Evans Cycle insurance

[e-rider]

I've been using Evans cycle insurance for the last 2 years but have had enough of the premium increases.

Anyway, it's up for renewal next week and it appears that at some point I agreed for automatic renewal. I recently recieved policy documents for the next year but I want to cancel it. I was paying by direct debit each month and just reading the agreement it looks like I'm too late to cancel - surely that can't be right?


Am I commited for the next 12 months? Will there be a fee to get out of this? The policy hasn't even started yet! All seems a bit crazy! According to the letter I had 14 days to cancel from the date of the renewal letter, and those 14 days have passed, even though the policy hasn't started yet.

 

[phil_hg_uk]

I would have thought that the 14 days would be from the renewal date.

 

[e-rider]

It looks like evans have extended the cancellation period to 28 days (which I'm just inside) but they charge a cancellation fee of 20%. However, I just called them and they said they would cancel it and there was no mention of paying the 20% fee.

This event has made me very wary of insurance policies - I thought it would be possible to cancel whenever, and just stop paying the direct debits - clearly not that simple - silly me!

 

[colly]

It looks like evans have extended the cancellation period to 28 days (which I'm just inside) but they charge a cancellation fee of 20%. However, I just called them and they said they would cancel it and there was no mention of paying the 20% fee.

This event has made me very wary of insurance policies - I thought it would be possible to cancel whenever, and just stop paying the direct debits - clearly not that simple - silly me!

I could be wrong on this but I was under the impression that with direct debits the company accesses your account directly and takes the dosh.

I once asked my bank to stop a direct debit but they said I had to 'request' the company to cancel it.

The bank did say that if there was any dispute they would refund the money but it left me wary of DD's.

Still have some though.

 

[e-rider]

I could be wrong on this but I was under the impression that with direct debits the company accesses your account directly and takes the dosh.

I once asked my bank to stop a direct debit but they said I had to 'request' the company to cancel it.

The bank did say that if there was any dispute they would refund the money but it left me wary of DD's.

Still have some though.

It is possible to cancel a DD yourself BUT if you are in a legally binding contract (such as an insurance policy) you can end up in all kinds of trouble. Unlike my gym membership which I can cancel the DD whenever I feel like it (but they charge a signing up fee if I want to join again)

 

[mightyquin]

Regardless of how you pay, most insurance policies are an annual contract, so if you cancel midway the insurer may still charge the total premium or a reduced fee bearing in mind they aren't taking the full risk.

Also, most policies terms and conditions state time limits for the insurer offering renewal terms and the notice period for cancellation if you don't want to renew, usually 30 days prior to renewal.

Basically, read the policy, it's all in there!

 

[e-rider]

Regardless of how you pay, most insurance policies are an annual contract, so if you cancel midway the insurer may still charge the total premium or a reduced fee bearing in mind they aren't taking the full risk.

Also, most policies terms and conditions state time limits for the insurer offering renewal terms and the notice period for cancellation if you don't want to renew, usually 30 days prior to renewal.

Basically, read the policy, it's all in there!

you are correct - I wasn't aware of this so it was my stupidity for not reading the terms and conditions - I was clueless really!


Anyway, as the new policy hadn't quite started I managed to cancel it without a fee - close call though! I'll know next time.