Re car insurance cancellation

Litchielou

We are in the process of purchasing a new car. Our current insurance which we pay monthly is asking for an extortionate fee. (Car is a big difference from the one we own now).
Can we cancel the insurance we have now with no penalties and take a new policy with another company.
Thanks

Warwick_Hunt

Litchielou wrote: »

We are in the process of purchasing a new car. Our current insurance which we pay monthly is asking for an extortionate fee. (Car is a big difference from the one we own now).
Can we cancel the insurance we have now with no penalties and take a new policy with another company.
Thanks

What's does you finance agreement say about cancelling?

tasticz

OP, just to be clear.

Is your current insurer asking too much for the new car?

Are you part-exchanging your current car for your new car?

In reality, you can cancel your current insurance and move to another company. The only downfall of this would be you will probably need to pay a cancellation charge + lose the months towards No claims bonus for this year.

If you have made any claim within this policy period, you will need to pay the full premium.

G_M

You can usually cancel, but not always - read your policy document!

There is usually a cancellation fee, but not always - read your policy document!

therealhyper

Litchielou wrote: »

We are in the process of purchasing a new car. Our current insurance which we pay monthly is asking for an extortionate fee. (Car is a big difference from the one we own now).
Can we cancel the insurance we have now with no penalties and take a new policy with another company.
Thanks

In most cases the insurance companys will charge you a admin fee to cancel your policy, but double check your policy.

If you are getting qoutes, which are cheaper than your current insurer, have you fed this back to them, maybe they can price match ?

neilmcl

Do you pay for you insurance monthly?