Cancel & Renew? Young male driver policy.

sad_cr

My son passed his driving test in October this year.
He paid £2400 for his policy on a 1L Corsa in October for 12 months.

Does anyone know if its worth cancelling that policy and taking out a new one, now that the new equality law has come into force?

We've done a new quote with the same company his existing policy is with - £1600!

dunstonh

Does anyone know if its worth cancelling that policy and taking out a new one, now that the new equality law has come into force?

Without doing the research we would not be able to tell. Generically, in most cases, you would expect cancellation and taking out a new one to work out more expensive.
1) he will pay cancellation fees
2) the refund of premium will not be exactly pro rata
3) if he used a credit facility, he will likely have costs there as well
4) if he bought any addons then they are often non-refundable (breakdown, legal expenses etc)
5) as he hasnt done a year, he will delay the first years no claims discount.

Until he finds out the cost of cancellation, no-one can say if it will be better or not.

forgotmyname

Oct/Nov/Dec premium could cost you the equivalent of 6 months premium anyway. With all the charges and short term rates.

He will extend the time before he gets a years no claims. Only 9 months of safe driving now not starting from scratch.

You need to phone and ask. Dont jump in and cancel make sure you tell them you are just enquiring, Too many people enquire and find their policy cancelled.

Do the sums work out for him?