Car Insurance - Wise Driving.. Advice please

tryingtoimprove11

hi,

Im a new driver (aged 28), took out insurance on my car end of march. Firstly, took out insurance with wise driving, now i have had no issues so far with their service HOWEVER, one of the main reasons i took out insurance with them, was the promise of money refunded if you are a safe driver and your score is high. this is reviewed after the first 60 days and low and behold, i am due a refund of £180. Although it is never actually refunded, it is taken off my monthly payment across the year ( a reduction of £18 a month to be honest is minimal based on a premium of £240....) having the money back this month would have been far more helpful and what I was led to expect.. this is buried deep within their T&Cs document as I have just found out, it is not stated any where in the key facts, FAQ's on site or the like. so needless to say I feel like I could have gone with any insurance company as the benefit I signed up for doesn't technically exist.

Second to this I have carried out a new quote, only 2 months after passing and taking out cover and the quotes are £100's cheaper... I can change and pay £100 less a month than I currently am, without the hassle of a black box. I'm not sure what the best option is so any advice would be helpful.

onedaysomeday

tryingtoimprove11 wrote: »

Second to this I have carried out a new quote, only 2 months after passing and taking out cover and the quotes are £100's cheaper... I can change and pay £100 less a month than I currently am, without the hassle of a black box. I'm not sure what the best option is so any advice would be helpful.

I've just found the same lol, I pay around the same as you (although mine is my own fault, if I'd pre-bought my policy it would have been a lot cheaper than turning up on the day and doing it) but looking at quotes now I could more than half my monthly premium but it would be at least £230 to cancel my current policy so will probably just wait it out until 6 months when the cancellation cost drops :cool:

arcon5

Phone and ask them for a final balance if you was to cancel today. Then calculate the cheapest option between the two.

forgotmyname

Dont forget if you cancel early your months of claim free driving goes out the window and you start afresh..

tryingtoimprove11

onedaysomeday wrote: »

I've just found the same lol, I pay around the same as you (although mine is my own fault, if I'd pre-bought my policy it would have been a lot cheaper than turning up on the day and doing it) but looking at quotes now I could more than half my monthly premium but it would be at least £230 to cancel my current policy so will probably just wait it out until 6 months when the cancellation cost drops :cool:

Ahh yeah - its so overwhelming isn't it!! I had no clue where to even start and honestly I wish I'd done even more research but I couldn't afford what the main companies were quoting me. I think it will work out cheaper cancelling and paying the fee - even with the no claims restarting

onedaysomeday

tryingtoimprove11 wrote: »

Ahh yeah - its so overwhelming isn't it!! I had no clue where to even start and honestly I wish I'd done even more research but I couldn't afford what the main companies were quoting me. I think it will work out cheaper cancelling and paying the fee - even with the no claims restarting

I had one black box quote I had saved which I'd looked into loads and found an okayish price but didn't want to purchase it until I had checked over the car I was buying, and when it came to buying on the day as I was no longer buying in advance like on my quote, the deposit went up £60 and monthly payment went up about £70 too.. looking at quotes now its just over £100 a month and over £1000 cheaper overall..

AdrianC

You are paying for your policy monthly. Why would it make any sense at all for them to pay you some money, only for you to pay them more? Surely it's sensible all round to just reduce the next payment...?


As far as "cheaper elsewhere" goes, remember that whilst you are paying monthly, they are simply payments towards an annual policy purchase. You can cancel your policy at any point during the year, but you will find that is not a zero-cost option.