Car insurance advice needed asap pretty please

Nanny2Nurse

I am about to renew my car insurance but I could possibly be getting a new car within the next couple of weeks.

I have had good insurance quotes for both cars but have a bit of a dilemma as the insurance on my current car is due for renewal in just a few days.

If I renew my current policy (or at least insure my current car for 12 months), will I be able to simply switch that insurance over to my new car at the better rate (quote) I've already found online?

Or, if I do get a new car and sell my current car, would I be able to cancel the insurance early as the car I insured has been sold?

Thanks for any advice.

Quentin

It will be cheaper to simply change over your car. (Cancelling a policy after a few weeks is expensive - unless you do so within the 14 day cooling off period.)

Check that your proposed new car is acceptable to your chosen insurer before renewing or starting the policy.

Nanny2Nurse

Hmm, so it's not too simple then as I'd have to insure both cars with the same insurer. Although luckily, I do actually think I've found a reasonable online quote for each car with one company.

Although, I could cancel the policy within the cooling off period as I'm relatively sure I'd get the new car before then.

So if I buy a new policy for my current car, then get in new car within one week or so, what penalties could I incur if I do cancel that original policy?

Many thanks for your reply.

Quentin

Most companies only charge true pro rata for the number of days cover you have had (if any) during the cooling off period. Many also charge a cancellation fee, but a couple I know of that don't (charge the cancellation fee) are RAC and M + S.

Nanny2Nurse

OK I see, thank you.

What I'm concerned about is buying insurance for my current car, then being 'stuck' with that company if/when I get a new car and that company being able to charge whatever they want as I'm already locked into a contract.

Quentin

Unless you are able to make use of cooling off (maybe with more than one "unacceptable" new policy), then some cost to change cars mid term is inevitable.

If you intend switching mid term, then use the insurer who charges least for your new car - as that will have to be paid for the longest!

Nanny2Nurse

Sorry for my ignorance but what do you mean by '"unacceptable" new policy' ?

I understand your second point - and of course, rather than paying for a whole year I'll choose to pay monthly, or I could have to wait to get my money back - which is another complication I really don't need.

mikey72

Nanny2Nurse wrote: »

OK I see, thank you.

What I'm concerned about is buying insurance for my current car, then being 'stuck' with that company if/when I get a new car and that company being able to charge whatever they want as I'm already locked into a contract.

You'll find that the cost to change mid term has no resemblance to any quote you have had.
You may be better off getting a quote for short term insurance, from someone like
https://www.tempcover.com/default.aspx?ref=csis

Quentin

Nanny2Nurse wrote: »

Sorry for my ignorance but what do you mean by '"unacceptable" new policy' ?

"Unacceptable" as in "I wish to cancel under the cooling off period because I find the policy unacceptable/unsuitable"

lisyloo

The cooling off period is designed to give you a chance to read the policy, then you can reject it if it's unacceptable to you.
It's not designed to be used for short term cover.

But I think Mikey has a good point that often people find the quotes are much higher once they are already a "captive audience".

Quentin

lisyloo wrote: »

The cooling off period is designed to give you a chance to read the policy, then you can reject it if it's unacceptable to you.
It's not designed to be used for short term cover.

Thank you School Marm!

Where does it say you cannot make use of the cooling off period for short term cover?