NAAFI financial Motor Insurance

Discussion in 'Finance, Property, Law' started by DarkBlueLoggie, Feb 2, 2006.

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  1. For several years I have been a happy customer of NAAFI motor insrance, as has my wife for the last couple years while she was in Germany. However, the move from a singly sourced provider (Norwich Union) to a supposedly better deal sourced from several providers for us personally has not been good. My wife transferred her policy to another provider and halved the cost, while I had to cancel anyway when I sold my vehicle just before the end of the polciy period. This is not a criticism of NAAFI per se, costs can rise and you can get better deals elsewhere sometimes.

    My concern lies with payments continuing to be taken for the new motor policy which I had cancelled and have letters confirming this. To date I am over £180 out of pocket. I was told the cancellation had fallen between the cracks on the transfer of policies between different offices. I am now told that the company to whom (I assume) NAAFI has outsourced this, Rubicon Corp, has called in administrators.

    Is anyone else experiencing such problems? I am sure NAAFI will sort this out, but it is of concern!

    If this is inappropriate then please delete Mod.
     
  2. I had a quote from them pre their transfer to their new scheme of abot 360 pay monthly interest ratea 10% not bad really, then got another quote from their new super dooper multi insurance company which came in at about 600 quid and if i wanted to pay monthly then the interest rate was about 33% strange.

    Must get round to sorting mine out.

    Sparky

    Ps if i have got this wrong and you have changed your site and interest rate then i will appologise and delete this comment, i do not wish to slate your company and am aware that all new things have teething problems.

    Sparky
     
  3. Sparky

    The calculation of your premium is based on a number of complex factors, and without knowing all your individual details I’m afraid it is impossible for us to provide an accurate response on your increased quote.

    Regarding your query on interest rates; due to changes in the administration of our policies our documentation now has to disclose the APR rather than the interest rate. Hence the change you spotted. The 33% interest rate you mention is actually 33% APR, which is the equivalent of an 11% interest rate.

    Like Dark Blue Loggie, who we have contacted privately, if you have any further questions about your policy and/or the rates, please drop us a private message with your contact details and we will be pleased to pick it up for you.


    NAAFI Financial is a trading style of Close Brothers Military Services Limited in the UK and NAAFI in Germany and Cyprus. Both companies are appointed representative for general insurance only, of Close Brothers Limited. Close Brothers Limited is authorised and regulated by the Financial Services Authority. Close Brothers Military Services Limited is registered in England No. 3302028.
     
  4. Thank you for your response, as i said i have no desire to give your company grief or a public slateing, it just seems to be that your company has the Military over a barrel where i am located as you are one of only 2 insurance companies that will quote, the other being a local company whose premiums, are cheaper, but as 99% of people i know here, would prefer to deal with a UK based company. We believe that it is better to deal with a UK company as there is likely to be less chance of a misunderstanding about the policy and it's clause's should the need arise to have to make a claim.

    When i contacted your office recently to obtain a quote, i was asked how i had come to phone them, i told the operator that i had got your details from this web site as you were a sponser, i recieved a very blank reply as he didn't seem to have a clue what i was tal;king about, perhaps a promotion code might help.

    If you PM me with a UK International number that i can talk to you on then i will be happy to call at my earliest opportunity, to PM you with all the details would take far to much typing and can never be close to a phone at a specific time for you to contact me.

    Regards

    Sparky
     
  5. Just had a wonderful chat with Sara at Naafi financial, she has explained lots to me and it seems that we will be stuck with the same underwriters for a while.

    Thanks again

    Sparky