insurance question

[B&W]

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?

 

[[TW]Fox]

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'.

 

[Rich1988]

the only way to do that is to go with someone who does insurance on a month by month basis, ecarinsurance are the only ones I know who will do this.