I bought my Grande Punto two weeks ago, downgrading from an Insurance Group 12 to Insurance Group 2/3, to reduce outgoings.
However the insurance company I am with (I took out the policy in monthly instalments in July) are refusing to reduce my premiums accordingly!
If I cancel the policy, I have to pay back 85% of the total annual premium due!
Has anyone experienced this and does anyone have any advice?

Which insurer? Name and shame!

To be fair did you not check before buying the car? You just assumed. You state you'd need to pay 85% of the policy if cancelled so your a fair way into the policy in which case the difference may be negligible.

Equally your assuming a lot with regard to the insurance group. Premiums are based on so much more now! Tbh I don't think the full story is being told here but each to their own.

Sounds about right, typical insurance con and clearly they don't want to loose out.

It's not always the insurance company that would have to adjust, some insurance company's use a 3rd party loan company to cover your monthly payments, so basically it's same principals as buying a car on finance it's a hidden small loan, that's why some charge more for monthly payments, it's not cos they love it, it's cos it's a loan.

MrMigs08 said:

Sounds about right, typical insurance con and clearly they don't want to loose out.

Click to expand...

How's it an insurance con

It will all be in the documentation. If you don't read your documents you may encounter things you don't expect. Not enough people actually read their docs now days and they are the ones who complain about insurance!