Insurance Help

[TonyTony]

I'm currently insured through a broker and all my premium was payed off in 5 monthly installments starting from January.

I'm currently interested in getting a new car but they said they can't quote me on the car i want, so i went ahead and rang the cancellations line to see what premium i would get back if i cancelled.

Now this is where i am stumped..

They told me not only would I not receive any premium back but I would have outstanding money to settle to be able to cancel.

The phone operator tried to explain the proceedings to me but i really didn't get it, it went something along the lines of the finance company still needing to settle the amount, even though i already payed it all off??

Then she did tell me i would actually get some back, about 10-20% but having the cancellations fee's would mean i would ow money towards it still.

So i have payed £900 for my insurance, which will run until January 2012, but i have to pay more to cancel it?!

Please can somebody shed some light on this.

[KardioKate]

Basically, they don't want you to cancel, so they'll make it difficult for you.

[TonyTony]

I suppose thats the easy way to describe it!