Cancelling car insurance early

[kinkladze10]

If you have already told them you have sold your car then you will have to cancel, or your insurer will cancel it from the date you sold the car, as you now have no insurable interest in the vehicle. They may give you 14 days to put another vehicle on the policy, the no need to cancel.

What I would do is try to add a vehicle high net value and adding a 17 year old drive if they can not cover you they will cancel it pro rata and not short term rates.

 

[peoffrey]

Just rang up to cancel my car insurance because I have sold my car. The cover was from May last year. They have told me because the cancellation request has come in after over 9 months then I owe them the full amount which is 2 more payments totalling £275!

Is this correct? Anyone else got any experience with something like this? I've not cancelled insurance early before but thought it just stopped and I might even get a small amount back for the larger 1st payment I made.

Cheers

Do you really need to cancel it? If you're building up an NCD you'll lose a years worth. Also if you're buying another car before May you can just switch the cover to the new car. I'd just leave it - you're going to have to pay it so just let it run its course - you might as well.
Also it'll mean that your cover runs out in May. I seem to remember that your NCD is valid for two years from the last day of your previous policy - certainly was when I was looking round after I'd had a company car for a few years and wanted cover my own weekend car - my previous eleven years claim free time meant nothing as it was over two years since my personal cover had lapsed.

Is it worth paying £275 worth of direct debits in exchange for an extra %age on no claims? I'm no expert as I was a pratt in a Call Centre - but can he legally pay for the policy despite no longer owning the car? No claims on a car he doesn't own! Has anyone seen my Porsche?!

 

[daveduke67]

Just rang up to cancel my car insurance because I have sold my car. The cover was from May last year. They have told me because the cancellation request has come in after over 9 months then I owe them the full amount which is 2 more payments totalling £275!

Is this correct? Anyone else got any experience with something like this? I've not cancelled insurance early before but thought it just stopped and I might even get a small amount back for the larger 1st payment I made.

Cheers

Do you really need to cancel it? If you're building up an NCD you'll lose a years worth. Also if you're buying another car before May you can just switch the cover to the new car. I'd just leave it - you're going to have to pay it so just let it run its course - you might as well.
Also it'll mean that your cover runs out in May. I seem to remember that your NCD is valid for two years from the last day of your previous policy - certainly was when I was looking round after I'd had a company car for a few years and wanted cover my own weekend car - my previous eleven years claim free time meant nothing as it was over two years since my personal cover had lapsed.

Is it worth paying £275 worth of direct debits in exchange for an extra %age on no claims? I'm no expert as I was a pratt in a Call Centre - but can he legally pay for the policy despite no longer owning the car? No claims on a car he doesn't own! Has anyone seen my Porsche?!

He has to pay the policy up in full whatever he decides to do.

OP - have you told them the car has gone or that it would be - it might be worth saying the sale fell through after the cheque bounced and you have the car back. Not worth it if you won't be buying a car again for a while or if you have plenty of NCD as it is.
Like I said, if you're buying another one before the policy would have expired in May there's no point cancelling it.