Worth cancelling my insurance?

Makemerich

I just wanted advice if people thought it would be a good idea to cancel my car insurance while i recover from a broken foot,Would i really save anything from it ?

I'm going to be out for atleast 8 weeks so don't really see why i should continue paying while its not in use,but then when i go to renew it i will still be paying 12 months again so i'm a bit same with car tax.

chalkie99

Is it off the road?

If so, you could possibly reduce the cover to fire and theft only - depends really on how much the policy is costing you and how much your insurer charges for administration in making the changes.

As regards the road tax you could SORN it and save a few pounds as long as the vehicle is not going to be kept at the side of the road.

Makemerich

Yea its safely on the drive and blocked in

chalkie99

There you go then.

Probably worth asking how much "laid up" fire and theft cover is a sit shouldn't be too much and will just give you a bit more peace of mind.

vikingaero

Probably not worth cancelling - there will be a cancellation charge. If it's end of the month then the car tax will be worth obtaining a refund on.

harveybobbles

Makemerich wrote: »

Yea its safely on the drive and blocked in

What happens if someone takes a hammer to all the doors?

DCFC79

Why dont you clal up and ask

aqueoushumour01

points to consider:

-as mentioned there's likely to be a cancellation fee
-some companies do not refund any part of the premium
-some companies will refund the premium according to a sliding scale. e.g. with 180 days left on the policy you may get less than half of the premium back
-other companies work it out on a pro rata basis
-you'd lose a bit of no claims accumulated depending on how recently (or not) you took out the policy

however,
-you may be able to find a company that can offer you a more competitve quote (look into this before cancelling though)
-if you go through a cashback site you might be able to get some cashback which may offset some of the above mentioned points

dzug1

Some companies may be prepared to suspend the insurance rather than cancel it. Certainly used to be the case but I've no recent experience.