When to cancel car insurance ?

miggiwoo

Have been with Sheilas wheels for a few Years but the policy just keeps going up and up.Have decided to move to another company and save £100+.
I plan to buy the policy online and have checked that it has the same coverage as my current cover.
My Sheilas Wheels policy runs out on 8/9/13 on 12:01.
My question is do I cancel my current policy asap and then buy the new policy online ?
Would I need to give SW more than a week or so's notice to cancel ?

Thanks:money:

gellerbing

when i switched from LV i just cancelled straight away and went with the other company, you may to pay a cancellation fee though which in my case was £75

HappyMJ

miggiwoo wrote: »

Have been with Sheilas wheels for a few Years but the policy just keeps going up and up.Have decided to move to another company and save £100+.
I plan to buy the policy online and have checked that it has the same coverage as my current cover.
My Sheilas Wheels policy runs out on 8/9/13 on 12:01.
My question is do I cancel my current policy asap and then buy the new policy online ?
Would I need to give SW more than a week or so's notice to cancel ?

Thanks:money:

You only have a week to go...don't cancel...just do not renew. Cancel the direct debit and ring them tell them you won't be renewing. Make sure your next insurance policy starts on the 8/9/2013. You can usually start them a month ahead so you'll be fine.

Aretnap

You may have to pay a cancellation fee if you cancel part-way through the policy. You should not have to do so if you simply don't renew. So phone Sheila's Wheels and tell them you won't be renewing - you should be able to do this at any time up to renewal date, but there's no reason to delay it - and arrange the new policy to start from the 8th.

forgotmyname

If you cancel now you may end up paying more than letting it run the extra few days.

You dont want to cancel it you want to contact them and tell them you do not wish to renew. They may offer a lower price if you stay.

Plus cancel it even 1 day early and you lose any no claims built up so far this term. If you had a claim the full premium will probably be due anyway.

Start the new policy the day the old one expires.

BUT do make sure you phone them to say you will not be renewing. Dont mention the word cancel.
And back that up with a letter sent recorded delivery to cover your back if they mess up.

dmliverpool

Let the policy end as scheduled. Call and them and tell them that you will be not renewing there's a difference. They will confirm that the policy will end as scheduled. Or before doing this say, I have a quote here for £xxx amount (make sure its real) can you beat it, I want to stay but its down to this. Sometimes they will beat it, if not cancel it and start your new insurance on the same day as your current one end to avoid any issues.

*Scarlett

You don't want to cancel the sheilas wheels policy - you want to LAPSE it.

Start the new policy on the renewal date and inform s/w that you don't wish to renew either by phone or in writing. It will tell you how to do this in your renewal letter.

Normally you just have to tell them before the renewal date (if you're on an auto renewal) if you don't want the policy again this year.

If you talk to someone on the phone, make a note of time date, full name of who you spoke to, etc.