Changing my Car - Insurance Question

Simon7685

I have decided to change my car and just rang my insurance company. My policy is due for renewal on 15 May 2013 and they gave me 2 options.
1. Cancel my policy at a cost of £50
2. Change my policy at a cost of £33.93 to 15 May.
I asked if they could tell me what they would want on renewal next month and they can't tell me because its too early.

However I have checked online and their quote is £170 than one of their competitors, so I expect I will be switching companies.

What I want to know is if I take out anew policy on the new car with a new company today, can I leave the policy on my current car to run its course to avoid the £50 cancellation charge?

Are there any implications on me if I do this? The old car is going to the garage I am getting the new one from as p/x. I don't really want to have to pay even the £33.93 for a change if I am going to switch insurers, as that money can go towards the new policy if that makes sense?

Thanks in advance

marlot

Do you need the extra year of NCD? If so, option 2 is best.

If not, just leave it to expire and take out a new one - you'll need to dig out last year's renewal letter to get confirmation of your last NCD to pass to the new insurer.

Simon7685

I have 6 years NCD which will be 7 years in May.........

So if I just leave the old policy to expire, that will be ok, even though I will no longer own the vehicle? If so I can go ahead and take out the new policy with the new company now.

I don't want to get into bother with anyone but don't want to throw £33.93 away to my current insurer when I can use it towards the new policy.

Thanks for the advice

DantheMan

Simon7685 wrote: »

I have decided to change my car and just rang my insurance company. My policy is due for renewal on 15 May 2013 and they gave me 2 options.
1. Cancel my policy at a cost of £50
2. Change my policy at a cost of £33.93 to 15 May.
I asked if they could tell me what they would want on renewal next month and they can't tell me because its too early.

However I have checked online and their quote is £170 than one of their competitors, so I expect I will be switching companies.

What I want to know is if I take out anew policy on the new car with a new company today, can I leave the policy on my current car to run its course to avoid the £50 cancellation charge?

Are there any implications on me if I do this? The old car is going to the garage I am getting the new one from as p/x. I don't really want to have to pay even the £33.93 for a change if I am going to switch insurers, as that money can go towards the new policy if that makes sense?

Thanks in advance

I don't think you can, my advice would be to wait for the next 4 weeks, get your 7th year NCD and then move.

You will also find this will reduce the cost of the other company, you could also state this to your current insurer and they may be able to become more competitive.

But for 4 weeks, why not just let it run its course?

Rolandtheroadie

Technically your NCB is being used on your current policy so wont be avaliable to use on the new policy.

Simon7685

The garage I am buying it from want the money in full to do that, or they can't hold the car and it is a good deal they are giving me. Also the p/x value will go down and I wont be able to afford it because I need to have used a 0% offer I have before then on the card I'm paying with.

dacouch

Apart from the NCD issue, there's also the problem of the RTA which in the unlikely event the new owner crashes the car and does not have Insurance. Then your old Insurer will be liable, they will then come after you to reimberse them.

Why not pay the £33.93 and then look around at renewal.

You might find the Insurer are willing to knock £10 or so off the extra premium if you're lucky and polite

marlot

On balance, I'd pay the £33 and stick with your current company to renewal time. Saves all the NCD hassle.

Simon7685

OK guys thanks for all your advice.

I have thought and thought about it all and decided to go the safe way and paid the £33 to my current insurer, who are emailing the documents to me this afternoon.

I don't like having to fork out £33 which I could have used towards the new policy but I guess its the safest option really.

Thanks again for your help.