My current insurance policy expires beginning of March I think it is and I was thinking of selling my car and buying a new one when the policy expires. Now with the new insurance laws this has made it even more difficult and annoying but also whether I have the funds or not even though I'm saving is to be seen.

I was wondering when people buy new cars what they generally do in order to be most cost effective. If you sell your car mid policy do you just register your new car and pay the price hike or do you cancel the policy and take out a new one? And do you lose a lot of money by doing it this way. I pay all my insurance annually.

 

I haven't changed cars mid policy for a long time but it never used to be cost effective to cancel and restart, and unless you have max. no claims you'd loose a year NCB.
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I've changed a couple of times. Normally I buy a faster/newer car so I expect a price increase.

To me it hasn't made financial sense to move to another provider mid way through a term, I also can't be bothered messing about with proof of no claims etc if I don't have to.

 

Swap cars mid policy, and get stung by the insurance company, is what normaly happens to me

 

Best thing I can think of if doing mid policy is to be on monthly payments then just stop your policy prior to getting a new car and hopefully it won't be too far in so you don't lose so much of the year that you would've gained of no claims bonus and make a new policy but you still lose money however you do it.

Loads of people seem to buy new cars all the time so just wondering does everyone leave it till insurance expires or just whenever they fancy.

 

Pani,

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Thanks,

Jonny

 

Thank you, that's very helpful

 

I've cancelled an insurance policy once and started a new one when buying a new car, only because I couldn't get covered on the car I was buying. Took quite a hit to cancel it mid term as they take quite a hefty cancellation fee. Your best bet would be to phone your insurer, tell them you are thinking of changing cars and see how much it will raise your premium by. Also ask them how much it will cost you to cancel. Don't forget you will also be starting this years of no claims discount build up again, if you are not at full already.