Mthly Insuarance cancellation?

ocalllo

I am a small business and the van is insured annually through a great brooker and i pay up front for the year.

Question: Insurance is up nxt mth and needs to be renewed, but im looking to sell business/van in coming 2/3mths.
what do i do about the insurance?

If i pay monthly by DD can i just ring up after 3 mths and canx as i don't have the van anymore? or am i liable for the whole year?

And do i need to tell the brooker my plans?

thks

jimbo_the_jetset

These days it would seem that most policies specify a cancellation charge, best to check out the Terms & Conditions (of existing policy?).

Why not ask the broker's advice? They do not have an obligation to any one insurance company and may be able to find a policy without cancellation charges. That said I'm not sure how/when they get their commission. When the deal is struck or after the policy is complete? Perhaps you should ask that question first!! Then you will know how to play things.

Gordon_Hose

Ask your broker what he thinks lol

ocalllo

thks for replies - but can't ask broker as she is customer of business and i don't want her to know i am selling up!!

ocalllo

thks Judas - sell up is all above board.

just not secure so don't want to tell anyone too soon, but have to deal with insuarance renewal now.

van and insurance IS in business name already but don't want to pay for 12 mths if i can pay for just 3

dzug1

You can cancel the policy after 3 months - but most will charge both a cancellation fee and a short term policy surcharge.