Car Insurance - Silly question!

coinxoperated

Ok ok, so I know I shall sound quite stupid, but I can't remember how it worked before...

I took out Swift Cover care insurance last july and paid a deposit of 250 and pay monthly of 115 (sorry, my pound sign doesnt work on my keyboard! :rotfl:). Now, I'm browsing around for my renewal coming up, and have spotted one much cheaper which without looking at the policy documents, seems an overall better deal. I'm wondering, as my insurance has and will run through to the expiry date, if I get the original deposit to Swift back if I don't renew with them?

I've had insurance for three years on several different cars, but can't for the life of me remember what happened when it came to the deposit.

I haven't made any claims or anything :j

If they do refund, does anyone have an idea of the waiting time for the refund?

Thanks!

paddedjohn

Your £250 deposit will have been your first payment so you wont be getting it back.

coinxoperated

are you kidding me :O

Ghostrider

Even if it was a "deposit" and not a first payment, why on earth would think you get a deposit back if you've had the full term of the policy?

thenudeone

Why would they refund part of the insurance premium?

captainawsome

coinxoperated wrote: »

are you kidding me :O

You can't have honestly expected the insurance company to refund your 'deposit' (which is actually the first payment).

wealdroam

coinxoperated wrote: »

I was just wondering - bit like if you put a deposit on a flat!

More like putting a deposit down when buying a car.

That is your first payment towards the cost of the purchase.

Debt_Free_Chick

Agree. It's not a deposit - it's part of the total premium/payment

prowla

Of course you can terminate insurance early, and they will refund some of the outstanding term ("some" means minus admin costs and so-on).

dt3887

il be honest, this is a question i thought of when i took out my first premium and soon found out the same answer. IMHO it should be called a deposit as it does cause confusion for a lot of younger/new drivers.
but no, as said above, you dont get the deposit back, and with most companies, you dont pay one if you renew with them either.

dont worry about ghostrider, im starting to see a trolling pattern across the whole forum.

coinxoperated

Thank you dt3887