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Car Insurance Mid Policy

Alfie2020
Posts: 46 Forumite

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?
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Comments
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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.0 -
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.
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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.
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.0 -
OK thanks for your advice.0
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