Can I change insurers half way through?

ferry

I pay monthly to CO-OP insurance but a look around at the weekend found an insurer that can provide better cover for a lot less each month.
Can I simply cancel my existing policy with CO-OP with immediate effect without penalty?

Thanks
F x

tonyh66

no there will be a cancellation fee as described in your T&Cs mine is £25 with Swinton

Silver-Surfer_2

ferry wrote: »

I pay monthly to CO-OP insurance but a look around at the weekend found an insurer that can provide better cover for a lot less each month.
Can I simply cancel my existing policy with CO-OP with immediate effect without penalty?

Thanks
F x

You can but as already said you will incur fees.
Technically you've taken out finance so there may be interest to pay.
You won't get this years no claims bonus as you'll have the same amount as when you took out the existing policy.
If you've made a claim you'll still owe then the full year.

McKneff

Look at your terms and conditions. It is likely there is a cancellation fee AND an admin feel
If the money you save by changing is not substantiall then just leave it till it ends.

Why, if the polcy is only half way through, do you go looking for a cheaper supplier rather than just a month or a week before its due.
I can never understand why people do this

Alter_ego

Check carefully, motor insurance is an annual policy.

Quentin

McKneff wrote: »

Look at your terms and conditions. It is likely there is a cancellation fee AND an admin feel
If the money you save by changing is not substantiall then just leave it till it ends.

Why, if the polcy is only half way through, do you go looking for a cheaper supplier rather than just a month or a week before its due.
I can never understand why people do this

This is the MSE advice.


It's regularly recommended here:


http://www.moneysavingexpert.com/car-insurance/?_ga=1.183677093.2053115030.1454070370#lock


(Tip 10)

...Don’t assume switching is only for those at renewal. This is very important when prices are rising, as they are this year. This means you may find switching early saves anyway....

http://www.moneysavingexpert.com/latesttip/?_ga=1.198876588.2053115030.1454070370

....Lock in TODAY'S car insurance prices to beat the possible 25% hike - even if you're not at renewal... 'I saved £290'. Even if your policy isn't up yet, check NOW if you can slash costs & lock in today's prices,..... Yes, we are saying even if you're not at renewal ......

ferry

So what happens if I sell my car and dont buy another?

rudekid48

ferry wrote: »

So what happens if I sell my car and dont buy another?

You don't have a car.

AdrianC

ferry wrote: »

So what happens if I sell my car and dont buy another?

Then you cancel your policy part-way through the year, and take whatever refund is left after fees once the premium's been pro-rata'd.

wongataa

ferry wrote: »

So what happens if I sell my car and dont buy another?

You cancel your insurance and pay any relevant fees.

DigForVictory

OP, there will be penalties & it's up to you to figure whether the saving (& the loss of a year's NCB) is worth it, but if that "lot less each month" is big enough, go for it!

The folk on the phone may try to keep you but if you explain the economic realities? They can match it, or wave farewell.

Loyalty is a very expensive commodity & why should we as consumers pay for it?.