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What is a 'refund of premium' in regards to car insurance ?
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What is a 'refund of premium' in regards to car insurance ?

Hi, I've just had my car insurance policy cancelled by my insurer. I have a letter from them stating 'Refund Of Premium - £710'.

What exactly does this mean ? I owe them money ? They owe me money ?

Many Thanks.
Additional Details
I paid my insurance in monthly installments not a lump sum, am I still owed the £710 ?


    

Pat N
It means they have cancelled your insurance and are repaying the money that you spent. Did they give a valid reason for cancelling like a drink driving offence etc?. If there is good reason for not insuring you,you may have difficulty getting insured elsewhere because the insurance companies inform each other of their decisions.


taxed till i die,
Rating
They are giving you £710 back.


don r
That's the money you paid for insurance that you won't have since cancellation and they are giving back to you.


Bryce K
You paid in advance for your insurance. You should receive a refund check for the period of time you paid for, after the cancellation date.
It sounds like you need to go to another company for insurance.


Diesel Fingers
they are giving you £710 back.


miss lea
Rating
It means that is how much of the annual premium is due back. Obviously because you pay by instalment you will not get this amount. seems like they sent you the wrong letter thinking you paid annually.





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