can I cancel and move my H&C Insurance?

leni

I took out Home & Contents Insurance with Norwich Union last March, I'm looking at getting a better deal through quidco (also about to cancel my Mortgage Protection Plan currently costing £50 a month and taking out just a life insurance plan for £12 a month)

Do I have to wait a full year before I can cencel my H&C Insurance?

peterg1965

Short answer, if you havent claimed on it this year you should be able to cancel with no penalty. Just check with the NU.

Bossyboots

Unfortunately peterg1965 is wrong and you will have fees to pay if you cancel.

This is taken from the Norwich Union site

"Alternatively, if you wish to do so and the insurance cover has already ommenced, you will be entitled to a refund of the premium paid subject to a reduction for the time for which you have been covered. This will be calculated on a pro-rata basis for the period in which you received cover
and an administrative cost of up to £30.45 (inclusive of Insurance Premium Tax where applicable)."

Its only a few weeks until March. It seems a bit daft to cancel now.

peterg1965

Interesting, i have cancelled before without penalty, i suspect it depends on the insurance company. To say I am 'wrong' is not entirely correct.

evosy1978

hello all.

im currently with lloyds contents insurance .

im 5 months into my policy and i would like to cancel. Ive read about cancelling but it only says you can cancel after 14 days??

is this true or am i missing something./

thanks in advance.

Bossyboots

The 14 days is your "cooling off" period during which you can cancel without penalty.

If you cancel later on, depending on your terms and conditions, they don't have to refund anything and can make a charge for cancelling the policy. In reality though you would normally have to pay for the time covered and an admin fee at least. My own policy is time covered, plus one month, plus the admin fee (I can't remember what that is off the top of my head). You can therefore cancel but it will probably cost you.

gazza975526570

All insurers are different in ths respect. Best thing to do is call and ask in these circumstances

sgx.saint

Is it actually worth cancelling to take advantage of a cashback offer, or is it better to stick with your current insurer to acquire no claims bonus.

Reason I ask is that I am in a similar situation. I have had home contents insurance with the AA for around 7 months. This is my first home insurance policy so I don't currently have any NCB.

So, I pose my original question again, is it worth cancelling, pursuing another policy with cashback or stick with the AA and build up at least a years NCB before changing?

I appreciate your thoughts.