If i sold my car?

James07 · 27 May 2009 at 12:50

If i sold my car and told the insurance company that whats likely to happen?

I still have like 9 months left to go..

Im paying monthly too if that helps.

Bennie-Mac · 27 May 2009 at 12:51

You should be able to cancel it and get most of the 9 months back, they might charge you an admin fee though.

Confused · 27 May 2009 at 12:52

Are you replacing the car with another one?

If you are - call the insurance company and say "please change my cover to this car, registration number X111 XYZ"

If you are not - it will depend entirely on your insurance company as to what will happen. You may get a refund. You may have to "freeze" your policy. We won't know, they will.

James07 · 27 May 2009 at 12:53

Bennie-Mac said:
You should be able to cancel it and get most of the 9 months back, they might charge you an admin fee though.

Confused said:
Are you replacing the car with another one?

If you are - call the insurance company and say "please change my cover to this car, registration number X111 XYZ"

If you are not - it will depend entirely on your insurance company as to what will happen. You may get a refund. You may have to "freeze" your policy. We won't know, they will.

Pffft ill have a look..

Its been paid monthly by the way.

Hatter The Mad · 27 May 2009 at 12:55

James07 said:
Its been paid monthly by the way.

Doesn't matter - 9 times out of 10 the "monthly payment" option is just a loan for the annual amount, which you're sometimes contractually obliged to pay.

James07 · 27 May 2009 at 12:58

Hatter The Mad said:
Doesn't matter - 9 times out of 10 the "monthly payment" option is just a loan for the annual amount, which you're sometimes contractually obliged to pay.

Does that mean ill have to still pay the full amount?

Bennie-Mac · 27 May 2009 at 13:00

Hatter The Mad said:
Doesn't matter - 9 times out of 10 the "monthly payment" option is just a loan for the annual amount, which you're sometimes contractually obliged to pay.

Hmm i've cancelled insurance twice before and always got the money back, must just depend on who you are with.

Hatter The Mad · 27 May 2009 at 13:03

James07 said:
Does that mean ill have to still pay the full amount?

It depends on your insurer and their small print. I've never experienced an unreasonable one, though.

kaiowas · 27 May 2009 at 13:26

They usually refund a percentage of your premium which varies depending on how far through the year you are. Somewhere it your paperwork it should explain your insurers cancellation policy and what percentage you'll receive back but this is typically in the insurers favour to cover their costs (ie if you cancel in the first month you might get (95% back, if you cancel after 6 months you might get 30% and if you cancel in the last couple of months you won't get anything)

As you have 75% of your policy left to run i'd expect a refund of something less than 75% of your annual premium, from which you then subtract how much you still owe them (9 x your monthly payment) which should then leave a negative value which is how much you'll need to pay to cancel the policy.