, but even then I would question this as it is a legal obligation on the part of the previous insurers. It appears that they are trying to scam you out of £40 (read blackmail) and I would think it is worth having a word with the ombudsman and get the exact legislation on this, because I have certainly never heard of an insurer charging to cancel a policy that has run its course, and I would certainly question its legality.
thanks for that Tony, I still ready it as £40 if you cancel you insurance with them But it could be there way of scaring people when changing insurance. it does not say mid way through just came with the reminder. Well once I see if their quote is any good, I will ask them if they are charging people to leave. seems a bit wrong if they are
never heard of anybody doing this,allways let mine run the term then go online for the best deal then ring current insurers up ask them to match/beat it,if not ADIOS! NEVER BEEN CHARGED!!
They can't charge you not to renew they can only charge if you have already renewed, it is illegal to do what they are doing and basicaly forcing/bribing you to stay with them. I find it odd that a large company have tried this and you will probably find its just a typo
once your renewal is due your not obliged to stay with them. if you tell them before the renewal date that your going elsewhere they cannot charge you. you could also contact your card issue and notify them and get them to reject payment requests from them. theiving buggers the lot of them!!
Insurance is a joke , it really is. I called the other day to see about changing over the policy to the X5 when I collect it on friday....... The guy asks straight away..." Has it got a tracker fitted mate?"..... Me- " Er no"........ "O well we can`t insure you then"....... Me -" Well explain why you are the cheapest quote on moneysupermarket then! "........ " ERM ERM Dunno mate , give me the ref number please" So I give him he ref number and 2 mins later he comes back on " Yeah ok thats fine we`ll just do that then " !!!!!!. He still couldn`t explain , but hey ho i got the cheap quote i was after and I didn`t have to move insurers , But i still hate insurance !!!.
