Car Insurance - leave early?

KarlCoot_2

Hi all,

I'm not sure if this can be done but my current insurance premium runs out in August and I need to add my wife to my premium. It turns out it will cost me more to add her than it would to go with a different insurer with her added on.

Is it possible or legal even to move to another insurer before the existing one runs out? If so, would I need to call and cancel my premium with the existing provider before I could start with the new one?

Also, please bear in mind that I paid for the full year at the start and am not paying monthly.

Your help/advice would be much appreciated.

Regards.. Karl

olly300

What does the small print of your existing policy say?

Someone here posted that he sold a bike and the insurance company wanted him to pay to cancel the policy.

He spoke to the DVLA and they said the Road Traffic Act doesn't mention how many insurance policies you can have on a vehicle. However insurers don't like 2 policies on one vehicle because it makes things complicated i.e. the insurance database, whose liable if there is an accident.

Find out how much they are going to charge you to cancel your policy , then decide if it is cheaper to cancel or to add your wife on to your existing policy.

Insurance companies are allowed to charge cancellation fees of a set amount but they cannot state something like after 4 months the cancellation fee equals the cost of the entire policy.

Janusian

You would need to cancel the existing policy to release the no claims. You would not get anything back from that insurer by way of a refund after this long of the policy though (once you go over 8 months of the first year of a policy you get no refund).

One other thing to consider. You didn't mention your no claims situation. If you do not yet have full no claims, then there may well be reason to let the policy continue to August so as to earn another year. You cannot earn a years no claims for a day less than a full year.