Cancelling insurance policy....

[Kiltox]

Will insurers give you a pro-rata refund if you cancel an annual policy (minus some kind of admin fee) ?

Most seem to make reference to a fee but not any refund - looking to buy a banger, use for two months and then sell on/scrap.

Admiral/etc seem to be most favourable in terms of premium for myself, but their terms are vague so looking for personal experience.

[soad]

I'm not sure, but could pay it monthly perhaps?

[Kiltox]

soad said:

I'm not sure, but could pay it monthly perhaps?

I thought if you paid it monthly you were just taking a loan from them for the full amount anyway?

[KMud]

Admiral is pro rata minus an admin fee, though they waived the fee for me as simultaneously I added a car to my policy. To be precise I cancelled an existing single car policy whilst adding a car to an existing multicar policy, but surprisingly the different departments communicated with eachother just fine.

[Kiltox]

Banger 1.6 Astra with a year's MOT but a dodgy gearbox - £350
10 month insurance policy - £550

Cancel after 2 months, sell car, cheap motoring, right?

[northandy]

Kiltox said:

Will insurers give you a pro-rata refund if you cancel an annual policy (minus some kind of admin fee) ?

Most seem to make reference to a fee but not any refund - looking to buy a banger, use for two months and then sell on/scrap.

Admiral/etc seem to be most favourable in terms of premium for myself, but their terms are vague so looking for personal experience.

Most will, but definitely check before you take the policy out, classic and kit car policies tend to have no cancellation refund.

[davepoth]

Admiral definitely do a refund, as I have one in my hand right now.

[R1 Loon]

Every insurer / broker / underwirter will have their own terms. The ony way to know for certain is to ring them and ask.

[Kiltox]

davepoth said:

Admiral definitely do a refund, as I have one in my hand right now.

Thank you sir

How much should I be paying for a 1.6 MK3 Astra with 12M MOT but no 4th gear?

[maniac0796]

I remember reading somewhere in my Admiral T&C's, that after there's confirmation of your money or something, the amount paid is split up into 24 hour intervals.

Not sure if that's the correct way of putting it, but that's what I understood of it.

[ZOLLAR]

Admiral cancellation costs :

Within 14 days of policy being setup or renewed = £22.50 only.

Anytime after the 14 days = £47.50 pro rata, so anytime left is refunded minus the £47.50 essentially.
It makes no difference whether you're paying in full or on DD.
HTH

[Kiltox]

Might have the chance of a basically free Micra too.

[DR10]

Bumping this back up to the top.

Is this still the case now? Reading there terms, it seems to suggest that they won't give a refund of the premium any longer!

Quote from their terms:


A full refund will be given of the Premium paid by contacting EUI Limited (trading
as Admiral), Capital Tower, Greyfriars Road, Cardiff, CF10 3AZ (the Participating Agent); If You do not exercise this right to cancel Your Policy, it will remain in force for the term of the Policy and You will be required to pay the Premium. After this
14 day period, You can cancel it at any time however; no refund of Premium will be given, subject to the discretion of EUI Limited (trading as Admiral).

[Toaster Pilot]

That's not good - I did manage to cancel my premium minus the admin fee at the time...

If they have changed it then I kinda see why, I used it as cheap temporary insurance

[dvance]

I recently renewed with Bell (part of Admiral), and asked about the cancellation policy since I might be moving country sometime in the next 365 days. Was told that still it's pro rata sans admin fee. I doubt they would have taken the chance to lie to me on the phone. Why don't you phone them up for a quote and ask?

[ZOLLAR]

That condition has been there awhile, it's still pro rata but the insurer reserves the right not to refund the premium.
It would only be enforced in certain circumstances which is rare.

[Toaster Pilot]

ZOLLAR said:

That condition has been there awhile, it's still pro rata but the insurer reserves the right not to refund the premium.
It would only be enforced in certain circumstances which is rare.

[DR10]

Toaster Pilot said:

ZOLLAR said:

That condition has been there awhile, it's still pro rata but the insurer reserves the right not to refund the premium.
It would only be enforced in certain circumstances which is rare.

Thanks for the info. It did seem odd as I've done it in the past and wish to do it again soon.