Car insurance due August, lease expires November

darkh0rse

Hi all

What's the most cost effective way to insure my lease car for the remaining 11 weeks please?

Insurance expires end of August and lease expires beginning of November.

I haven't organised a replacement car yet and I haven't had any contact from the leasing company (Arval) either.

Thanks

AdrianC

Insure it as per normal.
Cancel the policy when it goes back, or transfer the policy to the replacement car.

darkh0rse

Thanks - I believe car insurance cancellation charges vary between providers though - how do I compare which one is the "cheapest" for 11 weeks coverage based on the cancellation cost?

foxy-stoat

darkh0rse said:

Thanks - I believe car insurance cancellation charges vary between providers though - how do I compare which one is the "cheapest" for 11 weeks coverage based on the cancellation cost?

Look on the price comparison sites and check on the insurers web site for full list of charges.

Are you giving up driving when you have your car back then?

darkh0rse

I'm not planning to give up driving, but I don't desperately need a vehicle. So if I was without one for a few weeks or month or two whilst waiting for a great lease offer to come up then it wouldn't bother me.


I suppose my question really would be, is anyone aware of a particular insurance company that is known by MSE-ers as having a fairly reasonable cancellation charge after only 11 weeks of use? 

foxy-stoat

Just look on the compare the market, the cancellation fees are stated on the details of the quotes.

They range, for me, from £45 to £80.

darkh0rse

They range, for me, from £45 to £80.

Thanks - this is the actual fee but this isn't the full picture - how can I compare what I'll be refunded and therefore compare the cheapest?

Car_54

darkh0rse said:

They range, for me, from £45 to £80.

Thanks - this is the actual fee but this isn't the full picture - how can I compare what I'll be refunded and therefore compare the cheapest?

For each quote you simply need to work out the pro-rata element of the annual fee (e.g. for 90 days, 90/365) and add that to the cancellation fee.

Excel is your friend. .

darkh0rse

Car_54 said:

For each quote you simply need to work out the pro-rata element of the annual fee (e.g. for 90 days, 90/365) and add that to the cancellation fee.
Excel is your friend. .

Ah yes - I do enjoy a good spreadsheet - but the pro-rata element differs from provider to provider doesn't it? No-one gives 100% of the days cover remaining, do they?

foxy-stoat

They all should charge pro-rota.
What was your annual premium last year?

darkh0rse

foxy-stoat said:

They all should charge pro-rota.
What was your annual premium last year?

£573.