Another Insurance Query

[Guest]

As the panel will know, I sold my boat a few months ago. I was insured via St Margarets and have had no trouble with them up to now, including the speedy settlement of the two claims I have had in twenty odd years.

Anyway, my renewal date was mid June and the boat was sold on 30 September. To be fair, I forgot to notify St Margarets until early December but, against my premium of £480, I have been offered a refund of £66 or a credit against a future premium on another boat of £285.

Now, my simple brain says that even if you assume the boat was on cover until I notified them in December, thats still six months cover not needed. So can anyone explain how come 6/12ths of £480 = £66

Nick

 

[PGD]

most policies have a scale of surrender rates whereby you loose out all the way. I haven't found a company yet that gives you back what you think you are owed based upon annual fee divided into 12 payments

I'd ask how long the credit against another policy taken out is valid for.

 

[davel]

Look on the bright side - you can get 6/12ths of £480 to equal £285 !

Dave L.
Location: 50 51.0 N 1 18.6 W

 

[Guest]

Tight buggers, not used em for years, they were the most out of the lot when I got quotes last year.

Paul js.