Amending Car Insurance

Rekusu26

What ho one and all,

Am in the process of replacing my car after 20 years of ownership.

I currently have a low price fully comp  insurance (£247), probably because they know that they will write it off rather than repair.  Still have 4 moths on the insurance to run.  Got a price to change the details on the policy to the new car for the remaining time of £155.  That effectively is the same  quoted for annual on the new car (which is around £320).  So they plan to 'rob' me for the remaining four months at a price essentially for one year.

An alternative is cancelling the policy and starting a new one with the new car.  They gave me a pretty good price, but.......  Not only will there be a £55 cancellation fee (kindly reduced may be to £13) but there will be no refund or transfer of the remaining four months premium.  Essentially, I will be giving them around £70 plus the cancellation fee   Good to know that I will be contributing to the CEO bonus.

Is the broker allowed to 'keep' the remaining premium or do they have to transfer to a new policy?  My guess is there is something in the T&C small print that I am guilty of not reading.

Grateful for your thoughts.

Toodle pip

Northern_Wanderer

If you bother to read your terms and conditions it will tell you the answer to your question.

There may be a fee to change details, sometimes this is waived if you make changes online. You will have to work out which way is cheapest. I'm not sure how cancelling mid-way through an insurance year affects any NCB.

sheramber

Rekusu26 said:

What ho one and all,

Am in the process of replacing my car after 20 years of ownership.

I currently have a low price fully comp  insurance (£247), probably because they know that they will write it off rather than repair.  Still have 4 moths on the insurance to run.  Got a price to change the details on the policy to the new car for the remaining time of £155.  That effectively is the same  quoted for annual on the new car (which is around £320).  So they plan to 'rob' me for the remaining four months at a price essentially for one year.

An alternative is cancelling the policy and starting a new one with the new car.  They gave me a pretty good price, but.......  Not only will there be a £55 cancellation fee (kindly reduced may be to £13) but there will be no refund or transfer of the remaining four months premium.  Essentially, I will be giving them around £70 plus the cancellation fee   Good to know that I will be contributing to the CEO bonus.

Is the broker allowed to 'keep' the remaining premium or do they have to transfer to a new policy?  My guess is there is something in the T&C small print that I am guilty of not reading.

Grateful for your thoughts.

Toodle pip

Maybe this would be a good time to read the T&C.
 We can’t read them from here.