Insurance question.

[Liquid Knight]

Because I'm paid every four weeks and direct debits have to be done monthly there is an occaisional lapse in my insurance payment. I'm paying over 10% of my anual income for car insurance and I take home on average £200 a month less than I'm paying out. Thank you Torries! Grrrr!

Anyway I got two letters today from my insurers one dated the 25th of February and the other dated the 10th of March. One said you've missed a payment we'll try again later (7th) and the other saying you missed the payment on the 7th so we're cancelling your policy on the 18th.

I have tried to cancel the policy when I got quoted over £1,000 less in Janruary and was told I could provided I pay my current insurer £488 cancelation fee. The has been no mention of a cancelation fee if they cancel on me. Whilst I've been on hold I've compared meerkats again and managed to save £1300 this time.

So my question is if I let them cancel the policy will I be charged?

I'd much rather pay £789 for a car that's worth £400 than the current £2100 the Post Office are bleeding from me.

[Accelebrate]

Don't most companies ask if you've ever been refused insurance or had a policy cancelled? Or is it just if you've been refused insurance?

£2100 seems a bit rich for the Rover, does it not qualify for a classic policy?

[trickywoo]

Same fees are likely to apply in either case.

Why have quotes come down so much for you? Maybe if its a change of circumstance and you tell your current insurers the rate will come down.

[Liquid Knight]

As of February I've held a car licence for five years.

They won't budge on price once it's been set.

Got fed up of being on hold so I started this thread, bought some stuff on eBay and went to get some breakfast.

I'm back on hold and just finished chapter three of War and Peace.

[homerjay]

Liquid Knight said:

Because I'm paid every four weeks and direct debits have to be done monthly there is an occaisional lapse in my insurance payment. I'm paying over 10% of my anual income for car insurance and I take home on average £200 a month less than I'm paying out. Thank you Torries! Grrrr!

sorry, it costs you more than you salary to live?

[Liquid Knight]

Yep, juggling at the moment. I have a loan and a mortgague based on my earning five years ago. Even though I'm doing the same job I take home a thousand Pounds a month less, there aren't many jobs comming up and when thay do there are three times the applicants. I think I'm in a similar situation to a lot of people at the moment. So the opportunity to save over £100 a month (paying £176 now and the meerkats want £73) on car insurance is appealing.