Car Insurance

spikeyhedgehog

CAN ANYONE TELL ME IF THIS IS CORRECT I NO LONGER OWN MY CAR SO I CALLED UP MY INSURANCE (TESCO) TO CANCEL IT THEY TOLD ME I HAD 2 OPTIONS OPTION 1 WAS TO STOP PAYING BUT WOULD LOSE MY NO CLAIMS DISCOUNT AND WOULD HAVE TO PAY A MONTHS PAYMENT OPTION 2 WAS KEEP PAYING SAME AMOUNT EVERY MONTH, KEEP MY NO CLAIMS AND WHEN I GET ANOTHER CAR CALL THEM UP TO INSURE IT AND THEY WILL GIVE ME A FULL REFUND OF WHAT IVE PAID TO THEM WHILST NOT HAVING A CAR SURELY IF IVE GOT FULL NO CLAIMS THAT SHOULD STAY WITH ME

jackie_w

how much longer do you have left to run on your policy?

Ive never heard of a company enabling you to keep paying a policy so you get your No Claims Bonus, then, when you get another car, they pay you back for the time you didnt have your original vehicle. Im sorry this just doesnt sound right.
If you havent paid for your policy in full, you wont get your No Claims Bonus.
If you have paid your full policy, then its your No Claims Bonus to take with you to another insurer.

I would call them back to double check this.

Jackie

spikeyhedgehog

my insurance runs out in september but this will be the second year i've been with them i pay it monthly not yearly and she said to keep my no claims bonus i would have to kep paying till i get another car i can understand having to pay a penalty for leaving early i have ful no claims will i lose it all or just this year??

Bossyboots

Surely the no claims bonus for the current year depends on the whole year being completed. Therefore if you cancel your policy, you will not be able to count this year for your no claims.

It sounds like a generous offer to me, although it does tie you in to insuring with them again when you get another car so there is clearly a method in the madness.

jackie_w

spikeyhedgehog wrote:

my insurance runs out in september but this will be the second year i've been with them i pay it monthly not yearly and she said to keep my no claims bonus i would have to kep paying till i get another car i can understand having to pay a penalty for leaving early i have ful no claims will i lose it all or just this year??

If you cancel the policy you will not lose the all the no claims bonus. You will still have a year to transfer onto another policy when you buy another car.

Jackie

Astaroth

But you will lose the 6 months of this year. I have known insurers allow people to suspend policies whilst they are getting their new vehicle but generally it also suspends the payments.

Guess it depends how long it will be until you get your new car