Insurance query

caseyann

I took out motor insurance to include my 17 year old son as a named driver on a provisional licence last September at a premium of around £700.
Today he passed his driving test and I notified the insurance company and was advised that the additional premium for the 4/5 months balance of this year would be £650.
I checked online and for a full year's premium starting immediately got quotes as low as £850.
Can anyone tell me if I am able to cancel the current insurance and take out a new one or must I run the insurance the end of the term at the much higher premium?

dacouch

The delightful Quinn strike again.

They have a cancellation charge so it would depend on how much the cancellation charge is, you can they weigh this up against the potential savings by starting a new policy.

If you do go down that route it would be worth looking at other Insurers as well

caseyann

How did you know it was Quinn?
From what I can work out I think it would be cheaper to start a new policy but feel that if they do charge a cancellation charge then they should not charge the additional £650. Surely I have a right to cancel the amendment within a certain amount of time?

Quentin

Another way round this may be to now remove your son as a named driver, thereby getting a premium refund.

Then cancel the policy, getting a further premium refund, allowing you to start again elsewhere.

Apart from the cancellation charges involved you won't get any NCD for this part year's insurance, so all these costs need weighing up prior to making your decision.

LinasPilibaitisisbatman

Who is the main driver OP?

And the decision is justified as your son will now be driving on his own and is statistically a very high risk.

caseyann

I am still the main driver and will be until such time as my son is able to at least afford to pay for petrol.
Other insurance companies that have quoted are much less and even quotes including my son as main driver are cheaper than Quinns as named driver pro rata.

caseyann

Thanks Quentin - will look into this - looks like probably the best option. I already have more than 10 years NCD so don't suppose that the loss of this year's will make much difference.
Have checked on Mysupermarket and gocompare and there are varying options so will have to check through them - the cheapest I have found is IBUYECO which I have never heard of before (£850) Zurich is next at £880 but includes breakdown cover so probably best as I have not yet added him to my RAC breakdown.