Switching before renewal date

I've taken MSE advice and used their tool to find a better quote than my renewal next year is likely to be.

Is it best to cancel the existing policy (3.5 months to go) and pay the cancellation fee, or leave it running till it expires and start the new policy now? I'd heard there might be problems with claims if you have more than one policy.

Comments

  • Brie
    Brie Posts: 9,208
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    You're unlikely to get a refund of any sort if you cancel early and just have to pay extra for the privilege.  And you def don't want more than one policy in case you have a claim (2 companies not doing anything and 2 deductibles as well...).

    Why not just wait to get a quote closer to when the policy ends?  I think the sweet spot is supposed to be about 3 weeks before.  
    "Never retract, never explain, never apologise; get things done and let them howl.”
  • HillStreetBlues
    HillStreetBlues Posts: 3,045
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    edited 17 December 2023 at 4:14PM
    If you cancel you lose the NCB for that year. (Maybe better put is, you don't gain one for that year)
    Let's Be Careful Out There
  • Aretnap
    Aretnap Posts: 5,127
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    If you cancel you lose the NCB for that year. (Maybe better put is, you don't gain one for that year)
    Whereas if you don't cancel, you won't be able to use your NCB on the new policy at all.
  • You can hold 2 insurance policies on one car.
    I used to have fully comp on my car for private use.
    Plus hire and reward for work.
  • mdann52
    mdann52 Posts: 40
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    You can hold 2 insurance policies on one car.
    I used to have fully comp on my car for private use.
    Plus hire and reward for work.
    You can, but most policies say you can't.

    Specialist "Top up" policies don't provide the statutory 3rd-party cover to the requirments of the Road Traffic Act, but will cover any incidents you have while in the course of the activity they insure for. You (usually) cannot have 2 standard policies on a vehicle.
  • born_again
    born_again Posts: 13,520
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    So OP has got a better quote now, but has no idea just what current renewal might be in 3.5 months time. So is it really better? 
    Then is asking about leaving both running at same time.
    So cant use NCD on new policy & also paying for 2 on the same car...
    Very MSE.
    Life in the slow lane
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