insurance refunds?

[Laura]

say i pay my insurance off in one go but after 4 months want to cancel it, will the total sum i paid be devided by 12 and the remainding months refunded minus any admin charges?

 

[edde]

Depends on the companies, some offer nothing back after 6 month into the policy.

 

[MRBILLYUK]

It's not usually as simple as dividing by 12 then multiplying by the months you have left . When you cancel you usually get fleeced, you'll get a % back but not 8 months . Your best bet is to ring your insurance company and ask them tbh .

 

[Black-Clio-1.4]

Depends on the companies, some offer nothing back after 6 month into the policy.

Agree with this.^^

Cancelled mine just after 3 months, got 8 months worth back - admin fees(£30 iirc).

 

[Laura]

humm i think ill ring them up, i want to buy a summer car and ive got a good quote but ill only need it untill like oct

 

[Steve]

No you will get shafted, depending on company.

 

[MarkCup]

If you got 50% back I'd say you've done very well.

 

[Owen]

I have cancelled two policies now and they just took the premium, divided by 365 and worked out how many days 'unused' insurance was left and refunded me that, minus an admin fee.

The AA even refunded me back their broker fee because they were unable to offer me the most competitive price. Winner.

 

[suckmykiss]

ive found they will usualy fleece unles they cant insure you for some reason

 

[H182]

I got about over 55% back after an admin fee after 4months into the policy. If you know your going to cancel it probably works out cheaper sticking with pay monthly.

 

[Peperami]

If you're changing car ring the company and change the car on the same policy. They might charge a little extra depending on what the new car is, but will work out far cheaper. The insurance covers you, you should be able to change car and reinsure with the same people anytime you like...

 

[dswarwick]

If you're changing car ring the company and change the car on the same policy. They might charge a little extra depending on what the new car is, but will work out far cheaper. The insurance covers you, you should be able to change car and reinsure with the same people anytime you like...

+1

 

[Laura]

im not swaping cars, ill be running both side by side, but because of the age of the one im looking at it qualifys for a classic policy,

£360 for the year,

 

[dswarwick]

£360 isn't too bad (without knowing what kind of car we're talking about).

Depends on the insurer - I've been with some who don't mind multi-car policies and others that just won't touch them.

Another option to investigate is temporary insurance. My insurer will let me insure a second car for ~£50 per month for up to 3 months. It's intended to allow you to sell our old car when you've bought a new one, but would cover a fair bit of the summer...

Otherwise look at classic specialists - is there an owners club for this 'classic'?

 

[Laura]

im willing to may that £360 i think, its only a 1.6 but thats fine,

im only 21 and wont have any ncb to use on its as they are used on my clios policy

 

[moggy]

like all of the above say, depends on insurer, must say Directline are brilliant, at refunds.... dont loose a lot at all.........

my mate just cancelled his bike insurance, as he sold the bike, he had 1 month to go, but thought cancel anyway, tell the truth
he lost the last month expected, now got a letter they want an extra £30 because he cancelled before the 12months was up.... what a load of crap!
very famous bike insurance company...