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Warning over new compulsory car insurance rules
monstereyebrows
Posts: 39 Forumite
As you have seen there is a chance young womens car insurance is likely to rise if the ruling is approved.
I have a 19 year old daughter who is due to renew in May but I am thinking of renewing before the ruling by cancelling existing policy.
However anyone have an idea if this is wise as she has one year one claims and would have had a second year in May but not if I cancel the policy.
I have a 19 year old daughter who is due to renew in May but I am thinking of renewing before the ruling by cancelling existing policy.
However anyone have an idea if this is wise as she has one year one claims and would have had a second year in May but not if I cancel the policy.
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Comments
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I think that would not be a wise thing to do. Firstly if the Insurers are forced into this, they would be given a reasonable period in which to change their premium ratings, which would probably be beyond May. Secondly cancellation rates will be a factor, as Insurers would probably want the whole years premium and cancellation fee, then the new Insurers will also charge based on 1 year NCD only. Thirdly she misses out on having 2 years NCD.The comments I post are personal opinion. Always refer to official information sources before relying on internet forums. If you have a problem with any organisation, enter into their official complaints process at the earliest opportunity, as sometimes complaints have to be started within a certain time frame.0
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I'm in the same position... i'm 22, 2 years NCD currently, will have 3 in May.. if I renew now, based on 2 years NCD I am looking at an increase of £100 p/a on last years but worried if I wait till May, even with 3 years NCD it will be even higher...I work for first direct and have previously worked for Santander.
Any information I give should not been seen as being given from first direct or Santander however I do have certain knowledge from working there.
Thank you, Chrissy :wave:0
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