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I only got my car in November, so 3mths insurance. >>

*Kat*
*Kat* Posts: 1,829 Forumite
Part of the Furniture 1,000 Posts Combo Breaker
I turn 25 in April (so that would be 5mths) will my insurance go down? Should I cancel my current policy when I'm 25 and then see if I get a lower premium? Or is the 1 years no claim more important? I'm with Admiral just now doing the 10mth no years claim thing

Comments

  • One years no claims would be better for you, but you will have to watch out with these 10 months no claim offers as sometimes other insurance companies won't except them.
  • Quentin
    Quentin Posts: 40,405 Forumite
    Turning 25 doesn't make a dramatic difference to your premiums.

    But what it does usually do is stop the additional compulsory excess for young drivers.

    This is applied based on the driver's age on date of the incident - not the date the policy was taken out.

    So if you claim on your current policy prior to your 25th birthday the extra compulsory excess gets charged, but does not should the claim relate to an incident on or after your birthday.

    So don't lose a year's NCD and have cancellation fees to pay by trying this "scheme" out - just not cost effective.
  • *Kat*
    *Kat* Posts: 1,829 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Ah okay, thank you!! :)
  • scotsbob
    scotsbob Posts: 4,632 Forumite
    Bear in mind the admin charge that many companies now levy when cancelling and factor this into your calculations.
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