Trapped in AXA Car Insurance Policy?

l.charles

I'm looking for advice on getting out of my current AXA insurance policy if anyone has similar experience in this kind of thing.

Backstory:
I have been driving six years, with six years no claims and clean licence.
I've recently bought a new car and the insurance with AXA is £100 a month higher than other comparable insurers so obviously, I want to switch insurers.
My policy with AXA expires February 2018.
I made a claim back in May when my car was written off and which the third party took full responsibility for. The car was then involved in another minor accident two days later which was sorted outside of insurance but was reported to them in keeping with the insurance policies.

Problem:
I rang AXA to cancel my policy with them, explaining I had found a better deal online, but they are saying I have to pay £400+ to leave due to the open claims on my account. According to them, they can't resolve the first claim until they receive the payment from the third party insurer and they can't resolve the second claim in case the third party makes a claim.

I'm now stuck paying an extra £100 a month until February, with no guarantee they won't charge me then either.

DoaM

It's an unfortunate fact that insurance claims can progress very slowly. Your non-fault claim will remain as a "fault" claim until the other party pays the claim. (I had the same thing happen to me ... claim in April 2016 didn't clear until March 2017 ... so as far as the CUE database was concerned I had a "fault" claim until March 2017).

GunJack

did you not get insurance quotes from axa before deciding on which car to get next? It may have helped your choice of replacement cars...

l.charles

GunJack wrote: »

did you not get insurance quotes from axa before deciding on which car to get next? It may have helped your choice of replacement cars...

My choice of car is not the issue here. AXA should not be charging me £100 more for the same deal I can find elsewhere and definitely shouldn't be charging me £400 to cancel my policy.

For context, AXA charge me the same monthly rate for my second-hand 2005 Ford Fiesta 1.0 that they did for my 2010 Fiesta Zetec 1.6 (which was the vehicle written off).

rudekid48

You need to recalculate your new quotes based on either 3 or 2 years no claims bonus. Due to the 2nd pending claim they will step back your NCB. Have a look in your policy what the step. Ack in bonus will be - usually 2 years - but will depend how they define maximum (usually 4 or 5 years).

sevenhills

l.charles wrote: »

I rang AXA to cancel my policy with them, explaining I had found a better deal online, but they are saying I have to pay £400+ to leave due to the open claims on my account. According to them, they can't resolve the first claim until they receive the payment from the third party insurer and they can't resolve the second claim in case the third party makes a claim.

I'm now stuck paying an extra £100 a month until February, with no guarantee they won't charge me then either.

Future insurance companies will not look favorably upon you if you cancel a policy.
If you have a running no claims discount, you need a full years no claims for the next policy. Just keep paying for the full year.

l.charles

rudekid48 wrote: »

You need to recalculate your new quotes based on either 3 or 2 years no claims bonus. Due to the 2nd pending claim they will step back your NCB. Have a look in your policy what the step. Ack in bonus will be - usually 2 years - but will depend how they define maximum (usually 4 or 5 years).

I've just done the calculations on Compare the Market and even with two years NCB instead of six, Admiral is still £102 a month cheaper than AXA. That's with the same valuation on the car and includes NCB protection.

I have no idea how to host images here but basically:
AXA = £969.78
Admiral = £516.83

Churchill, esure, Sheila's Wheels, Hastings and RAC are all cheaper as well.

glentoran99

sevenhills wrote: »

Future insurance companies will not look favorably upon you if you cancel a policy.
If you have a running no claims discount, you need a full years no claims for the next policy. Just keep paying for the full year.

that's not true

DoaM

sevenhills wrote: »

Future insurance companies will not look favorably favourably* upon you if you cancel a policy.

glentoran99 wrote: »

that's not true

Agreed. I suspect the poster is getting confused with the situation where an insurance company cancels a policy. THAT can have a negative impact.

* We're not the 51st state ... yet.

l.charles

Thanks for clearing up the confusion around cancelling the policy mid-term.

My question now is do I fight the £400 and switch insurers thereby saving £100 a month, or do I keep paying until renewal in February and hope I don't get charged when I leave?

glentoran99

l.charles wrote: »

Thanks for clearing up the confusion around cancelling the policy mid-term.

My question now is do I fight the £400 and switch insurers thereby saving £100 a month, or do I keep paying until renewal in February and hope I don't get charged when I leave?

You've no ammo to fight with,