Is this fair? Or a rip off?

[ethelfleda]

Just called Hastings direct to cancel a motorbike insurance policy. I have just sold my bike. I had 6 months left on my policy when I cancelled but they won't give me a refund for the remaining 6 months? So I've essentially paid to insure a vehicle for 12 months when I have only physically had a policy for 6 months? The guy on the phone just kept saying over and over that basically there is nothing he can do and that is their policy? Is there something I ma not understanding that someone in insurance can explain to me??

Well surely you signed up for a years insurance?
I'm confused as to why you would expect the money back

Because in the past I have cancelled a car insurance policy and received a refund on the remaining months, minus a cancellation fee. And if I had chosen to pay for it monthly then they would have just stopped the direct debit and I wouldn't have paid them any further instalments.

What does the policy say about cancelling the policy?

What does the small print say?

They are annual policies, I thought it was pretty standard that you paid for the year? It's a contract. You can change it if you get a new vehicle, which they'll charge an admin fee plus any difference in cost, but I wasn't aware that any insurance company would refund if you cancel part-way through the policy.

I agree with you Ethel. That is a bit odd.. do you have a copy of their t&cs?

According to their website they charge £35 to cancel a policy older than 14 days.

Have you made a claim? If not i would call back and ask for an explanation

Call back. I got a refund on my car insurance which I paid annually and I only had 2 months left. If you get the same answer check your t+c and then see if it's worth calling ombudsmen

You should be refunded pro-rata less an admin fee. Threaten them with the Ombudsmen!

I used to be an insurance bod. Not working for Hastings, but our company would refund you pro-rata as long as you hadn't made a claim. Any type of claim, including windscreen etc.