mikeglover

I apologise for being lazy as i know i could pay a translator to ring the broker but thought i would try the forum first to see if it will be neccessary. When we purchased our property 3 years ago, we continued the building insurance policy set up by the previous owner and agreed for the annual premium to be automatically taken from our bank account every year. We now wish to cancel the policy (at the end of the policy year). No-one at the broker speaks English and they dont have an email address (otherwise we could use google translate to send a 'cancellation' email.) A neighbour said - ' just cancel the standing order at the bank' but i have heard of cases where you have to give a month's notice in writing of your wish to cancel a bulding insurance policy otherwise they can still claim a year's premium from you even if you have aranged cover elsewhere. Any suggestions would be most gratefully received.

Fred James

It depends on the policy but you usually have to give 2 months notice.

mikeglover

Ta for the info Fred. Vitalico appears to be the insurer and the intermediary appears to be 'Red Brokers' and the renewal invoice comes from 'Generali'. (i think they might own Vitalico). Policy runs out 3rd April so might be best to get the translator to give them a ring and keep fingers crossed. If ive missed the deadline for cancelling, at least i will know to act a bit earlier next time.

spainrico

I think it worth expanding this point -

As I know several people who have been caught out as they assumed they could just switch insurers without informing their original insurance company.

However, in Spain - you must put it in writing 2 months prior to the expiry of a policy that you do not wish it to be renewed. This is not really a scam (IMO) it is just a cultural difference in that in Spain they assume you will want to renew and therefore to minimise renewal paperwork (something we always say we want!) they just go ahead and take the premium and renew the policy. Sometimes there is not even a renewal confirmation as the bank receipt statement is used as proof of cover.

mikeglover

Many thanks, Spainrico. Luckily, i was merely going to move to another insurer rather than deciding not to have any more building insurance full stop. As it happens, the difference in premium is negligible (i was just moving it to my car insurer). i will let the policy renew and will have my 2 months notice of cancellation written out ready to send to the insurer a good 2 months before the next renewal.

jackytoo

2 months rip off

mikeglover

I agree, especially as they dont even bother to send a renewal letter stating what the new premium will be in 2 months time. (although i suppose the onus is really on me to contact them 10 weeks beforehand to get a quote)

spainrico

I got a discount for insuring my car and house with the same company, arranged through a local broker, which I find easier than spending hours on the phone.

Lynn R

Just a word of warning, even if you do give the original company the required 2 months' notice in writing, keep a close eye on your bank account around the time that the annual premium would have been due. I cancelled my original buildings and contents insurance and the company still took the premium from my account. I went to the bank straight away with a copy of the letter I had sent to give notice of cancellation, and the bank arranged for the money to be refunded to my account. But you need to let the bank know within 10 working days if this happens.

As to it being a rip off to ask for this amount of notice, I had to do exactly the same with my UK insurance company when I sold my house in the UK. Had to keep the policy in force until the day of completion just in case, then had to pay a further 2 months' premium even though they were not providing cover! However, even if all the companies do it that doesn't make it any less of a rip off.

spainrico

If money is ever taken wrongly from your bank account you can reclaim the monies and with some bank's online systems credit your account.

No I didn't believe it either but it's true, I have done it.

jonboy

Back in September of last year I was in the position that renewal of our policy was due in four weeks and discovered that I was expected to give the company two months notice of my intention not to renew.

I done the decent thing and cancelled the direct debit at the bank and said nothing to the insurance company!
So far the only communication from the company has been a letter containing an advert for funeral insurance
I took this to be a good humoured response.

I am sure the companies are experiencing many insurance cancellations due to the current economic climate. My situation was different to yours as I had little to lose by cancelling as I had erroneously been paying two separate policies to cover the same property, so cancelling one at no notice could only be beneficial to me.

The lesson is that ignorance of the language can be expensive financially.

Best regards
jonboy

jackytoo

When you cancel a direct debit or subscription make sure you get a print out from the bank confirming it.