Do I have to cancel my Insurance?

[foxcompaq]

Hi All,

Basically I have recently bought myself a new car (to me at least, a mark 3 Mx5 2.0 L), but I had to go with a different insurer as my previous one would not insure me.

I now have sold my old car in a P/X for the Mazda and have sorted out insurance on my new car.

The cancellation policy on my previous insurance states it is £75, but I only have a month left on that insurance, so if I claimed back for that 1 month I'd roughly get £38.

Would my insurance company hence charge me £75, give me back my £38, meaning I pay £37 on top on my annual insurance just the cancel the insurance?

So basically making me pay more than my annual insurance price just to cancel a policy 1 month short?

If so can I just keep the insurance and not renew it?

Many thanks for your help.

[Tophatron]

This story springs to mind, might be safer to cancel?

http://www.dailyrecord.co.uk/news/scottish-news/sc...

[furtive]

I'm not sure I understand.

If you cancel it you'll get £37
If you don't cancel it you'll get £0

[foxcompaq]

Sorry.

Cancellation is £75.

only 1 month left on policy so I should get back about £38 for that 1 month.

So cancelling costs more than just leaving it as it is.

[gizlaroc]

Is it not just better to run the last month on old insurance and start your new policy at midnight when it runs out?


Just saw they wouldn't insure you. Sorry.

[xRIEx]

They won't take money extra money off you to cancel the policy.

[kambites]

You certainly have to inform them - they will have asked you whether you own the car when you took out the insurance, if you no longer do it's a change of circumstances. Whether you actually have to cancel will depend on whether they're willing to insure you on a car you neither own nor have access to: rather suspect they wont be.

[foxcompaq]

gizlaroc - As you say they unfortunately would not insure me. That was my plan as I didn't really want to loose 11 months of no-claims but was left with no choice.They did offer to start a new insurance with a different underwriter but quoted me £1800 (and would accept that 11 months as 1 years no claim. BUt I could get insurance elswhere for £700 so was not worth it.

xRIEx - Many thanks.

I'll ring them now and inform them.