Is it worth canceling my car insurance?

28tsw

I’m with Halifax and it was a policy that started in April.

We are hopefully moving to a new area in less than a month, which we expect to increase the insurance.

My partner will be 12 months into his full license at the end of September and I will be 5 years on from an accident that was my fault at the end of August.

Is it worth looking for a brand new policy if the accident is no longer on my record and we are moving address?

TELLIT01

The only way to answer that is to find out how much your current insurance will increase and compare that to the cost of new insurance.  Don't forget to factor in any early cancellation fees for the current insurance if there are any.

28tsw

I’ve just done that and somehow a new policy is at least double what I pay now!!! I expected it to go up but wow! Has there been Covid impact on car insurance prices? I’m blown away by how much it is - it’s not far off what I paid as a new driver!

RBN20

You won’t gain this years no claims discount if you cancel early, and there will likely be cancellation fees. 

The higher price may be down to the new area, unfortunately postcode can weigh heavily on a premium. 

Bare in mind though that insurance rates fluctuate and may well have gone up since April anyway. Get a quote to just change your address on your current policy and then weigh up whether you would rather stick with that policy or start a new one