Insurance Cancellation vs Suspension
Discussion
Hi,
I've just sold my car and have no plans to get another for 6 months as I've use of a car which I'm covered for anyway...
I took out a policy for £800 in October, and I've been offered £465 back if I cancel...Which seems although slightly less than it should theoretically be, still a good amount...OR, I can suspend the policy and as long as I re-insure a car by mid September I can continue and will then be refunded the time I didn't use the policy, so 7 months or so...
But the chap on the phone couldn't tell me how much I'd get back if I got the same car (for arguements sake) in September, and just said it would have to be analysed when I get the car...
I'm 21 with 3 years no claims, so although cancelling I'll lose out on the last 4 months of no claims, I've sort of already got the main things I need (being 21 and a few years no claims!) so it shouldn't be a problem....
What's the general consensus to cancelling vs suspending? I'd rather have my £465 now than have £500 or what ever it will be in September....But if it's likely to be a good amount more I guess I may as well wait...
I've just sold my car and have no plans to get another for 6 months as I've use of a car which I'm covered for anyway...
I took out a policy for £800 in October, and I've been offered £465 back if I cancel...Which seems although slightly less than it should theoretically be, still a good amount...OR, I can suspend the policy and as long as I re-insure a car by mid September I can continue and will then be refunded the time I didn't use the policy, so 7 months or so...
But the chap on the phone couldn't tell me how much I'd get back if I got the same car (for arguements sake) in September, and just said it would have to be analysed when I get the car...
I'm 21 with 3 years no claims, so although cancelling I'll lose out on the last 4 months of no claims, I've sort of already got the main things I need (being 21 and a few years no claims!) so it shouldn't be a problem....
What's the general consensus to cancelling vs suspending? I'd rather have my £465 now than have £500 or what ever it will be in September....But if it's likely to be a good amount more I guess I may as well wait...
You can't suspend an insurance policy, all you can do is cancel it; it's not like SORNing a vehicle - you can't have an insurance policy on nothing, what would be the point? Cancel it, get the return premium and then get a new quote when you buy another.
And no, they can't tell you what the premium will be in September because insurance companies change their rates at least monthly (Aviva update theirs daily), and quotes will only be guaranteed for 30/45/60 days from when you get the quote.
And no, they can't tell you what the premium will be in September because insurance companies change their rates at least monthly (Aviva update theirs daily), and quotes will only be guaranteed for 30/45/60 days from when you get the quote.
xRIEx said:
You can't suspend an insurance policy, all you can do is cancel it; it's not like SORNing a vehicle - you can't have an insurance policy on nothing, what would be the point?
Yes, you can suspend an insurance policy because i've done it with Bell. Very good service, there was no admin fee and i just told them when i bought a new car. They refunded the period off risk too.Suspend it if there's a fair-middling chance of you buying something new within the term.
xRIEx said:
You can't suspend an insurance policy, all you can do is cancel it; it's not like SORNing a vehicle - you can't have an insurance policy on nothing, what would be the point? Cancel it, get the return premium and then get a new quote when you buy another.
And no, they can't tell you what the premium will be in September because insurance companies change their rates at least monthly (Aviva update theirs daily), and quotes will only be guaranteed for 30/45/60 days from when you get the quote.
I didn't just make up what Elephant offered me...And no, they can't tell you what the premium will be in September because insurance companies change their rates at least monthly (Aviva update theirs daily), and quotes will only be guaranteed for 30/45/60 days from when you get the quote.
carreauchompeur said:
See above. Neither did I make up what happened last yesr, the poster is wrong.
Ah, didn't see your post. I knew about the suspension but wanted to see if anyone had any first hand experiance. I will be getting a new car soon, but probably September, so almost at the end of my policy and would like to be given a rough idea of what will get me the most money. I guess having the policy running and getting me another years ncb isn't a bad thing reallyYeah, in my experience it's a hassle free way of doing it, and it's a nice bonus when you reactivate it and get money back. The refund will be loaded too, which makes suspension a more cost-effective way, the only time i wouldn't do it is if i had a fair idea I wouldn't be replacing the car within the policy time.
4 months is nothing. You won't be earning any NCB by keeping the policy in suspension anyways, so it's not going to help you with the cost of insuring the new car either way - apart using the suspension as a 'savings account' to put towards the new policy, which could be prudent!
If your birthday is between now and September, run a quote as a 22 year old and see if it makes any difference. I doubt it will be significant though.
I'd just pocket the money now. Life's too short!
If your birthday is between now and September, run a quote as a 22 year old and see if it makes any difference. I doubt it will be significant though.
I'd just pocket the money now. Life's too short!
BonzoG said:
4 months is nothing. You won't be earning any NCB by keeping the policy in suspension anyways, so it's not going to help you with the cost of insuring the new car either way - apart using the suspension as a 'savings account' to put towards the new policy, which could be prudent!
If your birthday is between now and September, run a quote as a 22 year old and see if it makes any difference. I doubt it will be significant though.
I'd just pocket the money now. Life's too short!
So if I get a new car in september and then wait till the end of the policy, I won't have earned another years no claims? If your birthday is between now and September, run a quote as a 22 year old and see if it makes any difference. I doubt it will be significant though.
I'd just pocket the money now. Life's too short!
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