Car insurance

anwilliams1992

Hi

I'm a young driver who was taking some time out after uni and therefore unemployed. Coupled with my poor postcode, this led to a typically astronomical car insurance premium which I am now paying Admiral monthly. I have since moved back into work and have obtained quotes from other insurers that would save me over £1000 over the next year. I changed my occupation online on my policy account and voila - no change to my premiums. How would cancelling the policy work? Would I have to pay off the remainder of the credit agreement for the entire policy period and then obtain a refund for the value of the remaining months?

Thanks,

Adam

Morph4610

Adam, how near are you to the first renewal? Assuming you've not made a claim then getting 1 years No Claims Bonus will be advantageous price wise and probably give you more choice of insurers going forward. You need to ask Admiral the question re cancellation. Likely to be a fee of some description and they can explain what happens with the DD

anwilliams1992

Thanks, this is the second year's policy and renewal is in September, so I could save a lot of money hopefully. I'll give them a call, afraid of massive cancellation charges though...

rudekid48

anwilliams1992 wrote: »

Thanks, this is the second year's policy and renewal is in September, so I could save a lot of money hopefully. I'll give them a call, afraid of massive cancellation charges though...

They can only charge you what is published in their T&C's / Policy Document, what does that say?

Aretnap

Indeed, cancellation charges should be detailed in your policy documents/policy schedule (you may have to hunt for them a bit). They will be considerably lower than £1000!

anwilliams1992

I gave them a call and they quoted me £473 to cancel... Anyway I've done the maths the sum of the cancellation fee and the premium for the other quote is still £1000 less over the next twelve months than the remaining 7 months of my current policy and an estimate of the first 5 of my next one, so it makes sense to switch I suppose. I'll spend a bit more time trying to get the quote down even further.

I have no idea why Admiral's premiums were not affected by going from unemployed to employed in a professional job. I asked him why and he simply said he didn't know the answer, and that many factors came into it. Ah well.