Merc + Post Office insurance rip off

Called Mark Cosovich (thanks Elder) he's got a recon box with warranty for =A3375 delivered. The best deal yet but that's still too much really for getting the Merc back running because it has a long list of niggly faults that don't bother me but might really put off a prospective buyer once I decide to flog. Getting the 'box fitted might be quite costly and you never know, it might need a clutch which is =A3150 for the kit alone on this car.

I cycle to work and back so use the car very little. I decided to try and last the summer without a car so I've filled out a tax disc refund form. Last night I called Post Office insurance to cancel. I only insured it since April 12th for =A3220. Less than two months later, they only want to refund me about =A390 because of their =A335 cancellation fee, a =A355-odd "short term" fee and of course the duration of the insurance used. Wankers.

Beware Budget and Post Office insurance. They might quote cheap but are only cheap if you never make changes to your policy or cancel early.

It's a long time since insurance cost me =A360+ per month... in fact it might be the most expensive ever! I decided to keep the policy open and hope that they remain competitive on whatever car I eventually decide to replace the Merc with. We plan to go off travelling again either before or after Xmas. If I go before winter really sets in, I can probably manage without a car and just hire as and when I (rarely) need one. I've always got the use of SWMBO's car when she doesn't need it.

Anyone want a dead, slightly shabby W123?

Reply to
fishman
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Do you pay in monthly instalments or outright? I only ask because it=20 makes the world of difference.

--=20 Conor

I only please one person per day. Today is not your day. Tomorrow isn't=20 looking good either. - Scott Adams

Reply to
Conor

Classic insurance? Adrian Flux, Footman James would both cover that fully comp for very little I suspect. I was paying =A3170 / year fully comp agreed value on the MX-5

maybe if it wasn't dead..

Mike P

Reply to
Mike P

I paid it outright. I do that these days. What difference does is make? I thought it was just the same, if you pay by installments the insurance company gets the full amount, the finance company takes it in installments for a ridiculously high APR.

Reply to
SPAMMEIFYOULIKEBUTIWONTREADIT

I suspect if you cancel a monthly policy you incur further fees as you're also cancelling a finance agreement. FWIW Norwich Union have been good for me in the past, pro-rataing back the remnant of the policy.

Reply to
Doki

It's certainly the worst example I've had. I've cancelled NU and Swift Cover policies without this level of expense before, mind you they were paid monthly and also much more mature than two months.

Reply to
SPAMMEIFYOULIKEBUTIWONTREADIT

Plenty.

No. If you pay in instalments, you take out a loan agreement with a loan company (not the insurers as it used to be) and are expected to pay every instalment or pay an early settlement penalty if you cancel hence me asking.

Reply to
Conor

It's said a car insurance company makes more money out of re-investing the premium paid up front than they do from the insurance itself. But maybe not these days.

Reply to
Dave Plowman (News)

"fishman" wrote:

Reply to
AstraVanMann

Only if you're using some kind of pikey insurance company.

I haven't seen a loan agreement for insurance installments in around a decade.

Reply to
SteveH

I'm not pikey enough to bother with paying for insurance in instalments.

But I have seen it in the small print that if you've claimed on the policy then the premium is due in full if you do cancel for whatever reason. Though that's a different matter.

Reply to
AstraVanMann

Why pay it all up front if there's a free option to pay by DD?

I do as much as I can by DD, as cancelling DD authority is a very effective way to get a company to pay attention when you're making a complaint.

Reply to
SteveH

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