Elephant Insurance - Mid-Term Cancel

tjuk

Hi,

I need to renew my car insurance and the cheapest quote i have found is with elephant.co.uk.

I will not be needing my car from October onwards so know alredy i will need to cancel it mid-term.

Does anyone know how much i will get back if i take ou tthe insurance in May and cancel in October? I am aware there is cancellation fee.

Also, would i be better paying up front and then cancelling and getting some money back OR paying monthly and then cancelling?

Thanks!

adamc260

Well May - September is 5 months

Take full premium, divide it by 12 months. Take that figure, times it by 7 (months not used) and minus the cancellation fee (which is approx £50 i think with elephant??) and that will give you a guide.

tjuk

Ok Thanks

I wasn't sure if you got the whole remaining money back or whether or not they gave you a percentage back.

adamc260

tjuk wrote: »

Ok Thanks

I wasn't sure if you got the whole remaining money back or whether or not they gave you a percentage back.

It's prorata'd so would just be charged for the time on risk (time on cover) minus the cancellation fee off the refund.

Quote

Unless you make a claim...

adamc260

Quote wrote: »

Unless you make a claim...

Some things go without saying... that my friend is one of them

McKneff

Could you not find some company that will insure you for say six months.

bouncydog1

Adam you might not be quite correct as in many policies cover less than 12 months is charged short period rather than pro-rata. There will also be add ons that might not be refundable at all - breakdown etc.

OP have a look in the policy terms and conditions and see what the no of months charge will be for letting the policy run for 5 months - may be 60% of the annual premium. You will have the cancellation fee on top of that.

adamc260

bouncyd!!! wrote: »

Adam you might not be quite correct as in many policies cover less than 12 months is charged short period rather than pro-rata. There will also be add ons that might not be refundable at all - breakdown etc.

OP have a look in the policy terms and conditions and see what the no of months charge will be for letting the policy run for 5 months - may be 60% of the annual premium. You will have the cancellation fee on top of that.

Doesn't mention anything about short period in the policy booklet and I know when I had policies cancelled (ie: non fault total loss) from when I worked on the claims team in elephant it was on a pro-rate basis...

All the key facts state is a canc fee of £47.50 out of the 14 days and £22.50 during the 14 day cooling off

Quote

adamc260 wrote: »

Some things go without saying... that my friend is one of them

Maybe to you and I, but to at least 85% of the people who start threads on this forum, it's absolutely germane.

mikey72

adamc260 wrote: »

Doesn't mention anything about short period in the policy booklet and I know when I had policies cancelled (ie: non fault total loss) from when I worked on the claims team in elephant it was on a pro-rate basis...

All the key facts state is a canc fee of £47.50 out of the 14 days and £22.50 during the 14 day cooling off

Indeed not.

Have a read of

http://www.financial-ombudsman.org.uk/publications/ombudsman-news/54/insurance.htm

Pro rata, and a fee of up to £50.