This may be a silly question…

chough_2

This may be a silly question, but… do you have to wait for your renewal date before changing to a different insurer? If you do, I'm assuming your current insurer will refund the unused part of your policy, or if you pay monthly you can just cancel the direct debits?

Thanks!

[Deleted User]

you don't *have* to wait until the renewal date, however, there is a chance that you would have to pay a cancellation charge if you did decide to cancel mid term. You may get a refund of some of the annual premium, but may not. your best bet would be to read your documents thoroughly and see what they tell you.

Becca

Quentin

If you cancel a policy mid term, and it is one that attracts a no claims bonus, then you won't get one for the part year.

You can cancel a direct debit at any time, but if the insurer using it then attempts to take another payment (which will be refused by your bank), they may be entitled to charge you more for them having to take a different method of payment.

chough_2

Thanks… I've done some online quotes and it looks like I could save £200+ a year, so I'll check my policy documents and see if it's worth the cancellation fee, bearing in mind the No Claims issue, I hadn't thought of that!
Changing could save me about £20 a month, and every penny counts at the moment!

bluefield

Help!! not used site before but cannot see how to post a query. grateful if someone could give me click-by-click procedure. Direct Debits are actioned in advance so are firms obliged to refund for unused periods? eg I am changing telephone companies on 10 March and DD's to two present companies are due to be actioned on 3 March so to avoid being cut off before new company takes over, I must leave them in place. Cannot see what procedure is anywhere in small print. tks