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Cancelling Tesco Car Insurance
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# 1
Old 28-09-2009, 12:33 PM
MoneySaving Newbie
Join Date: Sep 2009
Posts: 7
Default Cancelling Tesco Car Insurance

I sold my car and called Tesco to cancel my insurance policy. I was paying in instalments.
The person on the phone told me, that the insurance is cancelled and no further payments will be taken, but there is no deposit to be paid back. As far as I remember I paid something between 100 and 200 of deposit. Also my policy would end in the end of October, so I would rather prefer to pay the last instalment and get the deposit back. Do you know if it is possible to cancel my cancellation, claim the deposit back or do anything else about that? It doesn't make sense, if you lose so much money every time you sell your car.
mikolus is offline
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# 2
Old 28-09-2009, 1:13 PM
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Join Date: Mar 2006
Posts: 2,351

It isn't a deposit in trust though, it's a down payment on the installment plan - in other words, no refund is due.

If the policy only has 1 month to run you might as well carry on till the year is up and gain the extra years NCD. By cancelling at 11 months you've lost out on that.
mattymoo is offline
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# 3
Old 28-09-2009, 3:26 PM
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Join Date: Jan 2009
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Once the policy has been canceled there is not usualy any way of keeping it going. As matty says if you are 11 months in, or 10, you should not bother cancelling but keep running though and just change the policy to the new car and pay the extra - unless it is very different you will gain more though NCD than loose in premium
dogbot is offline
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# 4
Old 28-09-2009, 10:08 PM
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Join Date: Sep 2009
Posts: 7

Thanks for your replies.
It seems, that I won't be able to get it back.
About losing my no claim discount - I insured another car, also with Tesco, 2 months before cancelling that policy. Will I still loose my NCD?
mikolus is offline
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