What is a policy transfer fee?

B

Branz

Registered User
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899
Motor Insurance question

Young lad's car (he is 24) is insured through a broker, and renewed last August for c 1,600 pa for a 1.2l car

He asked for a quote for a 1.4L car and the answer was: €820 transfer fee and then the new insurance would be c €1,500 more. The new car is a 98, the old car is 99, both valued at 400 odd

Have been on hold for an hour so just wonder can anyone shed any light on it.
Thanks as always.
 
This does not make any sense to me. Unless, there is an extra premium of €820 in respect of the new car until next August and that from next august, the premium will be an extra €1500. I'm making no comment on the premiums, but only on the payments.
 
Thanks, I eventually got hold of a customer service agent who concluded that it was best to call them tomorrow and start a new quotation and, if okay, cancel the existing policy which is in its thirds year with same insurer so should be pretty much a pro rata refund.
 
We went online with the same insurer and thus bypassed the broker.
€1,615 for a new policy!:rolleyes:
Thanks for your input
 
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