Customers will have many different reasons for cancelling their policy, for sales reps, you will almost never have to deal with these circumstances. However your customers may still want to know how much they’d need to pay if they do choose to cancel.
To work out cancellations:
- Determine if your policy is a standard or non standard policy.
- For any non standard cancellations, please liaise with Yazmin or Sasha for the most accurate calculation
- For standard policies check the ‘branch’ the policy is on.
- If the policy is under the ‘V’ branch (Van Compare), the policy holder is charged the ‘TOR’ (Time on risk) + a £45 fee + the broker fee optional extra, which is usually £37.50.
- For any other branches, it is the TOR + £45 fee
- For anyone cancelling before their policy begins, this is done at no cost to the policyholder, and all money is refunded.
- Rebroke’s come with a reduced £25 fee rather than the usual £45 fee
It is best to advise your policyholder that this is the most accurate estimate you are able to get for them, without passing them over to customer services.