written by on 19/04/2015
I took out motor bike insurance with Wicked quotes through Ramasis Insurance broker on the 15th November 2014 and made a payment of £297.76. On the 11th March 2015 I sold my motorbike and cancelled my insurance and was shocked to receive a refund of £79.75 which meant I paid 73% of the yearly premium for less than four months. When I asked for an explanation stating that I was never informed that if I cancelled my insurance mid term that the charges would be so high they quoted that the representative read out to me - Insurance often calculate refunds based on short term rates Any cancellation may also be subject to administration charges The combination of these may result in a significant loss of premium if the policy is cancelled mid term - really!!!! as high as 73% what a rip off
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