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Insurance brokers rip off

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  • 01-07-2010 2:21pm
    #1
    BoycieIRL
    Registered Users Posts: 52 ✭✭


    Hi Guys, just wondering if anyone can advise.
    My other half was organising her car insurance last week and rang around the houses. She rang a recommended insurance broker who came back with a proposal €100 cheaper than the renewal. Happy Days, she accepted the offer - paid by Laser and they posted out the proposal and documentation to be signed.
    When the proposal arrived she noticed that they had her NCB down as 5yrs instead of 2 (explains the cheaper insurance).
    When she rang them up they said they would ring around and come back with a new price which came back at an additional €200 - €100 more than original renewal.
    So she rang them up today to thank them for their offer but she would prefer to go with her original renewal which is €100 cheaper.
    So here's the catch.
    (1) they cant refund the money onto her Laser and only settle refunds by Cheque
    (2) Since she is cancelling the policy during the cooling off period they will be charging €10 per day and deducting this from the cheque they will send out.(there was no mention of this during the original phone call at all).

    Is this legal - what is the best way to challenge this. I dont see why she should be paying for their mistake.


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    #2
    RichMc70
    Registered Users Posts: 858 ✭✭✭RichMc70


    BoycieIRL wrote: »
    (2) Since she is cancelling the policy during the cooling off period they will be charging €10 per day and deducting this from the cheque they will send out.


    Establish who is making the €10 per day charge. Is it the Broker or the Insurer?

    Ask to see their business terms and conditions where the charge is clearly stated or the relevant documentation from the insurer.


    If you still feel aggrieved you could try the

    Financial Ombudsman [FONT=arial,helvetica,sans-serif]www.financialombudsman.ie/[/FONT]
    or the National Consumer Agency [FONT=arial,helvetica,sans-serif]www.nca.ie[/FONT]


    Good Luck.


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    #3
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    Moved to Banking & Insurance & Pensions

    It is very important to see the proposal form before accepting your insurance quote. The details can quite often be wrong, and if you accept insurance with incorrect details, your insurance could possibly be declared null and void.

    Is the €10 charge outlined in the T&Cs that accompanied the proposal? Again this highlights the need to get documentation first before paying.


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