cancellation fees on car insurance?

madeleine

I'm about to buy a new car, replacing vehicle. Unfortunately the old car's insurance runs out in two days time. I need to renew this, so that it's insured until I sell it -- so probably for about a month. In the meantime I will have insured the new car. Once I sell the old car, I will cancel that insurance, and hopefully get an 11 month rebate. Does anyone know if there are insurers who don't charge a cancellation fee, or if there are some that have a low cancellation fee? SO far, I've been quoted cancellation fees of about £50.

lisyloo

Once I sell the old car, I will cancel that insurance, and hopefully get an 11 month rebate

This is most unlikely.
I suggets you check the terms and conditions and see what you will pay for 1 month, but it's normally much more than 1/12th.

Does anyone know if there are insurers who don't charge a cancellation fee, or if there are some that have a low cancellation fee?

You need to also check on short term rates and that's likely to be more significant than cancellation fees.

You could look at ecarinsurance for a monthly policy.
This is not a recommendation for the insurer- but they do offer both short term and monthly.

madeleine

Thanks; that's useful advice. I'll check them out next.

TheMaskedUnderwriter

Google tempcover and dayinsure, 2 companies that specialise in short term insurance with no cancellation charge as they are short term.

Regards

Quote

You could always cancel the existing policy, insure the new vehicle annually, and arrange temporary cover with the same insurer pending sale. Most established insurers will do this without any enormous financial penalty.

blutto

more than are the cheapest on that though TESCO is disgraceful!!!!!!!!!!!! they want one months worth ++ £30 on top! A DISGRACE!!