Admiral cancellation

JimDuff

I'm considering a policy for my car with admiral, paying monthly. I only really need 3 to 4 months cover and was wondering
If I were to cancel four months in what the cancellation fee would be? Is it a months worth?


Cheers.

whatmichaelsays

In a word, no. You'll be refunded a pro-rata rate that is heavily weighted towards the insurer, minus admin fees. It won't simply be a case of "You've had 3 months cover, so we'll refund you 9/12 months".

You'd be better looking at specific short-term cover.

JimDuff

Not a refund, I'll be paying monthly. Wondering what they charge to cancel? And they are by FAR the cheapest.

whatmichaelsays

Don't have the cancellation fees to hand and they aren't online. The fee will be reflective of how early you break the contract though (ie, how early into the 12 months that you cancel)

MarkyMarkD

Jim

Google is your friend! It appears that they charge a £45 cancellation fee which is actually pretty small - and then pro rata premium for the time on risk. This may mean that it is better value then buying a short-term policy - particularly as short-term policies do not give any no claims discount in my experience.

_Andy_

Why not just ring them and ask?

JimDuff

Hi thanks, I did google but it was fairly confusing! So they can't charge me a full year or anything ridiculous like that?

forgotmyname

Paying monthly maybe a 3 month deposit then monthly payments, So 3 months cover mayb equal 6 payments.

HUFCsteve

I was debating the very same thing as I need to insure a car for as long as it takes to sell it privately. And short term insurance looks soooooo expensive.

I was looking at echoice and according to their T&Cs... "You may cancel this policy by returning any paper copies of the Certificate of Motor Insurance we have issued.To cancel please access the website and select the cancellation option. If you cancel the policy you may be entitled to a refund of premium as long as you have not made a claim. A cancellation fee will apply as follows: £0 – £300.00 £50, £300.01 – £700 £70, £700.01+ £70

This seems pretty good cos' I hope that it could take a couple of weeks to sell (hopefully a month at most). And if I pay by DD, my monthly payments would be £11.

maginot

Remember you pay for a full years policy, paying monthly they are just giving you credit to be able to do this!

If you make any claim in thoses few months you will have to pay the full 12 months.

If you don't make any claim and cancel for a refund (it is a refund as you were liable for the full amount), they charge so many extra months on top of how many months you have used, plus an admin charge as well.

You need to look at their cancellation costs to see whether this would be cost effective.

McKneff

Often there is a cancellation fee and an admin fee.

Yo would be (as someone else suggested) far better looking at short term insurance.