fiza Posted August 23, 2020 Posted August 23, 2020 Never been in this situation before but I have sold my car through an Auction and not yet bought a new one. I have 2 months left on the policy and if I cancel the policy there is a £75 admin charge!! Is there a way to put my policy on hold until I buy a new car? Don't want to still be insured on my old car as the person who bought it is now driving it. Will be contacting insurance tomorrow but thought I would ask on here too.
3s-gtech Posted August 23, 2020 Posted August 23, 2020 Some policies allow you to suspend the insurance. Depends on the broker - phoning them will confirm quickly enough. 1
Ditto Posted August 23, 2020 Posted August 23, 2020 Wow! £75 is steep! Which insurer is that? Charges for changes came in quite a while ago and was an easy money spinner for car insurers. They claim it is to cover for costs, but they already had all the systems in place before they started charging. I'm sure a few years ago the regulators were going to step in to stop the excessive fees - doesn't look like that's happened. Talk to the insurer, be firm but polite as they might be open to negotiation. Car insurers have done extremely well out of C-19 - claims are massively down and they are putting a lot of money in to the bank - partly to protect against an uncertain couple of years ahead. 1
fiza Posted August 24, 2020 Author Posted August 24, 2020 The broker is IGO4. I had never heard of them but they came up on a comparison site and the price was good. Never again!! They claim to be an online broker so if you ring them to make a change there is a charge. Their online system is very limited, I can cancel or I can change my car but nothing in-between. You can contact them via Facebook messenger, which I gave done but the responses are very slow.
FishCustard Posted August 24, 2020 Posted August 24, 2020 The broker is IGO4. I had never heard of them but they came up on a comparison site and the price was good. Never again!! They claim to be an online broker so if you ring them to make a change there is a charge. Their online system is very limited, I can cancel or I can change my car but nothing in-between. You can contact them via Facebook messenger, which I gave done but the responses are very slow. Just as an aside, what sort of professional company only allows contact via Facebook Messenger? This is an insurance broker, not someone selling a used exercise bike! Best of luck getting the policy suspended without paying for the privilege!
Ditto Posted August 24, 2020 Posted August 24, 2020 Although different to your scenario as it was post renewal, the financial ombudsman didn't feel the £75 was reasonable for one customer of IGO4 - https://www.financial-ombudsman.org.uk/files/146973/DRN5809786.pdf 1
CHiLL Posted August 24, 2020 Posted August 24, 2020 I wouldn't keep it insured if it's owned by someone else, you'd then be liable for any damages or injuries occurred by that person.
fiza Posted August 24, 2020 Author Posted August 24, 2020 I wouldn't keep it insured if it's owned by someone else, you'd then be liable for any damages or injuries occurred by that person. I agree. Have tried phoning this morning but only get a recorded message. I have messaged them on Facebook Messenger several times since this morning, no response. I have also emailed to say I have sold the car. I wont touch this company again!
Ditto Posted August 24, 2020 Posted August 24, 2020 I'd seriously consider going down the complaints procedure and if they don't give you what you want, follow up with the financial ombudsman. By not responding, they are effectively costing you money as they will be taking money for insurance for a car you don't have - leaving you at (arguably) risk. They haven't actioned your request to cancel, so I would argue they can't charge you £75 for the so-called service. From various reviews (see Trust Advisor), they have upset a fair few already with their fees. See https://help.igo4.com/hc/en-gb/articles/360024029392-What-fees-do-you-charge- - I just can't get my head around a £60 fee to set a policy up and remain competitive. In future, stick with the aggregator sites and a couple of the bigger insurers who stay off those and you should get a fairly priced policy. Car insurance is a competitive market and in the main they do a decent job. It's not the most complex business in the world, and these sort of brokers really wind me up. Disclosure, I used to be the software development manager for esure (back-end) so have a good insight on the inner workings of car insurance! 1
fiza Posted August 25, 2020 Author Posted August 25, 2020 (edited) They finally replied to my email and said they have cancelled my insurance on the old car. They have given me 14 days to buy another and insure it or they will cancel the policy completely. Edited August 25, 2020 by fiza
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