Posted: Wed Jul 01, 2009 3:29 pm Post subject: Does paying monthly give you freedom to cancel?
I'm a bit confused about how it works.
When you take out pet insurance is paying monthly just for people to spread the cost?
Or does it enable you to cancel a policy part way through the year, with no further payment owing?
Are you always tied in for a year regardless?
I paid basils in one hit, but as I haven't claimed on it yet I'm not sure how 'good' it is. I'd like to stay flexible with nellies really.
I believe you accept a 12 month contract when you sign up and if you make any claim within the year you have to pay for the rest of the year even if the pet dies.
the way i understand it is that with any type of policy i think you can cancel them unless you've agreed to a contract with them, then when you do cancel i think you normally get charged an admin fee difference being if you've paid a full amount then they will refund you and if monthly you are likely to owe them for cancelling!
We had this with both car and house insurance because we knew we were moving we went over to paying monthly at it didnt cost anymore and we were told we wouldn't be charged anything to cancel then we came to cancel house insurance and they charged us £40 admin fee for cancelling and for a change of address on car insurance it was about £20
its probably just worth phoning them up and seeing what they say but makesure you ask about admin charges
Certainly with More Than - I've cancelled mid-way through with no penalty. I am not convinced with dog insurance they all operate in the same way as other types of policy - pretty sure some of them don't actually give you the option to pay in a lump sum - the reason you 'appear' to get annual renewals is purely because the premiums are reviewed annually.
There might be some clause in there for when a claim has been made, but then most of us know that once we have claimed, we are more than likely stuck with the same insurer anyway
Likewise, I am pretty sure my life insurance and income protection policies work on a similar basis of monthly payments as opposed to annual premiums.
I think there was an article in one of the Sunday papers about this recently and the main gist was that the premium is due in full and up front, the fact you are paying monthly does not give you the right to opt out after a few months. The full premium is still due.
No doubt in the name of good customer relations you may be able to cancel early but don't rely on being able to.
Forgive! I so have got that it is a question of insurance of animals in your country? At you it is a compulsory procedure or at will? Simply in sew to the country it not necessarily.
Read the small print! Some say that you commit to paying the full 12months regardless and some that you can stop paying any time and coverage will just stop. I won once on my car insurance! Car got smashed and written off, I got pay out and cancelled my monthly payments with no probs!! Think most companies have closed this loophole now though!
Search - you don't HAVE to have dog insurance in the UK BUT it is good to have because vet treatment costs a lot and in case anybody thinks your dog has caused damage to someone or something (eg car crash).
It was in the Mail on Sunday 28/06/09 and related to car insurance so might not be the same. The query was about paying an instalment after the car was written off and the answer from the insurance advisor was that the instalments were still due.
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and for a change of address on car insurance it was about £20 
