Unfortunately, the Octagon Insurance website no longer provides guidance on their policies. Since they stopped taking on customers, the new page just directs policyholders to contact customer services if they need assistance. If you have a policy, read this guide on how to cancel your Octagon Insurance.
Octagon Insurance Cancellation Policy
The cooling-off period for changing your mind about an insurance policy is 14 days. Octagon Insurance allowed new customers to cancel within 14 days if they wanted to change providers with only a small administration fee and the pro-rata cost of cover used. After this, Octagon Insurance policyholders can cancel at any time, but they will incur cancellation fees and risk issues with your No Claims Discounts. The only way to cancel is to contact them.
Octagon Insurance Cancellation Fees
If you took out an Octagon insurance policy before December 2016, then the cooling period will obviously be over by now. If you decide to cancel Octagon Insurance policies mid-term, they charge a cancellation fee of £50. Should your policy be cancelled due to you voiding its terms, the fee goes up to £75. They will charge this on top of any outstanding balance that you owe until your cover ends. Cancelling within the cooling-off period would cost £25.
Octagon Insurance Claims
As with any other policy, if you have made a claim on Octagon Insurance and then decide to cancel, then you must pay your total annual premium and will not be entitled to any refund. If you are cancelling mid-term then you must also pay the applicable cancellation fee on top of this. Making a claim will void your No Claims Discount as well. If you need to make a new claim on Octagon Insurance or discuss an old claim you made, contact them.
How to Cancel Octagon Insurance Renewal
Although Octagon does not take on new customers, existing customers may decide to continue receiving their cover from them. Octagon automatically renews many policies when they expire so that there is no lapse in cover. If you did not want to renew, then you must contact Octagon in advance of the renewal date. This is especially important because Octagon is likely to raise the price of cover and then automatically start taking the higher payments.
How to Contact Octagon Insurance About Cancellation
Call Octagon Insurance on 0344 800 3694 to discuss policy cancellation. It is also possible to send an e-mail to the parent group of the brand which is now administering Octagon policies in the UK. The e-mail address for this company is email@example.com. You should refer your case to the Financial Ombudsman after 8 weeks if Octagon fails to address your complaints or respond to your requests regarding your Octagon policy.