On the 25th September 2010 I took out insurance on the Puma, the annual premium was £300 give or take a few pence for TPFT
Today I asked AF about swapping the insurance to my new car (BMW 528i SE). AF said that the annual premium for that car is £570 so to change over I have been quoted £223.04 until September 25th 2011
Here is the rub. Yesterday I went to an insurance comparison website, just to get a rough idea of what an annual premium on the new car should be.
The Cheapest Quote came in at £370 TPFT (compared to around £300 for the Puma)
Due to the Difference in price to change at AF and the cost of a new premium elsewhere, I decided to enquire about cancelling my policy and getting a refund for the remaining cover.
The amount that I am entitled to as a refund was £43
So Three months insurance would have cost me £257
(Surely £300 divided by 12 x 3 should be £75, plus an admin charge??)
Therefore I am now either stuck with paying the £223 to change, or taking out a new policy elsewhere for £370 and getting a Paltry £43 back from my current policy which I think is absolutely disgusting.
They have effectively locked me into paying over the odds to change over my vehicle.
I have used AF a few times in the past, but when this year’s policy runs out I can say for sure that they will not be getting my business, even if I have to pay slightly more elsewhere.