Cancelling insurance because I found cheaper

Amara

I changed my car twice within last year and I updated my policy. However , now due " administration costs" my insurance is £65 per month. I found loads cheaper ones, starting from £28 per month. Can I cancel my previous insurance to get a new, cheaper one? How will it affect me? In terms and conditions they ask: has ever your insurance been cancelled? So, does it mean by me or insurer ? Advice please.

Shaka_Zulu

You can cancel at anytime and it will not be a problem. When they are talking about cancelled/refused it is by an insurance company so don't worry about that.

I would argue that since you have taken insurance on finance (ie paying monthly) then the costs of cancelling will be quite high and probably not worth it (but you can always ask). You will also in effect lose a years NCB.

In my view you have made your bed for the year so live with it and look properly next year.

Once you have bought something STOP looking at prices they will always upset you!

neilmcl

Exactly how long's left on your current policy?

Amara

Renewal Is due in March.

bod1467

Shaka_Zulu wrote: »

I would argue that since you have taken insurance on finance (ie paying monthly) then the costs of cancelling will be quite high and probably not worth it (but you can always ask).

How long before machiavelli (or whatever his name is) comes in to claim that this statement is rubbish?

Shaka_Zulu wrote: »

Once you have bought something STOP looking at prices they will always upset you!

Absolutely!

gilbert_and_sullivan

Insurance is such a minefield, those tempting really low quotes are OK if you know you won't need to make a claim, or have one against you, or if you arn't going to alter cover or change cars address etc during the year, it's high admin charges where they recoup the costs.

As above, you could ask about cancellation, see what they come up with...they'll probably charge you another admin fee just for the enquiry even if you don't cancel but at least you'll know never to pay them or their associates another penny for all your life...meanwhile get some quotes and see what a proper company worth dealing with want for premium, then do your sums, but as said take into account you'll be starting this years NCD from scratch.

Customer cancelling own insurance because they're ripping the customer off isn't the same as an insurer terminating customers insurance because they behaved fraudulently.

Amara

Thanks for replies.
I've called my insurer and they told me, should I want to cancel, administration fee will be £24. I think I'll do it.

enjoyyourshoes

Don't pay monthly the pesky blighters will smash you with credit charges: pay off in lump sum for year ad then start to save now for next years !
It will save you packets !

arcon5

enjoyyourshoes wrote: »

Don't pay monthly the pesky blighters will smash you with credit charges: pay off in lump sum for year ad then start to save now for next years !
It will save you packets !

Aye but not everybody can afford to fork out the hundreds of pounds for this year

forgotmyname

I used to pay monthly but with a drop in income i started to look around more and was quite shocked at what some of them charge to pay monthly.

Saving up and paying it in one go will save you money in the long run.

Their admin fee maybe £24 but how much will be they charge for time on cover and any bits that they say are non refundable that need to be paid in full like legal protection etc?

It may add up to more than you think.

photome

Amara wrote: »

Thanks for replies.
I've called my insurer and they told me, should I want to cancel, administration fee will be £24. I think I'll do it.

Is that £24 on top of the rest of the monthly payments?

Cant believe they will just let you stop paying your monthly payments and just charge you £24