How much to cancel insurance?
Discussion
I'm changing my car at the weekend so got in touch with my insurance company, Zurich, to see how that would affect my premium. After finding out it will go up (albeit by £1/month), and all the comparison sites dropped it by £15 I decided to cancel it and get a new policy.
When I said I'd cancel they said fine, but to cancel the policy would cost £75 plus a little bit that I owe from this month.
Now I know it is probably in the small print that I never read, and that's my own fault, but last time I cancelled a policy I got a tiny bit of money back.
Is this a rare occurance or is this common practice now, sticking a high cancelation charge on?
When I said I'd cancel they said fine, but to cancel the policy would cost £75 plus a little bit that I owe from this month.
Now I know it is probably in the small print that I never read, and that's my own fault, but last time I cancelled a policy I got a tiny bit of money back.
Is this a rare occurance or is this common practice now, sticking a high cancelation charge on?
roystinho said:
I'm changing my car at the weekend so got in touch with my insurance company, Zurich, to see how that would affect my premium. After finding out it will go up (albeit by £1/month), and all the comparison sites dropped it by £15 I decided to cancel it and get a new policy.
When I said I'd cancel they said fine, but to cancel the policy would cost £75 plus a little bit that I owe from this month.
Now I know it is probably in the small print that I never read, and that's my own fault, but last time I cancelled a policy I got a tiny bit of money back.
Is this a rare occurance or is this common practice now, sticking a high cancelation charge on?
Happened to me I pay annually, by the time the ins co had taken their cut only a couple of quid was returned. I did not get a bean back from the roadside assistance taken out with the same co.When I said I'd cancel they said fine, but to cancel the policy would cost £75 plus a little bit that I owe from this month.
Now I know it is probably in the small print that I never read, and that's my own fault, but last time I cancelled a policy I got a tiny bit of money back.
Is this a rare occurance or is this common practice now, sticking a high cancelation charge on?
Perhaps mine is slightly different to your scenario but I just cancelled with LV for free. This was because they couldn't insure me on my mx-5 till I was 25 whereas Admiral would so it was cancelled for free because of 'Policy Restrictions'.
I think there was a £25 cancellation fee for other occurrences though.
Seriously, just suck up the £1/month, it's not really worth the hassle of changing insurers, surely you'll lose this years NCB with the switch as well?
I think there was a £25 cancellation fee for other occurrences though.
Seriously, just suck up the £1/month, it's not really worth the hassle of changing insurers, surely you'll lose this years NCB with the switch as well?
IanMorewood said:
You agreed a fixed term contract and are wanting out of it mid term, there charge therefore is possibly a little high but justified, I would take they extra pound a month and move it at renewal time.
Yeah it works out about evens so I'll be doing that. Lesson learnt though to never assume you can just bail out because I got out free beforeGrimezy93 said:
Seriously, just suck up the £1/month, it's not really worth the hassle of changing insurers, surely you'll lose this years NCB with the switch as well?
I know it's only £1/month, but other insurers would save me about £15/month which is why I was going to cancel. Could stick sky sports on for that 
Depends on insurance company, I had paid in full for the year and with 8 months left on policy circumstances meant that I needed to sell the car and I wasn't in a position to replace it. It wasn't just a case of not wanting to accept a higher adjustment price on a new car. The well known broker fobbed me off to the underwriter and they promptly passed me back to the broker. Finally after arguing for a couple of weeks that keeping the full premium wasn't very reasonable seeing as the 'risk' that they were potentially open to was no longer there as I had sold the vehicle and I would never be claiming on the policy, Guaranteed, they relented and gave me a partial refund. It was no way near what I had calculated pro rata 8months was worth minus admin fees but it was better than the big fat zero they wanted to give me.
I had read the small print on the policy and it merely said "refunds of any premiums upon cancellation are at the underwriters discretion"
The underwriter would not even speak to me!
As already said take the extra £1/month and shop around come renewal time.
I had read the small print on the policy and it merely said "refunds of any premiums upon cancellation are at the underwriters discretion"
The underwriter would not even speak to me!
As already said take the extra £1/month and shop around come renewal time.
When I paid annually and sold my car (not replacing it), I called my insurance company to cancel the policy.
It took a bit of a nudge to get them not to charge me (net admin fee less remainder of the policy) for them to not cover me any more.
I guess there will be legal eagles that explain I couldn't, but I did tell them an option would be to forget I called and I would just let the insurance end its annual run without claiming.
It took a bit of a nudge to get them not to charge me (net admin fee less remainder of the policy) for them to not cover me any more.
I guess there will be legal eagles that explain I couldn't, but I did tell them an option would be to forget I called and I would just let the insurance end its annual run without claiming.
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