Got Young Drivers car insurance for my daughter in December through Arian Flux, I only realised after I'd taken it out that it became invalid the minute she passed her test. What frustrated me at the time was that I was trying to get her her own insurance at the time and had been passed to them through one of these comparison sites. When I read the small print and wanted to cancel, I was being threatened with cancellation charges as they had set up a finance agreement for monthly payments.
It was just under £400 for the year so couldn't really grumble with their logic that it was so cheap as she would be supervised up until she passed her test, and weighed up the hassle of getting into an argument with them about cancelling and just settled for the cheap deal in the hope than it would be finished with within the year..
She passed her test recently so I went to cancel it today (just over 6 months in) and was told the refund was £19! The annoying thing was that if I'd cancelled it the day she passed her test, it wouldn't have been 6 months,
I asked for a breakdown of the figures so here goes.
- Because it was cancelled after 6 months, they charge 75% of the annual premium (no pro-rata stuff here)
They then retain the £75 original "set up fee"
Charge £25 for the cancellation fee which really pee'd me off on a policy they could almost guarantee was going to be cancelled during it's term due to the nature of what it's for.
The balance is their retained Commission.
By my reckoning Adrian Flux made around £120 in fees and commission from this sub £400 policy - not bad going.
They then had the cheek to ask if I wanted a quick quote for the insurance on her car or any of my others - I think not
The fees are partly the reason I stopped insuring with them years ago - and sadly it hasn't changed.
It seems specialism comes at a price
