If you insure a car and pay for the year in one lump sum...
Discussion
4mo said:
Yes, but usually minus a hefty admin fee.
I got refunded from my old insurer without admin fees due to moving up to a "high performance car" which they would not quote on. I did try and get a quote from them, but when they could not offer one I asked to cancel my current policy, and they waived the fee. Bonus!Short period Motor Insurance is more expensive. If you take out a Policy for a year and cancel it at some stage before the year end, it becomes a short period policy. That's how it used to work maybe still does.
If the refund on cancellation was pro-rata for the remaining unused Insurance cover, all those wanting only the higher risk short period insurance would take out a Policy for a year and cancel it after the short period they require.
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If the refund on cancellation was pro-rata for the remaining unused Insurance cover, all those wanting only the higher risk short period insurance would take out a Policy for a year and cancel it after the short period they require.
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Mastodon2 said:
4mo said:
Yes, but usually minus a hefty admin fee.
I got refunded from my old insurer without admin fees due to moving up to a "high performance car" which they would not quote on. I did try and get a quote from them, but when they could not offer one I asked to cancel my current policy, and they waived the fee. Bonus!.
MGJohn said:
You did not cancel the Policy. They did by not offering to cover the change of car. Not the same thing as the policyholder ( you ) cancelling. What they did is normal business practice.
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As I did not own the new car at the time and was still using the vehicle they insured me for, I asked for a quote. They could not offer me insurance on the car, so I asked to cancel and told them I'd go ahead and buy the car and get insurance elsewhere. Had they refused to cover the change of car and then I had in turn not bought the new car, my old insurance would still have been valid for the rest of the policy term. It's not like they said "He wants a new car and wants to jump ship, let's cancel his insurance just incase"..
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