Admiral Contents Insurance Cancellation Fee

What is Admiral Contents Insurance Cancellation Fee?

Admiral Contents Insurance Cancellation Fee (ACICF) is a fee charged by Admiral Insurance for cancelling a contents insurance policy before its expiry date. The fee is charged for the period of time between when the policy was taken out and when it is cancelled. Admiral Insurance is a UK-based insurance company that provides a range of insurance products, including contents insurance.

How Much is the Admiral Contents Insurance Cancellation Fee?

The ACICF is based on the remaining term of the policy, so the amount of the fee can vary depending on how long is left on the policy. The fee is calculated as a percentage of the total cost of the policy, and the percentage decreases the longer the remaining term is. For example, if the policy has a year remaining, the fee will be higher than if the policy has 6 months remaining. Admiral Insurance also charges a £25 administration fee for cancelling a policy.

Can I Get a Refund on the Admiral Contents Insurance Cancellation Fee?

Under certain circumstances, Admiral Insurance may issue a refund for the ACICF. If the policyholder has made a claim on the policy, Admiral Insurance will usually not issue a refund for the fee. However, if the policy is cancelled due to a change in circumstances (such as moving house) then Admiral Insurance may issue a refund for the fee.

What Other Fees and Charges are Associated with Admiral Contents Insurance?

In addition to the ACICF, Admiral Insurance charges an underwriting fee when a policy is taken out. This fee covers the cost of assessing the risk of providing cover for the policyholder. Admiral Insurance also charges an administration fee for making changes to a policy, such as updating the address or making a claim. These fees can vary depending on the type of policy and the changes being made.

Are There Other Options for Cancelling a Contents Insurance Policy?

Admiral Insurance allows policyholders to transfer their policy to another provider without having to pay the ACICF. This is a good option for those who want to switch providers but do not want to incur the fee. It is important to note that the new provider may require a new underwriting fee and other charges, so policyholders should compare the cost of transferring their policy to another provider before making a decision.

Conclusion

Admiral Contents Insurance Cancellation Fee (ACICF) is a fee charged by Admiral Insurance for cancelling a contents insurance policy before its expiry date. The fee is based on the remaining term of the policy and is charged as a percentage of the total cost of the policy. Admiral Insurance may issue a refund for the fee under certain circumstances, such as when a policy is cancelled due to a change in circumstances. Policyholders can also transfer their policy to another provider without having to pay the fee, although the new provider may require a new underwriting fee and other charges.