Car Insurance - Where Do I Stand?

Maddie

I have been insured for the last two years by InsureYourMotor.com, but was hoping to use someone else this year (especially if I can get a cheaper quote!).
I knew that my insurance runs out near the end of September, and was waiting for my renewal quote through the post.

When opening my parents bank statement , I noticed that InsureYourMotor had taken a direct debit payment, and didnt know what it was for. (My parents paid for me last year since I was a student, but having graduated I was going to pay this time).

I checked my policy and realised it had run out a couple of weeks ago, so rang them up to see what was going on. Whilst waiting for the renewals manager to call me back, I realised what had happened. They will have sent my quote (and the letter saying that they were going to take the payment so my cover didnt run out) to my old student address, which I had given them as my term time address.

The thing is, the quote they have given me won't be valid anyway since my details have changed (im now unemployed ), so had I have made a claim, they wouldnt have paid out (luckily i hadn't driven anyway, seen as no job!). So basically I want them to cancel that policy, give back the money and give me a new quote, but I'm not sure what my chances are!

Their quote was £460.19, which is lower than I found on confused.com with my new details (lowest about £520 and insureyourmotor about £560), so I pretty sure they policy theyve put me on is useless. Also they have started taking a direct debit of 9 payments with 14% APR, which I never would have agreed to.

I have rung on three days now, and still no word from the manager, so I don't know if I'm insured, and can't arrange it elsewhere until they say they'll cancel it.

Sorry this post is so long (and boring), if you can offer any advice it would be greatly appreciated!

Thanks
Maddie

marble

Chances are you were on direct debit last year (or your parents were!). Normally in the small print of a direct debit agreement which you sign it says that unless they hear from you, they will automatically renew the policy on the same basis as last year.

You can cancel, there is no problem with that (though you may be charged a cancellation fee and a time-on-risk charge). The best solution is to see how much it will cost just to amend the policy they have set you up with (change your occupation). Chances are it will cost you a bit extra each month, but may well cost less than cancelling and resetting up a new policy.

14% APR is quite low for an insurance company (I don't know many low, but lots higher) but you can normally pay the balance off at any time and they won't charge you any more interest for the year.

If you do have an accident, chances are you will be covered (but you obviosuly need to change the details on your policy as soon as possible). Most insurance companies wouldn't void a policy for this - but do ring and get anyone you can find to put a note on your record to say you have informed them of this - then if something does go wrong, at least you'll have a good case to claim off the broker!

A

Maddie

Thanks a lot for the advice marble, I will talk to them again tomo.

Maddie

Hi
Just to let you know ive sorted it out!
Rang up, changed my address which did not affect the premium, but he didnt want to put down that I am unemployed, said he would leave me down as a student. This worried me a little, so i asked if there would be a problem if i had to make a claim, he went off to check, said would be no problem, but i asked him to make a note that i had informed them just incase!
They also let me play off the remainder of the premium, with no interest charged, also let me put in on my credit card!
Thanks again for the help!
Maddie