Tesco Bank Car Insurance Cancellation Fee

What Is Tesco Bank Car Insurance Cancellation Fee?

Tesco Bank Car Insurance Cancellation Fee is a charge that is applicable when you choose to cancel your car insurance policy with the Tesco Bank. The Cancellation Fee is applicable on all car insurance policies taken out with the Tesco Bank and its associated companies. The Cancellation Fee is applicable regardless of the reason for cancellation of the policy. It could be due to the customer changing their mind, not being able to afford the premium payments, or any other reason.

How Much is Tesco Bank Car Insurance Cancellation Fee?

The Cancellation Fee for Tesco Bank Car Insurance is £40. This is the same for all policyholders and is non-refundable. This fee is applicable regardless of when you choose to cancel your policy. It is also applicable irrespective of how many payments have been made before the cancellation.

What Does the Tesco Bank Car Insurance Cancellation Fee Include?

The Tesco Bank Car Insurance Cancellation Fee includes the administration charges that are applicable when cancelling your policy. This includes the paperwork and other administrative tasks involved in cancelling the policy. It also covers the cost of arranging the transfer of any remaining payments to the policyholder.

What Does the Tesco Bank Car Insurance Cancellation Fee Not Include?

The Cancellation Fee does not include any refund of premiums that have already been paid by the policyholder. It also does not cover any additional charges that may have been applied by the insurer as a result of the policy cancellation.

What Else Should I Know About the Tesco Bank Car Insurance Cancellation Fee?

It is important to note that the Cancellation Fee is applicable regardless of the reason for cancellation. If the policy is cancelled due to non-payment of premium, then the Cancellation Fee will still be applicable. The Cancellation Fee can also be applicable even if the policy is cancelled within the cooling-off period. The cooling-off period is 14 days from the start of the policy.

Conclusion

The Tesco Bank Car Insurance Cancellation Fee is a non-refundable fee of £40. It is applicable regardless of the reason for cancellation and also applies within the cooling-off period of 14 days. It is important to take this fee into account when deciding to cancel your policy.