Refund after cancelling insurance (Carole Nash)

Dr Pepper

Hi,

I took out a policy with Carole Nash for €1,333 in August (suzuki GN 125). 3 months later, I want to cancel the policy but they've told me the refund is €486. They said they take 50% of the original premium if you cancel in the first year plus €105 administration/govt tax and refund an amount of the remainder (proportional to how long you have left on your policy).

When I queried this, they told me (repeatedly) that this "was a condition of my original contract/policy". However, when I read the documents they sent me I could not find any mention of these figures. This is what it said in relation to cancellation:

Cancellation Charges

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Your policy is a 12 month contract. Please ensure you are aware of the cancellation charges made by your insurer. For more information on the charges, please contact Carole Nash. If your policy is cancelled for any reason, in addition to the standard charge imposed by your insurance company, Carole Nash make a further charge of up to 20% of the refund premium plus 10 euro administration charge or 64 euro whichever amount is greater.

Does this sound right/legal? Has anyone else ever had a problem with the refund amount offered on a cancelled policy?

seamus

I checked it out before. The charges are different for cancelling in your first year than for subsequent years. I'll check the policy booklet later on, but it's definitely there.