Car Insurance Cancelled / Seeking New Policy

kwalia

Hi.

I took out insurance in September 2015 and have been paying monthly via direct debit. I missed one of the payments and now they have said i can no longer pay via monthly payments. As I cannot afford to pay the premium upfront I need to cancel the policy.

I have already found a quote for cheaper insurance from a different insurer, which I want to take out in a few days. However, i was wondering if I will be able to take out another policy with monthly payments if the reason I cancelled was because they could no longer do direct debits.. Will the new insurer look into this? Should it be a problem or not?

Thanks

BykerSands

chrisbarnes wrote: »

Hi.

I took out insurance in September 2015 and have been paying monthly via direct debit. I missed one of the payments and now they have said i can no longer pay via monthly payments. As I cannot afford to pay the premium upfront I need to cancel the policy.

I have already found a quote for cheaper insurance from a different insurer, which I want to take out in a few days. However, i was wondering if I will be able to take out another policy with monthly payments if the reason I cancelled was because they could no longer do direct debits.. Will the new insurer look into this? Should it be a problem or not?

Thanks

Who cancelled your current policy, you or them?

Rolandtheroadie

As you're cancelling the policy, there will most likely be fees you will need to pay.
My own policy, for cancellations, would have been £50 to the broker, and then there could be costs due payable to the underwriters.

s_b

i would suggest you cancel before insurer does or you will find it extremely difficult to legally re insure
i cant see paying on terms being a problem if you keep payments up but it will all be in their legal jargon you would need to read carefully

kwalia

BykerSands wrote: »

Who cancelled your current policy, you or them?

The policy will be automatically cancelled in a few days (27th) if I cannot pay the premium.
Should I cancel it myself instead of waiting til the 27th and then take out the other policy?

BykerSands

chrisbarnes wrote: »

The policy will be automatically cancelled in a few days (27th) if i cannot pay the premium.
Should I cancel it instead of waiting til the 27th?

Yes, or you'll have to declare it when taking out any insurance.

kwalia

BykerSands wrote: »

Yes, or you'll have to declare it when taking out any insurance.

Thanks. Do you think the new insurer will look into why I cancelled it though or be able to see that I missed a direct debit payment? The only way I can pay insurance is via monthly instalments and I'm worried they might not allow me to pay monthly

Lomast

You should cancel it yourself as if they cancel it you will never be able to answer no to the question have you ever had a policy cancelled, and this will make getting ANY insurance incredibly difficult

forgotmyname

If you cancel it there will be some premium and fees to pay, can you afford to pay that? You may have issues if you cannot pay that.

Nodding_Donkey

I would think that by far the largest provider of finance for insurance policies are Premium Credit so if both companies use them then yes, they will know about the cancelled policy.