regarding house insurance

[danielsteele]

i have entered into verbal contract with swinton house insurance to renew cover but my insurance does not start till 31st july and i am still in my cooling off period of 14 days and i am wanting to cancel because i got a better deal with halifax but swinton are wanting to charge me 50 pounds for cancelling by law can they do this or can i get away with not paying this reiculous charge

[ummmm]

Did you get a renewal notice through the post and then phoned them to agree?

[Canary42]

Let them try to get it - doubt if they'll do more than a threatening letter or two.

[flip_flop]

From an insurance point of view, the policy hasn't been renewed. The policy is renewed on the renewal date.

Your contract with the insurance company for the policy which renews on 31st July commences on 31st July - so you are not cancelling the policy, you are deciding not to renew the policy.

It matters not a jot that you have verbally agreed to renew the policy.

As you are not cancelling the policy, you cannot be charged by the insurance company.

To discover whether Swinton, as the broker, can charge you for work already done will be determined by the Terms of Business Agreement they will have provided you with - but I doubt they can.