Luce

I depends on how the broker is operating. Some just broke policies and have limited ability to negotiate premiums with the Insurers. Others are either owned by Insurers or have purchased underwriting capacity from Insurers. For example a number of policies offered by Swinton are with their parent company MMA. Some Brokers have their own Insurance schemes, having purchased underwriting capacity form Insurers at wholesale rates and have some room for maneuver.

As for mollies original post, I stand by my comments. Her Insurers will charge short-term rates when policy is cancelled mid-term and she will have to decide whether it is still cheaper to arrange Insurance elsewhere, after paying this.

My comments stand that irrespective of how the Insurance was arranged, there is nothing to stop mollie challenging the broker/insurers about the competitiveness of the mid-term adjustment quote. They cannot stop mollie getting a new business quote with the same Insurer and making a comparison to go back with.

Whilst I take your point about the fact that following the change of car the Insurers may no longer be the most competitive, due to the cancellation/short term rates applied, this makes this difficult for mollie. I cannot see any harm in obtaining the new business quote with the current Insurer to see if they are overcharging for the mid-term change. If the following this quote, it just shows that they are expensive for the new car, then obviously mollie will just have to make a choice. I would expect her broker to provide a service if they wish to keep her as a customer.

Finally there is no reason to be rude when posting. If you have a different point, just make it.

Huckster

Huckster

I have been reading your posts and you talk absolute rubbish.

As this person mentioned, they are through a broker. Therefore, it is quite possible that if they obtain a 'new business' quote through this company, they very well might get a better price, but solely due to the fact that the insurer they were originally through are no longer competitive. A broker is there to find the best price based on the circumstances at the time. If the circumstances then change (i.e change of vehicle/address etc) the insurer they were originally placed with can no longer guarantee to still be the cheapest insurer.

I am sure you know that a broken can not reduce an insurer's additional premium, and will not, as it is not their money to waive. This said, they may be able to reduce broker administration fees.

Luce

Mollie

Yes they can. If you cancel mid-term they will charge you short-term rates. The cancellation terms should be set out in your policy documents.

It may be sensible to obtain a 'new business' quote through this company to see if they are overcharging you for the change of vehicle. Sometimes Insurers will charge uncompetitive rates mid-term, compared with what they would charge a new customer with the same details. If this is the case, this would give you the ammunition to go back with a complaint to get them to either wave the cancellation charge or reduce the additional premium that they have quoted.

Don't be afraid to complain. The Insurers should have a customer relations team that can help. Your broker may be willing to assist you.

Huckster

ive bought a different car and the insurance has increased by £300 but if i go elsewhere i can get it for under £250 but my insurance company want £118 to cancel the policy. I went through a broker the policy was for £186 and its been running since 1st sept so ive paid 3 months premiums surely they cannot charge so muchto cancel the policy