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Car Insurance Mid Policy

A simple question which I've not found the answer to online so far.  You have a fully comp policy running until 31 March 2024.  You unfortunately get 3 points for speeding and declare them as is required.  Can the insurance company ask for a sum of money to increase the premium?  My dad has just been asked for an additional £400 to retain any cover.  I understand that the premium would probably go sky high at renewal but can they legitimately request additional money mid policy?

Comments

  • DullGreyGuy
    DullGreyGuy Posts: 15,736 Forumite
    10,000 Posts Second Anniversary Name Dropper
    Depends on the term of the policy... some will want it declared as soon as practicably possible and will rate straight away, others only at renewal and will rate then. 

    Ultimately it was your father's choice to speed and the insurer is just rating based on the new information in a similar way if you moved home or changed your car. 
  • Alfie2020
    Alfie2020 Posts: 46 Forumite
    Fourth Anniversary 10 Posts
    Don't get me wrong, I'm not excusing what happened, I just wanted to know whether they were able to do it.  Does seem a bit daft that there isn't one overall system though.

  • DullGreyGuy
    DullGreyGuy Posts: 15,736 Forumite
    10,000 Posts Second Anniversary Name Dropper
    Alfie2020 said:
    Don't get me wrong, I'm not excusing what happened, I just wanted to know whether they were able to do it.  Does seem a bit daft that there isn't one overall system though.

    There is one system... you follow the terms of your policy.

    Its ultimately a commercial decision just like some companies dont ask where you park your car at night, some do but only give you the choice of "garage, driveway or road" whereas others have 10+ options inc carport, residents parking, public carpark etc. 

    In theory if you adjust at the point of receiving the points you can afford to be a little cheaper for everyone else given the more accurate pricing and the admin revenue.
  • Alfie2020
    Alfie2020 Posts: 46 Forumite
    Fourth Anniversary 10 Posts
    OK thanks for your advice.
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