Changing an Existing Policy (Car)

f1982

Hi. I'm not sure if this has been discussed as a seperate issue before, so new discussions could be placed here. But my question to start is this... I am curently insured on my mothers car (as the sole driver, not named driver), but have just bought myself a car of my own, and so this weekend want to amend my policy. I have a policy with elephant.co.uk which is paid annually, so dont think I could consider cancelling and starting a new policy. I got a quote from elephant.co.uk under an alias for my new car and it is 15% higher than my current policy (which I was expecting). Now I know the insurance companies take any opportunity to fleece you for extra cash, so when I ask them to change the policy to the new car, are they not likely to just slap an extra bit of money on assuming I will just pay it. Effecively, charge me more than the 15% I am expecting? If I phone them and say 'i've had a quote from you in another name and it was £xxx', would they be expected to give me that price? Also, is there anything else I need to know about changing a policy? Thanks in Avance. Steve.

raskazz

You certainly can cancel but of course that would be subject to the cancellation terms of the policy - their website states that the cancellation is pro-rata subject to a £45 administration fee.

If you amend your cover, this again will be subject to the terms of the policy - i.e. any change in the risk premium plus an administration fee.

Running the quote online gives you a 15% difference however there is no reason for you to expect that the increase calculated for an amendment to a current policy will be the same. This is because not only is an administration fee due but also because Elephant will probably divide their portfolio of business into several categories each with different ratings.