Cancelling insurance with elephant

[Davyy]

I may be getting an ST on finance, with free insurance.

I currently have around 6months left of insurance on my VTR, which cost me £1380 for the year. It is with elephant.

If I was to cancel it does anyone know roughly how much i'd get back, admin fees etc?

Dont want to call them yet until anything is certain on the ST so just wondering.

[Cam]

I think its about £27 to stop it, it should be on your paperwork

[Davyy]

And then how would they calculate what I get back out of the £1380?

Cheers

[m4tt274]

a mate swapped from a 306 to a VTR with elephant. they refunded £450 i think (dont quote me) and he received into his account £36. He rang them and they had a million reasons why.

[MartinObviously]

You are usually refunded full months remaining and get charged an admin cancellation fee. anywhere from £20 to £100

[Boombang]

Pretty sure Elephent/Bell/Admiral/Diamond give you a % of the amount back on a month by month basis, less admin. Is in your insurance schedule documentation.

[Davyy]

Cheers guys!

[Saxo_AL]

You won't get a lot. They will rob you. Admiral, Bell etc are the cheapest when it comes to insurance for modified/performance cars but when it comes to charges, refunds etc they will rob you like fuck.

[Tim-Prestige]

It's best to ring your insurers so they can give you an exact figure.

[devilsadvocate]

It's best to ring your insurers so they can give you an exact figure.

Holy shit, so you are saying a load of random people on a Saxo forum will have no idea exactly how much the OP will get back?
I am SHOCKED to my core!!!!

Not a dig at you Tim by the way :)

Almost every question in this section can be answered in one of two ways.

1. Call your existing insurer and ask
2. Get a quote (or multiple)

[Davyy]

Holy shit, so you are saying a load of random people on a Saxo forum will have no idea exactly how much the OP will get back?
I am SHOCKED to my core!!!!

Not a dig at you Tim by the way :)

Almost every question in this section can be answered in one of two ways.

1. Call your existing insurer and ask
2. Get a quote (or multiple)

Why are you always a sarcastic idiot?

Like I said before, (if you read my initial post you'd see) I do not want to ring until anything is certain so wanted to know from people with previous experience of doing the same thing. Dick.

[Giraffe]

Why are you always a sarcastic idiot?

Like I said before, (if you read my initial post you'd see) I do not want to ring until anything is certain so wanted to know from people with previous experience of doing the same thing. Dick.

You're the dick boyo. Why don't you want to ring until anything is certain? It's not like you have to cancel just because you rang them, you can just ask them for advice. DICK.

[devilsadvocate]

Why are you always a sarcastic idiot?

Like I said before, (if you read my initial post you'd see) I do not want to ring until anything is certain so wanted to know from people with previous experience of doing the same thing. Dick.

I did read your initial post. Ask a stupid question, get a sarcastic answer.

If you asked 10 people who cancelled a policy with Elephant how much they got back, the answer would be different because:

A) They would have had less or more time left on their policy than you
B) They pay a different amount to you
C) The admin charge may have changed or could have been waived for them.

When you want to know something, call them and ask. I have no idea why people are scared of calling their insurance company, its so weird.

If you read the terms and conditions of your insurance policy, it will probably say the percentage you get back depending on how far you are into the policy.

A quick search on google and the top result is this:

http://www.elephant.co.uk/policyDocs/eleACFly.pdf

The admin charge is £47.50
Now read your terms and conditions and it will tell you what percentage you are due back.

To get an exact figure you need to call them because you could be say 6 months and 5 days into your policy but they may round up to 7 months. Plus if you paid a deposit, the policy may be over 10 months instead of 12.

See why its pointless asking this question now....

[Davyy]

But still I wanted answers from other people as from the answers they gave I could have worked something out roughly.

[devilsadvocate]

But still I wanted answers from other people as from the answers they gave I could have worked something out roughly.

I had insurance with Elephant a few years back and I got £85 back when I cancelled.

Go on then, work out how much you will get back now you know what I got ;)

[Davyy]

If you was to tell me how long you had left on the policy and how much you paid originally..

and the percentage would be one of the answers someone helpful provided, as i didnt know how they calculated it.

[monka]

just call them, simple, making a phone call and asking is not a decision, just say how much to cancel to the person on the other end of the phone, simples

[Tim-Prestige]

Once of a day, I could tell you more or less to the penny how much refund you would get back but with the influx of internet insurers, they all seem to have their own charges, fees, etc, so it's difficult to give a definite answer.

It used to be -
1.Companies who charge short period rates - 6 months would give 30% premium back
2.Companies who give pro-rata refunds - 6 months would give 50% premium back. (Typically if you were in your second year with that insurer, you would get a pro-rata refund back as the short period rates only apply to 'new customers' i.e. those who had only been insured with that insurer for less than 12 months).

[gcole46810]

Admiral Group are fine with telling you how much you'll get back if you were to cancel.

I tend to ask for a quote on cancellation as well as a quote on a car change, just to make sure it's not worth starting a new policy or whatever

Tends to vary daily by a few pounds, so I've always assumed they do it on days remaining

[Davyy]

Havent cancelled it in the end, 550 to change over from my vtr to a 172 for 550 for remaining 5mts of policy