Downsides to cancel a 10 month car policy?

davethetaller

I have another thread on here running, with me trying to get back to be the main driver, and not a named driver.

I say this, to not dilute, or obscure, the replies on there.

I am a named driver, on my wifes insurance, 65% no claims, which expires mid September. It is a smallish car, and the premium for the year, is approx £230. We have just bought a larger car, and our present insurer, will, like most others, charge a higher pro rata premium, and a £35 mid policy change fee, to carry me through for the next 7 weeks or so.

In true money making style, I can simply end the policy, losing the 7 weeks cover, and save the £35, but will we qualify for this years NCD, and will they issue the 65% proof letter,when I cancel, or mid September? We would need this proof letter to show the (new) company.

If they do not issue the letter til mid.Sept., and my new insurers next week say send us your proof within 7 days or we will cancel the policy,....well....We then have a small problem!

Any thoughts on the best way to go will be welcomed.

dacouch

You will not earn any no claims bonus for the current year, however if you already have 65% you will have the maximum with most Insurers.

When / if you cancel the Insurers will issue a no claims bonus confirmation as of the date of cancellation.

Do the Insurers want to charge extra to note you're the main user?

davethetaller

dacouch wrote: »

You will not earn any no claims bonus for the current year, however if you already have 65% you will have the maximum with most Insurers.

When / if you cancel the Insurers will issue a no claims bonus confirmation as of the date of cancellation.

Do the Insurers want to charge extra to note you're the main user?

Many thanks dacouch for your prompt reply.

I have not asked that of them, but I may well do now.

Thanks.

forgotmyname

Depends what you insurer give 65% discount for.

Some are max at 5 years and others are 9 years.

You may have a company that give 65% at 4 years.

How many years do you have excluding the last one. Thats what counts.

Personally if its less than 9 i would stay for the extra few weeks and get one extra year.

9+ it unlikely to make any difference with any quote.

Although you may find one somewhere??