If you take out a years Insurance on a car......pay your deposit of whatever, say £120.....and then your £40 odd a month....if you decide to cancel the insurance after only a few weeks cos you are selling the car....what happens ?

Do they penalise you or do you just lose what you have paid so far ?

Dont want to get stung for the rest of the premium !! lol

 

i done that and had to pay the rest of my premium

 

If you read the details you have NOT paid for your insurance monthly.

you took out a loan, which paid your insurance in advance, and now you are paying back the loan, you have to pay it back wether you want the insurance or not, but you should be entitled to some of your insurance premium back (normally pro rata less 3 months or something similar)

 

No, I think you owe the whole premium, but then are entitled to a proportion of it back, but they end up on top. So, if you have paid 2 months, I imagine you will have to pay the rest, then get 50% of the total back, for example. Not sure on exact figures though.

It is still an annual insurance poilcy, the monthly payments are effectively like borrowing the money.

 

 

When i was with liverpool victoria, i cancelled my policy early, and was given back some money for the remaining term, calculated pro-rata.

I'm now with admiral, and paying monthly... if i cancelled i'd pay a £40 admin fee and i believe i'd lose my months premium.

All in all insurance is a cnut.

Wish i was only paying £40 a month! £212 or so for me!

 

Thats not strictly true..

The way i've read it on my policy is, i'm only insured if i pay my monthly fee on time, therefore i owe nothing more if i cancel it.

I might be wrong though?

 

Strictly speaking, if you phone up, give them your situation you'll probably have to pay 2-3 months half price or something, then they'll cancel it. You're 'borrowing' and i'll use that term VERY loosely from the company themselves so they lose fuck all.. its all a con to get you to pay more.

Just ring up, give them your situation and they'll sort the rest out. done it with the AA and about to do it with my mums insurance.

 

All insurance companies are different, you need to speak to them and find out. Some will refund you pro-rata minus an admin charge; some will refund you a based on a cancellation policy. Such as: cancel after 3 months = 50% refund, cancel after 6 months = 20% refund, cancel after 9 months = 0% refund etc….

 

Fook, now am mega confused lol

Basically dont want to be stung for a whole premium if i decide to sell the car after a few weeks..... but cant get anyone to insure it for a month only.....

Have tried dayinsure.com and all sorts

 

Yeah, thats how i imagine it to work.

 

Here's a novel idea.........try calling them to find out.

Sorry

 

Nearly wet myself there....

Those who i have tried, via phone or email either cant insure or dont do short term....

 

depends who ya with. Performance direct really screwed us over when we cancelled Si policy

 

Will try some more phone calls tomorrow mate

 

Try RAC mate, i'm with them for my BMW and they seem good when canceling. Only charging a £25 admin fee then refund pro-rata

 

i cancelled my policy with liverpool victoria when paying monthy

had to complete the monthy payment and that was it, i didnt owe them anything more and they didnt owe me anything

 

the insurance i had in the past used to put mine on hold for me top insurance company thay were then when i got another motor i rang them up and gave details of new car