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General point - "Cooling off period"

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Old 22 October 2002, 02:02 PM
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chiark
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Just a general point that seems to get overlooked sometimes on here...

Any financial product that you buy over the phone, or on the Net, has a 14 day cooling off period associated with it.

So if you take insurance out, then subsequently find it isn't to your taste for whatever reason, you can cancel the policy within the 14 day period at no cost to yourself.

Note I am not advocating doing this deliberately, but if you have been mis-sold insurance (as I had last year - mods declared on phone, policy said no mods...), this is damned useful.

Just thought it was worth pointing out

Cheers,

Nick.
Old 22 October 2002, 03:17 PM
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chiark
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Other thing - have a look at the GISC - general insurance standards council - on http://www.gisc.co.uk
Old 24 October 2002, 06:22 PM
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boomer
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Just to confirm this, when i took up my insurance last year (with Tesco), i also went for their breakdown recovery.

When i picked up my car (new MY01) i noticed that it already comes with three years Subaru Assist.

A quick phone call to Tesco cancelled their breakdown cover part and refunded the money straight away.

Very efficient, and no hassle at all

mb
Old 27 October 2002, 03:06 PM
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Boost II
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Not sure what stops you doing this 26 times in a year and getting completely free insurance
Old 29 October 2002, 07:43 PM
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chiark
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I *knew* someone would post that

I daresay it's fraudulent.
Old 30 October 2002, 08:45 AM
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M0NEY
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Yeah and can also be a pain in the **** to keep doing it for the rest of your life!
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