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Just had an email from Curve (I’m on metal) that they are scrapping the travel insurance for 31/12 because many already have it elsewhere.
Instead you get six more retailers for 1% cashback.
For me, that’s much worse than global family travel insurance.
It doesn’t even run until Metal renewal, it’s just being pulled in a month!
Seems to be scapping all insurance – including mobile phone, which happily paid me out when my iPhone was stolen 2 years ago.
1% is of course 10p for every £10 spent. Oooo, how generous!😂
Even worse!
Is this grounds to cancel Metal and get a pro-rata refund? It’s not just a minor change to the T&Cs.
Even worse!
Is this grounds to cancel Metal and get a pro-rata refund? It’s not just a minor change to the T&Cs.
They do provide a refund. You need to negotiate and follow up.
Yep. Received same email. Looks like a downgrade for me one the self-assessment tax is paid in January.
They certainly didn’t ‘ask’ me whether I find the severely limited cashback useful. Unlikely I can still justify metal.
I find their emails sneaky
So they increased their fees
Then removed insuranceIts a dwindling product for sure
I have seen reports of retention offers being givenCan an insurance provider (Curve) unilaterally cancel a policy mid-term because it is disinclined to honour the full term of the policy?
Does this fulfil the Financial Conduct Authority’s PRIN 2.1 principle 6, which states that “A firm must pay due regard to the interests of its customers and treat them fairly“?
Even if a contractual term allows such an early cancellation of the policy, would the term fall foul of Part 2 of the Consumer Rights Act 2015 concerning unfair terms?
As Martin Lewis often points out, you need travel insurance as soon as you book, not only at the time of travel itself. What if a Curve customer has travel booked in January 2024 and an insured event happens in December 2023 that prevents travel? Would the underwriter (AXA) pay out?
@NFH it’s not entirely straightforward. The terms permit Curve to amend or withdraw benefits that don’t relate to payment services on giving 30 days notice which they have done. Whether or not that’s deemed to be fair in the context of removing insurance benefits and replacing them with more cashback who knows?
It’s important to note that these insurance policies that come with credit cards are not annual policies of the type that one might buy independently. Both the insurance and card contracts are open ended and of no fixed duration, not annual contracts, even if you pay an annual fee. This means that the policy terms can be changed at any time during the fee year in a way they can’t if you buy an annual policy. That offers Curve some assistance.
In the event that the removal of the insurance benefit were deemed unfair, it’s quite difficult to determine the appropriate remedy/measure of damages.
One of the Curves terms state
“In all cases where your subscription is subject to a minimum subscription period (whether 6 months because you pay monthly or 12 months because you pay annually), you will continue to have all of the benefits available under those subscriptions until the end of the period for which you have paid. For example, if you cancel your 12 month subscription during its second month, you can continue to use the benefits under the subscription for the remaining 10 months.”
So what does that mean?
@lordy – it means exactly what it says! So, if say you cancel your subscription after three months, you will still continue to receive the benefits until the end of month six because that’s the minimum subscription period; they won’t take them away early. It’s the same with a magazine subscription – you might cancel early to save getting charged a renewal, but you will still get access until the end of the period. What it doesn’t mean is that your benefits are ‘frozen’ so can’t be changed on notice during the period.
Are there any alternatives to Curve fronted? Metal is no longer worth it for me as it was really all about the insurance bundle being exactly what I needed with fronted the cherry on top.
My Halifax current account included uk only breakdown cover and excludes rental car insurance so that’s not something I can go to as an alternative.
Seems to be scapping all insurance – including mobile phone, which happily paid me out when my iPhone was stolen 2 years ago.
What did they pay you? I’m still fighting with them to give me the full replacement cost of a 6 month old phone – they deducted a stupid amount for wear and tear and depreciation..
Seems to be scapping all insurance – including mobile phone, which happily paid me out when my iPhone was stolen 2 years ago.
What did they pay you? I’m still fighting with them to give me the full replacement cost of a 6 month old phone – they deducted a stupid amount for wear and tear and depreciation..
Why would you expect Axa to pay the full replacement cost when like most travel/gadget policies it is not on a new for old/replacement. A new mobile phone is not so different to a new car in that as soon as it leaves the showroom, there is a substantial loss of value. I don’t know how much Axa is looking to deduct but for an iPhone after six months it should be c.30-35% and more if it crossed over the new launch and also probably more if any other brand. Have you asked Axa for the basis of their calculation?
Presumably you can provide some sensible average sale and purchase prices for your model and if those are materially higher than what you are being offered, insist on that, failing which make a complaint and if still dissatisfied with any final decision, take the matter to the FOS.
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