Is it worth Cancelling insurance part way through the policy?

[Marshallahsram]

Ive just been playing around on confused.com, and found out im currently paying more than i need to. Im with tesco atm,and paying about £1200,and started the policy in september,paying it monthly.

Confused.com have quoted me £750(ish) through swift cover. Cant remember the figures exactly, but my monthly payments would drop £35.

Is it really worth swapping it?? or is my no claims worth more??

 

[Bezza4]

I did it when I turned 21. I lost 6 months NCB but effectively got 6 months insurance free as the insurance dropped from £1.6k to £600. So the money I got back paid for the full 12 months.

 

[White16valver]

How far in are you this year?

Anywhere after about 6 months is just a waste of money as they'll rob you blind.

Plus you'll lose this year of NCB as you'll be back to the beginning, and that may be worth more in savings next year when you shop around than the instant saving now.

Ring your insurance company and ask what the cost to you or refund to you would be if you cancelled now.

 

[Marshallahsram]

I did it when I turned 21. I lost 6 months NCB but effectively got 6 months insurance free as the insurance dropped from £1.6k to £600. So the money I got back paid for the full 12 months.

Well im 21 in July,hmm........

So do i stick at it till the end (sept), wait til July (im 21), or swap now?? lol


:S :S :S :S :S

 

[Marshallahsram]

How far in are you this year?

Anywhere after about 6 months is just a waste of money as they'll rob you blind.

Plus you'll lose this year of NCB as you'll be back to the beginning, and that may be worth more in savings next year when you shop around than the instant saving now.

Ring your insurance company and ask what the cost to you or refund to you would be if you cancelled now.

I got raped a few years ago when i used to pay upfront! never again!!!
I always pay monthly now.....

 

[Brooky182]

if it was me id stay because when you renew then you will have the extra years ncb and be 21 so costs should be much lower

 

[Owen]

Ive cancelled two policies now.
The 1st was when i originally bought my 182, and my policy had about 3 months left to run, so i rang The AA who told me that to transfer cover from my Lexus LS400 (Grp 18) to the Clio for the remaining 3 mths would cost an extra £900 - bearing in mind i had already paid the the full policy of £1400 at the beginning, so in effect they wanted about £1200 to insure the clio for 3 mths.
So i cancelled my policy and they repaid me (£1400/365)*no of days left on policy less £20 admin fee.
Yes I lost three-quarters of a year NCB, but i subsequently got insured through Greenlight for £750 for the whole year.
If i had paid the extra £900 in order to earn the extra NCB, i would only have said a few pounds off the £750, so it made sense to cancel.

 

[cat171]

How far in are you this year?

Anywhere after about 6 months is just a waste of money as they'll rob you blind.

Plus you'll lose this year of NCB as you'll be back to the beginning, and that may be worth more in savings next year when you shop around than the instant saving now.

Ring your insurance company and ask what the cost to you or refund to you would be if you cancelled now.

I got raped a few years ago when i used to pay upfront! never again!!!
I always pay monthly now.....

How do you get raped by paying upfront ??:S paying up front is cheaper than paying for it monthly as the majority of insurers add on a premium for paying monthly. It's only now that some don't charge a premium.


Did you have your current car when you took the policy out ?? If you did & nothings changed it's your own fault for not finding out who was offering the best deal.

 

[Marshallahsram]

I got raped a few years ago when i used to pay upfront! never again!!!
I always pay monthly now.....

How do you get raped by paying upfront ??:S paying up front is cheaper than paying for it monthly as the majority of insurers add on a premium for paying monthly. It's only now that some don't charge a premium.


Did you have your current car when you took the policy out ?? If you did & nothings changed it's your own fault for not finding out who was offering the best deal.

As anyone who has cancelled a policy/downgraded cars part way through will know, theres only one winner.

Back in the day when i had my scooter, my insurance started on my 16th birthday, therefore ran out on my 17th birthday. I had to insure my scooter in the 6weeks it took me to pass my test. It was £350,which i paid. When i passed my test+sold the scooter, i phoned up for a rebate, and i got £70 back.....after only 6 weeks

At 17 i was paying £2.5k insurance for a mini one,with "aftermarket" wheels declared. As the interest on that would be alot, i paid it in one go. Five or six months later, i came back into reality, and realised paying that kind of money for a car (buying,running etc) was ridiculous. I sold the mini, +went and got a clio. I cant remember the difference in insurance groups, but it was quite alot. I ended up getting a £100 rebate.

So since then,ive paid monthly. This isnt as bigger issue for you "older" drivers, as your insurance figures are lower,+the penalties are all relative

The comment about not shopping around, well i did,and got the best deal at the time. I only had a nosey earlier out of curiosity, because id read a thread on cliosport a few days ago about some guys discussing how there insurance had gone up,possibly due to the floods

http://www.cliosport.net/forum/showthread.php?t=293804&highlight=insurance

 

[Scaggeh]

As above, check your cancellation fees with your insurer before doing anything. Usually this is 1 months premium (whether you pay monthly or annually.)

As for payin monthly, imo you are better to pay annually. With cancellation fees/amendment costs you will end up shelling out the same ammount in real terms over the year however you pay, except paying monthly usually carries a credit charge (around 10%.) Does sound like some of you have been screwed over with cancellations/amendments tho..

 

[Little Richie]

The first thing I'd recommend, if you haven't done so already, is to give swift cover a call to confirm the price of the quote you've had on confused.

This got to the point where it amused me when I was looking for insurance for my 172. Confused would say £2300 then when i'd phone the company to confirm the price they would then say £3500+.