Snore...another insurance question

[megakid]

Right, im coming up to crunch time with the decision on whether to accept my mums offer of a year paid insurance in my name or I go with my heart and get the GT4. (see here)

The Corsa's renewal date is the 10th May, a mere two weeks from now. If I renew it, am I fixed into that for 12 months? I know you can change cars on a policy etc but I'm fairly sure CIS wont give me my best quote on the GT4 hence I'd probably want to change company completely come September - so what are my options.

I wont have the money for the GT4 until September so I've got 3 and a bit months of Corsa insurance to find so I can still remain mobile. If I go ahead and insure the corsa, can I cancel and get the money back (on the months I havent used)?

 

[JollyGreen]

With everyone I've spoken to you can yes, seems to be quite normal to get a pro-rata refund.
However you may be subject to an administrative fee of up to around £60 or so.

Best ring and ask

 

[Slime101]

Yes you can cancel and get a refund as long as you dont crash - however dont expect it to be a "fair" refund, its quite often only a smidge of what you paid in respect of the time remaining, obviously decreasing as the policy runs until about 3 months from the end where refund = £0.

Or they do it pro-rata with a fat admin fee on top. Either way you lose.

 

[Scottland]

As far as I'm aware, you can cancel the policy whenever, and get back any moneys left on it, so to speak. But this would normally be less admin fees I would imagine.

Also, you'd probably lose those 5 months of no claims etc.

What about searching for an insurer that'll insure you cheap on a GT4? Insurance is worked out pro rata, so if we say you're paying £500 for a Corsa and in september you buy a GT4 (12months insurance for this is £2000); then you'll owe 7/12ths of the £1500 extra, or thereabouts I would imagine, plus admin fees of course.

 

[Siliconslave]

scottland's suggestion might be the best - insurance companys tend to bend you over when it comes to canceling mid term. And you proberbly won't get a pro rater refund on it as your canceling, more a case of a set proportion based on the term used so far.

Also worth noting that legal cover and most other extras can't be canciled (or atleast thats what happend to me when i canceled when they didn't know what my new car was! - think even with getting a pro-rater refund i "lost" something like £150 from a £800 policy due to admin fees, cancelation fees etc - grr

 

[olv]

why not take out the new policy on the corsa with a company that will give you a reasonable quote on a gt4? that way you can upgrade your policy to your gt4, without having to cancel policies and hopefully not get lubed up and violated by them too badly.

*Edit - I shall read the thread in future