I'm canceling my motor insurance after 1 month: how much money am I entitled to receive back?

I paid 拢212 pound, and after one month they are only offering me 拢60 back! The salesman who rnewed my insurance for this year assured me that,since I was paying the whole amount up front, and not my direct debit, I would get most of the amount back if I cancled early (I told him it was likely that I may need to cancled it after a few months). Is there anything I can do about this?

Did you pay a full year? Is there a cancellation charge, in addition to the cancellation penalty? Was there a minimum premium on the policy?

You'd be entitled to a short rate (meaning, you pay an extra month's premium) cancellation credit.

Calculate the amount due this way - amount paid in, less "earned premium", less short rate cancellation penalty, less cancellation fee. If there's a minimum premium, you subtract the GREATER of the above result, or the minimum premium, from the amount you paid in.

No.......I'd get into a car accident and collect the insurance money so you'd come out on top. I'd get hit in the back in a parking lot so I could claim "hit and run." Then laugh at your insurance broker and say...."Refund motherfer!"

dont,t cancel! transfer the policy to another insurer and the may even be cheaper OR put the policy in somone elses name and get them to give you the diff!

What may have happened is that there is a minimum premium on the policy and that is why you are only getting 60 back. Pull out your policy and look through the list of endorsements (usually a page or two behind the declarations page which has your name and information on it). Look for an endorsement that says Minimum premium endorsement or look through the policy for a page that says cancellation on it. This is going to be your best bet to find out how they SHOULD be handling this situation.

Good luck to you!