Should I cancel my car insurance for a better quote? Help!

helpwithmycarplease

Advice needed please!

I took my car to university (I am a healthcare student & need my car to travel to placement sites) which made my insurance really expensive (about £2k) as it wasn't in a great area. I have now returned home & changed my address on my policy but it hasn't brought my premium down as much as I'd hoped or as much as it was living at home previously. For reference I have about £950 left to pay on the policy now with 9 months left.

However, on Compare the Market, I get a quote from the same insurance company for ~£650, with the same details. To get this price would I need to cancel my existing policy and take a new one out? I know I would be charged a cancellation fee but that would only be £50 so the savings would outweigh that. I also know I wouldn't be able to get my year's no claim discount if I cancel, but not sure if that's worth it, I only have 1 year NCD so far.

I would really appreciate any advice!! Sorry If anything's wrong this is my first forum post
Thank you

Sandtree

You'd have what NCD you started the last policy with back, so by the sounds of it 1 year, but would not get anything for the part year of the cancelled policy.

I'd double check you understand the cancellation fees correctly, if its via an intermediary there can be multiple fees and the time on cover can be charged at a higher rate but you'd need to be materially wrong to not be better off.