paying insurance in full??

[Bobby.]

well my insurance is due and im considering paying the hole year in one hit as i have the money to if i wish.

the only thing is im a little bit paranoid that if i wish to canel early on that im going to struggle to get my money back.

now i know im probably just being stupid but i was just wondering if anyones had any bad exsperiences?

also do insurers have different systems or working out what they owe you back?

any help much appreciate

cheers bobby

 

[DrR]

Ask them? I'd imagie you'd just get the percentage back?

So cancel 2 months in, get 10/12s back?

 

[Iain C]

You wont get much back iirc.

 

[Deeg]

Even if you didn't get it all back, then the fact you're not paying interest monthly would mean you're still quids in? Assuming you're not going to cancel it within the first few months.

 

[timps]

Pay on a 0% credit card. Pay as much as you like a month back then

 

[DrR]

Pay on a 0% credit card. Pay as much as you like a month back then

Did you read the first post?

 

[timps]

Did you read the first post?

I did, and I had a theory but after thinking about it, it doesn't work

 

[TimR26]

Direct Line are doing pay monthly at 0% interest.

 

[Bobby.]

drrollo- i here that they charge you £20 to ammend the policy then you get back the percentage like you say but im not sure if its the same for all insurers, i'll defo ask before i buy.

lian c- it sounds like you know of a bad exsperiance, care to share?

deeg- well the difference between annual and monthly is £300 but say i canceld in the third month for example and they had some hidden rule where they only give you £500 if you canel they i'll would of lost alot. but i very much doubt that how it works its just i dont trust insurance companys very much any dont want to hand all my money to them with out knowing where i stand.

 

[Bobby.]

Direct Line are doing pay monthly at 0% interest.

direct line want stupid money unfortunately

 

[jenic]

Whether you pay monthly or in a lump sum your refund is usually the same.

For example, I pay in a lump sum every year, I changed my car last week and got £70 back.

I once cancelled my bike insurance about 4/5 months in and got 50% back, if I had of payed monthly the larger deposit would likely have covered that extra month or so I paid for and meant I had the illusion of not paying for more. If that makes sense.

 

[Marky_]

I cancelled mine a few months in once. Think they took an extra months worth and I got the rest back. Not too bad really. I was more annoyed about losing 4/5 months worth of NCB time.

Just ring them and ask.

 

[Tash182]

My renewal for my 1.2 was end of June last year and I had the brainwave to pay it in full because I had no intention of changing my car in the near future. Then in September I had the 182. Hastings then wouldn't insure me on the 182 because of my age and the car that it is. So I had to cancel my policy. This incurred a small fine (can't remember the exact amount but £50 max) and I was then refunded a sum of money for the months I hadn't 'used', which was about 10 months.

 

[Bobby.]

yeah defo ask about it when on the phone to them have to see what they say i think my best quote atm is with flux something.

 

[James23]

I always pay mine annually. Mine is with admiral and they refund it by the day but take off a £52 admin charge. not bad.

 

[Bobby.]

thanks for all the info guys its seems that they will take a small admin charge and then give you back whatever you haven't used. will check before buying though just to be sure.