Soldato
hi if i pay for my insurance monthly and then say after 4-5 months i sell my car, can i cancel my insurance and not have to pay the yearly sum?
insurance question
- Thread starter B&W
- Start date
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No, you can't.
Insurance must be paid in full. When an insurer offers monthly payments what you actually get is a loan for the amount of the premium, with interest on top. So if you cancel you'll get a 'refund' of the unused portion in line with the companies refund policy, which will pay off some but not all of the outstanding 'loan'.
Insurance must be paid in full. When an insurer offers monthly payments what you actually get is a loan for the amount of the premium, with interest on top. So if you cancel you'll get a 'refund' of the unused portion in line with the companies refund policy, which will pay off some but not all of the outstanding 'loan'.
