Is it ok to cancel insurance and take it out again?

Dr House

Dr House

Dr House

Soldato
Joined
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Ok here is the situation, my misses took out a direct line policy a couple of months ago on a 335i, she is paying 1900 per year.
If you look on the Direct line home page there are 2 tabs for a quote
http://www.directline.com/

if you click the one on the left the quote comes out to around 1900 if she clicks on the right where it says 52 days free per year it comes out to 1200.
Now I have asked her to chancel her policy and take it out again as 700 quid saving is no small amount of money.

Is this ok to do?
 
I'd be inclined to phone them and explain, they might be able to swap it over

How long has she had the policy?
 
I doubt they'll swap it as its a new offer IIRC but no reason why she cant cancel and re-instate. There might be an overlap of having no cover so make sure she's not driving if that happens and she'll obviously have to start another year of NCB
 
I would imagine you can but there will be some penalty in doing so, just a case of weighing the 2 sets of figures up
 
Rotty said:
I would imagine you can but there will be some penalty in doing so, just a case of weighing the 2 sets of figures up
Click to expand...

this

they wont let you do it for free. But providing you re take out another policy, theres nothing legally stopping you.

Just remember you loose any months NCB accumulated since the policy was taken out. SO you wont get your next years NCB till 12 months after you take out your new policy.
 
You can cancel a policy at any time, and start a new one with immediate effect.

There will be a cancellation charge, and you will most likely have to start this years NCB again.

Run the numbers, and if it's cheaper do it.
 
scruffeh said:
I don't see why not. You can do it with other things like mobile contracts etc. Is there not a minimum contracted period though?
Click to expand...

Insurance and Mobile contracts are not the same.

My mobile contract has clauses that make me pay a termination. I've not come across an insurance policy that does similar.
 
I did this with my bike insurance a few weeks ago, as I turned 25.

I did it so that I could have Ride other Bikes cover, the person at the firm advised me to do it. Obviously I lost a few months no claims but my premium actually went down considerably because I'd turned 25, bonus :D

Didn't charge me anything.

I have found that insurance company to be consistently exceptionally cheap and helpful though.
 
ok all done, she was paying 1900 per year, got it down to 1069. They charged us 25 pounds fee to cancel the policy and we are not really bothered about the NCB because its only a couple of months.
 
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