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  • FIRST POST
    • vignezh
    • By vignezh 12th Sep 17, 4:33 PM
    • 10Posts
    • 0Thanks
    vignezh
    Can I cancel my car insurance?
    • #1
    • 12th Sep 17, 4:33 PM
    Can I cancel my car insurance? 12th Sep 17 at 4:33 PM
    Thanks in advance for your suggestions and sorry for being naive with my question.

    I took an comprehensive insurance or my car with 1st direct in August and got a quotation for 330 for the year and am paying in installments about 30 quid a month.

    Just this month, I moved house and when I tried to update my address, they recalculated and now saying I will have to pay 220 upfront or will pay 60 quid a month.

    Having glanced at my agreement, cancellation charge is 50 quid. Does it makes sense that I pay the cancellation fee and go to someone else for a cheaper quote for the new address? Am I missing something here? I have 9 years NCD.
Page 1
    • k3lvc
    • By k3lvc 12th Sep 17, 4:35 PM
    • 1,914 Posts
    • 3,009 Thanks
    k3lvc
    • #2
    • 12th Sep 17, 4:35 PM
    • #2
    • 12th Sep 17, 4:35 PM
    In theory yes but

    a) make sure you can actually get a cheaper quote before doing anything
    b) you'll still only have 9yrs NCD
    • Aretnap
    • By Aretnap 12th Sep 17, 4:40 PM
    • 2,822 Posts
    • 2,321 Thanks
    Aretnap
    • #3
    • 12th Sep 17, 4:40 PM
    • #3
    • 12th Sep 17, 4:40 PM
    Whether or not it's worth cancelling depends on how much (if at all) cheaper you can get insurance with someone else at the new address. Put your details into a comparison site and if you can find equivalent cover for less than (approximately) £500 then it's likely to be worth cancelling.

    Apart from the cancellation fee, the main disadvantage of cancelling midway through the policy year if that you won't get any NCB credit for an incomplete year, but (a) it's only a month or so and (b) once you have 9 years, additional years usually make virtually no difference to your premium anyway.
    • forgotmyname
    • By forgotmyname 12th Sep 17, 4:54 PM
    • 26,053 Posts
    • 10,386 Thanks
    forgotmyname
    • #4
    • 12th Sep 17, 4:54 PM
    • #4
    • 12th Sep 17, 4:54 PM
    Cancelling will be £50 + the time on cover which maybe more than you think.
    Punctuation, Spelling and Grammar will be used sparingly. Due to rising costs of inflation.

    My contribution to MSE. Other contributions will only be used if they cost me nothing.

    Due to me being a tight git.
    • Aretnap
    • By Aretnap 12th Sep 17, 4:56 PM
    • 2,822 Posts
    • 2,321 Thanks
    Aretnap
    • #5
    • 12th Sep 17, 4:56 PM
    • #5
    • 12th Sep 17, 4:56 PM
    Cancelling will be £50 + the time on cover which maybe more than you think.
    Originally posted by forgotmyname
    One twelth (-ish, depending on the dates) of £330 = just under £30.
    • vignezh
    • By vignezh 12th Sep 17, 9:33 PM
    • 10 Posts
    • 0 Thanks
    vignezh
    • #6
    • 12th Sep 17, 9:33 PM
    • #6
    • 12th Sep 17, 9:33 PM
    Thanks all for the replies. I got an email from 1st Central thanking for letting them know about the address change.

    Also, since I didn't purchase the new quote,

    Your car insurance will be cancelled on 19/09/2017. Unfortunately, this will mean that:

    You will be uninsured
    A £50 cancellation fee will be charged.
    You will not earn any No Claims Discount for the current year

    I managed to get a cheaper quote for the new address from LV for 378 (annual price).

    I think I will still save if I cancel 1st Central and start fresh with LV!
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