Exorbitant cancellation cost. Can they do this?

[dgs]

Hi
I registered online last night for car insurance for a car i want to pick up tomorrow night. I proceeded with it and found i wanted to change my mind 15 minutes later because i found out it could take up to 48 hours to be accepted.
I rang the company Onecall to cancel because of it but they said it had gone through and to cancel would cost me £49.50 for the pleasure. Is this allowed or is there any way of countering this?
Your thought are appreciated. DGS

[des8]

Re: Exorbitant cancellation cost. Can they do this?

Under the Financial Services (Distance Marketing Regulations) 2004. f you purchase your insurance onlineyou have a 14-day cancellation period from the day after you enter into the contract.
HOWEVER, most policies reserve the right to charge an administration fee