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Question Re: Insurance Premium Refund

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  • 07-07-2008 3:37pm
    #1
    Publin
    Closed Accounts Posts: 288 ✭✭


    Hi guys,

    Looking for a bit of advice. Not sure if I can name names, so I'll leave them out (hopefully it doesn't make the story too confusing.

    Basically I renewed my policy (through a broker) back in April. I told them at the time I had received a better quote elsewhere, they then agreed to match it. I also informed them I had my driving test in a month's time and was interested to know if they would match the quotes I'd received online from my new potential insurer on the basis of a full licence. They informed me they could not give me an exact figure, but that it would be "ballpark" the same amount. I was happy enough with this. Happy days, all's rosy, I renewed my policy.

    So a month later, early May, I pass my driving test. Based on the quote I'd received, there was about €280 in the difference, so I was expecting well over €200 back. Rang them up, let them know and they said they'd send me out my refund. However, end of May/start of June I received a €15 refund (!!) cheque in the post. Needless to say I was not happy and got onto them immediately. I explained the situation and and was told they could not meet the quote. Fair enough. It had cost me a month at the higher rate and I now had to find a new insurance company, no big problem with that.

    Got my quotes etc. and rang up to cancel my policy. Actually rang up twice and confirmed that there would be no fees associated with this, checked to ensure that the short-period rates didn't apply (was told they didn't apply in the event of renewals, only for the first 12 month period) etc etc... Was told that there'd just be a straight-forward refund of the premium on a pro-rata basis.

    So today I receive my refund cheque in the post, over €110 less than what it should be on a pro-rated basis. I ring up for details of the calculation (no info was provided with the cheque, just a compliments slip), and get told they'd look into it. Got a call about half an hour ago to say that the refund was in fact pro-rated, but the difference (which I calculated as over €110) was due to "an inception and cancellation fee". I asked for details of this and was told that is was just the difference between my calculation and the refund received. However, I was specifically told that no fees or charges would apply (remember deliberately asking and double checking this).

    I know it's "only" €100 to some and it might not be worth the hassle, but where should I take it from here or should I just leave it go?

    Advice/comments appreciated. Thanks for taking the time to read this and sorry if it's long/has loads of irrelevant info!

    Also Mods, if this would be better suited to the Motor forum please move it - thanks.


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    #2
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    I'd suggest writing a letter to their head office, via registered post outlining everything that you've said here.

    I hope that you've kept a record of all communications (emails and calls).

    If you get no joy from them, you should be able to contact the Financial Regulator with regard to this matter.

    BTW: Moved to Banking, Insurance and Pensions.

    dudara


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