When does direct debit bounce invalidate car insurance?

dilemma10

Hi everybody
Again, a nervous wreck due to a very bad month with moving to London and not saving enough to do this..I had my direct debit bounce for Tesco car insurance which is £96 a month...This bounced on 30th May so almost a month ago but I will be paid 30th June so can pay it all back and start again with a new company (as Tesco are far too expensive).

Anyway, I am a nervous wreck over this - does anybody know how many times it would have to bounce or what time frame before it invalidates my actual insurance policy? I am not driving around in my car atm as I commute via train ...

I cannot access letters from them as I am 100 miles away at the moment.

downnotout

Have you called them to find out?

flea72

technically an insurance company will void your policy as soon as you have a missed payment. but most do have a leaway for mishaps that could have occurred in the banking system, but its a case of you making sure the payment gets to them asap as soon as they notify you - (however if a claim results in the meantime, you can bet, the policy will be void)

however, just because you have missed a payment this isnt a chance for you to walk away from them. you have agreed to pay the full premium, and are therefore liable for the whole years worth of payments, either on your current monthly basis or in full now (which they most probably will invoke due to the lapsed payment)

F

nimbo

i'd assume in reality it ceases to exist the second you need it.......

and technically the second you missed the payment...

PS if you change company they (Tesco) could well send you out penalty charges.....

McKneff

They will charge you for the whole year unless you canceil and pay the cancellation charges.

If you dont pay, they will chase you for it, even as far as through the courts,

County Court Judgement will trash your credit record.
Best thing to do is to ring them and sort it out so you can at lease stop worrying about it.

Poosmate

Just another thing to add, if you cancel your insurance before the end of the year it won't count as a full year for "No Claims Discount" purposes so if you started your Tesco policy with 3 years NCD then you'll start your next policy with 3 years NCD.

Don't forget when renewing any insurance to use one of the cashback sites like Quidco or Topcashback.

Poo