After accident happened, bought the car sameday

Fat_Walt

Jamiesmum wrote: »

You can add the new car to the company your insured with now...just ring up give them the details and carry on as normal your policy may go up or down a bit depending on the car but it's the easiest option..

If you want to take out new insurance with a different insurer for the new car then you need to ring and cancel your insurance for the company you're currently with.

I read it as you had a car accident, wrote it off, went out and got a new one the same day and now don't know if you can keep the insurance or if you have to change it?

Are you paying annually or monthly?

I don't see that makes a difference.

apollo13_2

Jamiesmum wrote: »

You can add the new car to the company your insured with now...just ring up give them the details and carry on as normal your policy may go up or down a bit depending on the car but it's the easiest option..

If you want to take out new insurance with a different insurer for the new car then you need to ring and cancel your insurance for the company you're currently with.

I read it as you had a car accident, wrote it off, went out and got a new one the same day and now don't know if you can keep the insurance or if you have to change it?

Are you paying annually or monthly?

I will find out tomorrow with my current insurer and yes, I am paying monthly.

Quentin

Fat_Walt wrote: »

I don't see that makes a difference.

As the op is paying by instalments then it means he will have to pay the remaining outstanding balance owed plus any penalty for early termination of the credit agreement on top of cancellation fees if he chooses to take out a new policy elsewhere!

Fat_Walt

Quentin wrote: »

As the op is paying by instalments then it means he will have to pay the remaining outstanding balance owed plus any penalty for early termination of the credit agreement on top of cancellation fees if he chooses to take out a new policy elsewhere!

So it makes no difference as he wouldn't be due a refund if he'd paid the lot up front.

Quentin

Fat_Walt wrote: »

So it makes no difference as he wouldn't be due a refund if he'd paid the lot up front.

Yes there is a big difference. Much more to pay if you cancel when paying on the drip against what you lose by no refund of premium already paid in full.

Fat_Walt

Quentin wrote: »

Yes there is a big difference. Much more to pay if you cancel when paying on the drip against what you lose by no refund of premium already paid in full.

Makes no difference at all. He'd have to pay what he agreed to on day one whether it's on the drip or all at once.

Jamiesmum

Fat_Walt wrote: »

So it makes no difference as he wouldn't be due a refund if he'd paid the lot up front.

He will be out of pocket as he will have to continue the payments anyway or face extra fees, plus pay for new insurance on top so he would be better off staying in his current contract until the end of the year.

I also thought if you paid annually you got a refund should you cancel, as there is no credit agreement or interest involved.

Quentin

Jamiesmum wrote: »

I also thought if you paid annually you got a refund should you cancel, as there is no credit agreement or interest involved.

Not if you claim! And you pay cancellation fees when you cancel irrespective of whether or not you have paid the premium In full

Jamiesmum

Quentin wrote: »

Not if you claim!

Ah I see, never knew that.

So all round best for him to stick to his current insurers I guess.

Fat_Walt

Jamiesmum wrote: »

He will be out of pocket as he will have to continue the payments anyway or face extra fees, plus pay for new insurance on top so he would be better off staying in his current contract until the end of the year.

I also thought if you paid annually you got a refund should you cancel, as there is no credit agreement or interest involved.

Flawed logic there, because he bought 12 months insurance whichever way he paid.