Im paying a monthly fee for my car insurance. Ive got a cheaper quote from a different insurer. My existing policy doesnt run out till nov and they tell me ill get charged if i stop the policy now (unless i take a new policy with them)... over £45! I payt monthly surly i should have to get stung like this?
Stopping car insurance - charged?
- Thread starter bushmins
- Start date
Its insurances companies for you, they will charge you for every little thing. i would just wait for your old one to expire and move on.
I got added to my girlfriends insurance which was less than £2 for the insurance and then £15 admin fee
I got added to my girlfriends insurance which was less than £2 for the insurance and then £15 admin fee
Most insurance companies treat monthly insurance like a 12 month loan. So you end up paying a certain % over your quote than if you paid it off in full. So canceling the policy now means that there will be some unpaid interest and also probably a cancellation fee.
Really sucks the way they do it, but its to stop you chopping and changing insurance companies all the time.
Really sucks the way they do it, but its to stop you chopping and changing insurance companies all the time.
Soldato
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You'll lose your years no claims as well if you switch, so probably save you more in the long run by staying put til november
Dad, get off the forums.
Never thought of this, but ive got over 9 years so it should make a difference.
Also i did some calculations it seems that it would actually be cheaper to pay the £45 fine!
Do you make a habit of buying financial products and not reading what you are buying? For your sake i suggest you start doing so in future as a lot are there to sting you!
Soldato
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You are not on a monthly policy, you are on a 12 month policy, paying monthly. This means if you cancel early, you have to pay. The same as if you paid in full at the start, then halfway through cancelled, you'd lose the remaining months worth of money, even though you've already paid it.
It's quite simple really.
InvG
It's quite simple really.
InvG
I have never ever seen a company not offer a pro-rata refund on the cancellation of their products. He will get a refund, minus the "cancellation fee".
Soldato
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Hmm...I worded that badly it seems. My point was that he is in a 12 month contract, but paying by month, not in a month by month contract, so will have to pay a fee. 
InvG
InvG
You posted a thread moaning about getting charged a fee for cancellation. You seemed surprised and were asking if you should have not been "stung like this" even though it will have been in black and white in the policy wording!
I would suggest that perhaps you are the tit given that you are the one moaning on here about being charged a fee which will have been black and white in your agreement.
Hmm...I worded that badly it seems. My point was that he is in a 12 month contract, but paying by month, not in a month by month contract, so will have to pay a fee.
InvG
Ah yes, badly worded/misread by myself
Well dear boy! I would sugguest you take into account that just about every insurance has the same policy. So no matter where i went i would have had the same situation. What, what. Also, dear boy, I didnt count on having to change my policy, we cant all be super minded humans like you. It was more of a question than a moan. Tit.
Anyone can feel free to close this thread, i got what i needed.
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Soldato
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You want to change policies because there is a cheaper alternative, not because you must.
And yes, no matter on insurer, you'd have the same situation, but reading the paperwork means you'd know this already.
InvG
You want to change policies because there is a cheaper alternative, not because you must.
Why would i want to carry on paying more than i need to?
And yes, no matter on insurer, you'd have the same situation, but reading the paperwork means you'd know this already.
Yes, read it 10 months ago. Sheesh.
Info/clarification is what i need not some anal, jumped up weener giving me a lecture.
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Soldato
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That's life, you can't always chop and change just because there is a slightly better deal available.
I do understand it's a pain though to have charges, at least you don't have a claim though, then you'd have to pay the remainder of the insurance anyway...as I found out earlier in the year.
Nobody was, everyone has given clarification, and suggested another way to get it.
I don't have one.
InvG
Nobody was, everyone has given clarification, and suggested another way to get it.
InvG
Come on... If someone can say the below i have a right to give him my opinion back.
Inv you said
then you'd have to pay the remainder of the insurance anyway...as I found out earlier in the year.
But you dont want a lecture do you?
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