Cancelling insurance

[AhmedRSi]

Right, need your guys advise. Basically currently with direct line insurance (about 4 months through a 12 month policy).

I wish to change insurance (i have my reasons), cancelling my insurance and then signing up with another company. The problem is that I have paid the insurance as one big lump sum... so im wondering how much ill get back? will they calculate it fairly or will they give me something ridiculous like only 1 months worth back?

 

[E11OOT]

they should give you back the remaining 6 months, but from that six months they will take off the deposit ammount and about a £50 admin charge.

for example

6 months - £500

minus

deposit £150
admin fee £50

you get back £300

 

[tedgeuk]

they usually calculate it so how much youve used, they might charge you an administrative charge for cancellin but id just ring them up and ask.

 

[Paul RN]

You'll get back 8 months work minus a small fee if you paid in full amount at the start.

 

[AhmedRSi]

Ok thanks, is this fee likely to be more than say... 100/200 pounds? Ill phone them in the morning when there call centres are open. Will they ask me why I am cancelling the insurance? Also, I never paid a deposit... just paid the full amount.

 

[AhmedRSi]

Another question... a very important one that i have overlooked.

I currently have approx 1 year 4 months no claims. If i switch insurance company now will i lose the 4 months no claims from this year? Only asking this as no claims bonus is really important to me as a young driver!

 

[E11OOT]

you will lose the 4 months, and just have the one

 

[fUbAr]

yes, you will loose the 4 months NCB

You will stand to loose a couple of hundred quid in the process of cancelling your insurance imo.

 

[AhmedRSi]

Just realised, its actually 5 months closer to 6...

 

[Whiteley]

Should say about cancelling somewhere within your policy documents, you'll lose the 4 months too.

 

[fUbAr]

out of interest, why the sudden need to change insurance companies and stand loosing so much?

 

[MarkCup]

I agree. Work on getting back approx. 40% of your premium. They'll rape you.

 

[AhmedRSi]

Oh dear.

 

[MarkCup]

Actually if you are close to 6 months I'd be surprised if you got back 25%.

They don't like you cancelling!

 

[TimR26]

False economy as you'll save more with 2ncb in 7/8 months time than by switching now. Shop around properly for the best deal next time.

 

[Beef-Mc]

I'm guessing because it's Direct line and they don't insure mods.

 

[cat171]

Can I ask why you can't sit it out for the next six months ?? Six months is no time at all really.

- is the modding part the reason ?

 

[Ian]

I'm guessing so, they're pretty much zero tolerance when it comes to mods. If that is the reason I'd sit it out for the remainder of the year.. I'm in a similar position.

 

[Sam_Clio16v]

I'm guessing so, they're pretty much zero tolerance when it comes to mods. If that is the reason I'd sit it out for the remainder of the year.. I'm in a similar position.

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