Car insurance cover with no cancellation fee?

andidb

We are looking for a car insurance cover for our car that does not charge cancellation / amendment fees (or minimal ones). Our car insurance runs out this week, but we are trying to sell the car so may only have it for another week or two. Any suggestions would be very gratefully received...

Cpu2007

you will always have to pay an amount,like the premium for having the car insured for a certain amount of time before cancelling the insurance,admin fee etc. some might be cheaper but what you can look for is that most companies ,when you insure with them, there is a cooling off period of 7-14 days where you can cancel and they cancellation fee is minimal.

lennon2004

I have had the same problem, I have spent hours trying to find an insurance company with a reasonable cancellation fee. I then started to look at tempory cover which some quotes were £180+ for a month !!!!!!! Finally i found a company called computerquoteinsurance.com who offer a pay as you go payment plan, the cost of annual cover was only £30 more than my cheapest quote on a comparison website and you can cancel anytime with no fees, although they will charge if it is cancelled within 14 days. I thought this was too good to be true so I phoned the company who confirmed there was no cancellation fee. hope this helps.

dunstonh

lennon2004 wrote: »

I have had the same problem, I have spent hours trying to find an insurance company with a reasonable cancellation fee. I then started to look at tempory cover which some quotes were £180+ for a month !!!!!!! Finally i found a company called computerquoteinsurance.com who offer a pay as you go payment plan, the cost of annual cover was only £30 more than my cheapest quote on a comparison website and you can cancel anytime with no fees, although they will charge if it is cancelled within 14 days. I thought this was too good to be true so I phoned the company who confirmed there was no cancellation fee. hope this helps.

Probably is too good to be true as the probably factor it into their refund rates and charge more that way to compensate. i.e. instead of getting 50% reduction after 6 months, they may charge 70% or similar.

No terms published on their site so cant say. However, what you describe does not sound accurate as car insurance is not pay as you go.

InsideInsurance

You may find someone who does no/low amendment fees but one that is cancellation fee free would be particularly unusual for Motor because of the negative selection they would have from people who's just had their cars impounded for no insurance (buy online, get certificate, print it, go to police pound and get car back, phone up and cancel only paying for a few days or less cover)

lennon2004

If you go on their website and scroll to the bottom of the screen it clearly says pay as you go insurance, also if you type pay as you go car insurance there are a few companies offering this. I actually spoke to this company who confirmed this.

citykid5

the only 1 i can think of is nfu insurance,but they are very picky about takeing on new customers

dunstonh

lennon2004 wrote: »

If you go on their website and scroll to the bottom of the screen it clearly says pay as you go insurance, also if you type pay as you go car insurance there are a few companies offering this. I actually spoke to this company who confirmed this.

I suppose the 29.8% APR covers the cancellation costs. If you are charging that amount when the base rate is 0.5% then you are factoring a lot of cost in there.

lennon2004

But if you are only needing the cover for a month or two like andidb wanted it saves you money, rather than paying for a couple of months and paying a cancellation fee ontop of that which I found to be around £50 for most insurers. So paying a higher %APR for a month or two would still save money. If you want cover for the full year this wouldn't be the cheapest option.

elizabethnealaca

First Direct have no cancellation fee.

"...And if you're not happy for any reason up to three months later, you can cancel your policy, no questions asked, without a cancellation charge. It's that easy."

InsideInsurance

Given the thread is over a year old I suspect not only did the OP already buy the insurance and sell the car but even if he couldnt cancel the insurance it'll have lapsed by now