Can I Cancel Before the Year's Up?

CelticStar

Just wondered if anyone can advise me about my home and contents insurance. Last year I took out a policy with Tesco. As we were short of cash at the time we paid by installments (something which I will not be doing again!) and out premium is about £20 a months.

I have recently renewed my car insurance and got a great deal so I was tempted to look at what I could shave off my home and contents even though this does not come up for renewal until August. I found really good, comparable cover with a reputable company that worked out at £12.50 a month (paying annually) which is a lot of difference. Could I cancel my Tesco policy and move or I am I tied to Tesco until August? Any help gratefully received.

CS

JennyW_2

I cancelled a contents insurance policy once, it was no problem, just had to pay an extra months premium as a cancellation charge. The terms and conditions of your policy should say.

Astaroth

You can cancel but there will almost certainly be cancellation fees to pay... I believe that tesco charge the remainder of the current months premium plus 1 additional months premium if it is your first year with them (inc if you didnt renew but canceled and bought from them again as some here recommend) but they will advise the cost.

Also worth checking on your mortgage front as some charge an admin fee if you switch insurance provider.

iceicebaby

Also, if you have made a claim you will be liable for the full years premium so it would not be worth cancelling mid year if you have.

bekkki1

I cancelled mine with them on friday and they said i owe £5 something for cancelling

CelticStar

Just wanted to thank everyone. I ended up going with Barclays (£125 cashback since tracked with Quidco) who offer to refund any cancellation fees from your previous insurer. Jobs a good 'un!