Car insurance - changing from dd

mrsd1984

Hi, we currently pay our car insurance with monthly instalments. I've worked out that we pay an extra £46 a year by doing this. We are almost half way through our current insurance. Am I able to change to pay the rest now or would I not save anything by changing half way through the year? I need to check my home insurance as well as that is probably the same. Thank you.

FreddieFrugal

Hi mate, as far as I'm aware the only way to alter it now would be to cancel current policy and take out a new one. But with cancellation fee that could remove any financial benefit plus loss of no claims year.

I'd advise just making sure you pay annually next year. But you could always contact your insurer just to check. Worst that can happen is they say no.

Filip

IanRi wrote: »

Hi mate, as far as I'm aware the only way to alter it now would be to cancel current policy and take out a new one. But with cancellation fee that could remove any financial benefit plus loss of no claims year.

I'd advise just making sure you pay annually next year. But you could always contact your insurer just to check. Worst that can happen is they say no.

A lot of companies will allow you to pay the balance early and therefore saving yourself some of the interest they charge for monthly payments. Just ring your insurer and ask.

*Scarlett

I have heard of some instances where only monthly payments are accepted - can't remember which company.

Usually you can pay the balance of the insurance and avoid interest on remaining months.

mrsd1984

Thank you. I'll phone them up to ask.

Mr_K

They'll probably add a ridiculous admin fee for doing it. Not worth the hassle/potential of a cancelled policy, do it when you next renew.

mrsd1984

Ha, you're saying that and I've just been reading through. £75 to change! Will have to wait and do it next time. Thanks

Filip

mrsd1984 wrote: »

Ha, you're saying that and I've just been reading through. £75 to change! Will have to wait and do it next time. Thanks

Does it specifically state that the £75 applies to paying off the balance, as it may just be for amendments to risk data. They must have a free phone number so surely it's worth 10 minutes of your time to just check?

*Scarlett

Amendment fees are usually for changing details on the policy, eg address, items to be covered, etc.

If you don't have a freephone no try http://www.saynoto0870.com/