Insurance - cancel or let it run?
Discussion
Ive just reinsured my weekend car as the limited 3000 miles on my current policy were about to run out.
My current policy is due to expire on 23rd August and my new policy is due to begin on 7th August (the day where i predict i will go over the miles limit).
If i cancel my current policy i will incur an admin charge and early cancelation fee.
I am really tempted to cancel the auto renewal and let the policy lapse.
WWYD?
Thanks
My current policy is due to expire on 23rd August and my new policy is due to begin on 7th August (the day where i predict i will go over the miles limit).
If i cancel my current policy i will incur an admin charge and early cancelation fee.
I am really tempted to cancel the auto renewal and let the policy lapse.
WWYD?
Thanks
REALIST123 said:
WWID?
Either not use it for a couple of weekends or do nothing at all. I’ve had limited mileage policies for decades and never had any serious query about the exact mileage the car’s have done.
The insurance company may well have taken a keen interest in possible excess mileage in the event of a claim, though?Either not use it for a couple of weekends or do nothing at all. I’ve had limited mileage policies for decades and never had any serious query about the exact mileage the car’s have done.
Not sure if the other policy has NCD on it but if it does, you will lose this present year if you cancel I believe.
I would just let it lapse (again making sure you are not on recurring payments and all that).
As another has said, if it worries you just cut back on the use of the car over those two weeks between policies.
Another thing is the 'old' policy at least ensures the police won't pull you over as you are showing as insured, whereas the new policy might not do so for at least a few days.(I have found insurers getting quicker here, to be fair)
I would just let it lapse (again making sure you are not on recurring payments and all that).
As another has said, if it worries you just cut back on the use of the car over those two weeks between policies.
Another thing is the 'old' policy at least ensures the police won't pull you over as you are showing as insured, whereas the new policy might not do so for at least a few days.(I have found insurers getting quicker here, to be fair)
The renewal paperwork often states that it's proof of NCD which you probably already have, if not then will do soon, to be able to prove your NCD to next year's insurer. Personally, I'd cancel auto renewal and let it run out, and if I needed to make a claim in the crossover period, claim from the new insurer.
If you want the NCD, just let it run. It's only a few days.
I've left policies to run for several months as the benefit of cancelling was marginal if any.
Yes, no doubt someone will say their *could be a claim against you, but I think that's pretty unlikely.
Insurance, It's all about considering the risk.
I've left policies to run for several months as the benefit of cancelling was marginal if any.
Yes, no doubt someone will say their *could be a claim against you, but I think that's pretty unlikely.
Insurance, It's all about considering the risk.
The issue with dual insurance is thus:
In the event of a claim, the Insurer may find out that there is another policy in force. Sometimes they specifically ask this question in claim forms and telephone reporting. So both policies will cover the one loss. There will be TWO sets of excesses to pay for the TWO claims on ONE incident. When it comes to renewal, you will have to declare TWO claims.
Chance it? Up to you. If it were me I'd chance it.
In the event of a claim, the Insurer may find out that there is another policy in force. Sometimes they specifically ask this question in claim forms and telephone reporting. So both policies will cover the one loss. There will be TWO sets of excesses to pay for the TWO claims on ONE incident. When it comes to renewal, you will have to declare TWO claims.
Chance it? Up to you. If it were me I'd chance it.
Benbay001 said:
anonymous said:
[redacted]
Not by a country mile. Paid £540 to start a new policy with 5000 miles. (Thank you Brentacre)Previous insurer wanted £140 to add 1000 miles to policy (of which id have likely used only a few hundred).
You've completely wasted your money taking out the new policy.
vikingaero said:
The issue with dual insurance is thus:
In the event of a claim, the Insurer may find out that there is another policy in force. Sometimes they specifically ask this question in claim forms and telephone reporting. So both policies will cover the one loss. There will be TWO sets of excesses to pay for the TWO claims on ONE incident. When it comes to renewal, you will have to declare TWO claims.
Chance it? Up to you. If it were me I'd chance it.
That wouldn't happen in this case. 2 policies in force, the most relevant policy deals with the claim in full if one policy is more relevant than the other. If the OP claimed off the new policy, and says he took that out because he'd exceeded the mileage limit on his old policy so didn't think it was still valid, then the new insurer would be obliged to deal with the claim in full. In the event of a claim, the Insurer may find out that there is another policy in force. Sometimes they specifically ask this question in claim forms and telephone reporting. So both policies will cover the one loss. There will be TWO sets of excesses to pay for the TWO claims on ONE incident. When it comes to renewal, you will have to declare TWO claims.
Chance it? Up to you. If it were me I'd chance it.
TwigtheWonderkid said:
If you declared a limit for the year, and had an accident just short of the year end and had done slightly over, 200 miles, there's no way the insurer could refuse cover. TCF regs just wouldn't allow it. At most, they could have asked you to pay the further £140, but they probably wouldn't even have done that.
You've completely wasted your money taking out the new policy.
If thats the case, its only 2 weeks of a 52 week policy thats been wasted.You've completely wasted your money taking out the new policy.
Wasnt aware of TCF regs
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