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Is it more expensive to let the car insurance lapse and get new insurance 1 month later?

EasyUser2025
Posts: 5 Forumite

My car insurance is about to renew, but at the moment I don't really need a car. However, this might change in 1-3 months. So I'm thinking about letting the insurance lapse and then get new insurance when I need it.
I know that the insurance gets much more expensive if you change the insurance company less than 8 days before the renewal date. Does this also apply when you let it lapse and then get new insurance for example 1 month later?
I know that the insurance gets much more expensive if you change the insurance company less than 8 days before the renewal date. Does this also apply when you let it lapse and then get new insurance for example 1 month later?
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Comments
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EasyUser2025 said:My car insurance is about to renew, but at the moment I don't really need a car. However, this might change in 1-3 months. So I'm thinking about letting the insurance lapse and then get new insurance when I need it.
I know that the insurance gets much more expensive if you change the insurance company less than 8 days before the renewal date. Does this also apply when you let it lapse and then get new insurance for example 1 month later?
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I have never heard that said before either.
In any case you can go on the comparison sites and "lock in" a price 30 days before renewal anyway.0 -
It is generally true that buying insurance a few weeks in advance is cheaper than buying it at the last minute. Both for commercial reasons (people buying in a hurry are likely to be less fussy about the price they pay, so why not charge them more?) and actuarial reasons (think about the different personality traits of someone who plans their insurance cover three weeks in advance versus someone who leaves it until the day it's due, or worse the day after it's due) .
http://www.moneysavingexpert.com/news/2019/12/car-insurance-optimum-time-to-buy/amp
However, if you are planning on not using your car for a month, there is presumably nothing to stop you sorting out insurance three weeks before you plan to use it again, so it's not obvious that it would result in you paying more.
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EasyUser2025 said:My car insurance is about to renew, but at the moment I don't really need a car. However, this might change in 1-3 months. So I'm thinking about letting the insurance lapse and then get new insurance when I need it.
I know that the insurance gets much more expensive if you change the insurance company less than 8 days before the renewal date. Does this also apply when you let it lapse and then get new insurance for example 1 month later?
And more details here from this very MSE site from 9 years ago - https://www.moneysavingexpert.com/news/2011/06/compulsory-car-insurance-rules-come-into-force-today/
Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.1 -
Aretnap said:It is generally true that buying insurance a few weeks in advance is cheaper than buying it at the last minute. Both for commercial reasons (people buying in a hurry are likely to be less fussy about the price they pay, so why not charge them more?) and actuarial reasons (think about the different personality traits of someone who plans their insurance cover three weeks in advance versus someone who leaves it until the day it's due, or worse the day after it's due) .
http://www.moneysavingexpert.com/news/2019/12/car-insurance-optimum-time-to-buy/amp
However, if you are planning on not using your car for a month, there is presumably nothing to stop you sorting out insurance three weeks before you plan to use it again, so it's not obvious that it would result in you paying more.Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.0 -
MalMonroe said:Aretnap said:It is generally true that buying insurance a few weeks in advance is cheaper than buying it at the last minute. Both for commercial reasons (people buying in a hurry are likely to be less fussy about the price they pay, so why not charge them more?) and actuarial reasons (think about the different personality traits of someone who plans their insurance cover three weeks in advance versus someone who leaves it until the day it's due, or worse the day after it's due) .
http://www.moneysavingexpert.com/news/2019/12/car-insurance-optimum-time-to-buy/amp
However, if you are planning on not using your car for a month, there is presumably nothing to stop you sorting out insurance three weeks before you plan to use it again, so it's not obvious that it would result in you paying more.1 -
Aretnap said:MalMonroe said:Aretnap said:It is generally true that buying insurance a few weeks in advance is cheaper than buying it at the last minute. Both for commercial reasons (people buying in a hurry are likely to be less fussy about the price they pay, so why not charge them more?) and actuarial reasons (think about the different personality traits of someone who plans their insurance cover three weeks in advance versus someone who leaves it until the day it's due, or worse the day after it's due) .
http://www.moneysavingexpert.com/news/2019/12/car-insurance-optimum-time-to-buy/amp
However, if you are planning on not using your car for a month, there is presumably nothing to stop you sorting out insurance three weeks before you plan to use it again, so it's not obvious that it would result in you paying more.Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.0 -
SORNing it is no problem, had done it online already from May to July, parked on a driveway. Also got a refund for the suspension period from the insurance company. And saved 18 pounds per month taxes.0
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If you will SORN the car, but keep it on a drive way without insurance, what protection do you have in the event of theft, fire or accidental damage (a roof tile could fall, for example)? Maybe the car is low value and this loss could be tolerated?0
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It's a 2005 Ford Focus, so unlikely it gets stolen.0
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