Switching car insurance halfway for half the price

arashk998

Not sure if this has been raised before.

Got a car insurance for £2400 before turning 23 and now halfway through the one year period, searching through comparison sites gives me £1500 ish for the same cover.
rang the insurer and they advised i would get back £1000.
now I’m wondering if i should just cancel the current insurance losing the NCB so I can technically get another year of insurance for £500.
Any cons? Is there a way to negotiate with my current insurer halfway through the one year period?

Thanks

facade

arashk998 said:

Not sure if this has been raised before.

Got a car insurance for £2400 before turning 23 and now halfway through the one year period, searching through comparison sites gives me £1500 ish for the same cover.
rang the insurer and they advised i would get back £1000.
now I’m wondering if i should just cancel the current insurance losing the NCB so I can technically get another year of insurance for £500.
Any cons? Is there a way to negotiate with my current insurer halfway through the one year period?

Thanks

The only con is if you are using a no-claim bonus that you won't have as part of the £1500 quote

Remember you are only possibly saving £250, you would get £1000 back, so 6 months cover costs £1000, meaning the second 6 months is costing £500 out of the £1500.

You are only getting another 6 months for £500, not 12, you had 6 months already.

You might get the next policy for a lot less than £1500 with the extra 12 months NCB and some shopping around.

arashk998

facade said:

arashk998 said:

Not sure if this has been raised before.

Got a car insurance for £2400 before turning 23 and now halfway through the one year period, searching through comparison sites gives me £1500 ish for the same cover.
rang the insurer and they advised i would get back £1000.
now I’m wondering if i should just cancel the current insurance losing the NCB so I can technically get another year of insurance for £500.
Any cons? Is there a way to negotiate with my current insurer halfway through the one year period?

Thanks

The only con is if you are using a no-claim bonus that you won't have as part of the £1500 quote

Remember you are only possibly saving £250, you would get £1000 back, so 6 months cover costs £1000, meaning the second 6 months is costing £500 out of the £1500.

You are only getting another 6 months for £500, not 12, you had 6 months already.

You might get the next policy for a lot less than £1500 with the extra 12 months NCB and some shopping around.

You are correct.. totally missed out calculating the missed out 6 months remaining. 

For my quotes each year of added no claim bonus removes about £100 from the premium. 

My only next big factor will be turning 25 and by your calculations still worth staying with my insurance and save myself the hassle and the added NCB. 

Grumpy_chap

Insurers may also consider stability as a factor in determining premiums.
Cutting a policy part-way through the year and switching is not a sign of stability.