Insurance Cancellation - Extortionate Fee

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Mon 27 May 2019 15:28
Insurance Cancellation - Extortionate Fee - jazzyman

I recently scrapped my car because of corrosion. There are still three weeks of insurance cover left on the policy and my insurance company wants £75 to cancel the policy, the insurance was paid in full when I took out the policy, so I think this cancellation fee is a bit extortionate.

I now have a new car which I want to insure and I dont wish to use this company again because their annual quote is much dearer than the other companies using an insurance comparison website.

Because my old vehicle has been scrapped and the DVLA have been notified, is there a need to cancel my old insurance policy? and if so would it cause a problem if I took out a new policy for the new car, when I still have a few weeks left on my old policy?

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Mon 27 May 2019 16:21
Insurance Cancellation - Extortionate Fee - Mike H

Why not just transfer the insurance to your new car for the last three weeks, then move to a new company when it expires?

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Mon 27 May 2019 16:29
Insurance Cancellation - Extortionate Fee - concrete

I have previously changed vehicles in mid insurance term. Some companies will change the details and adjust the premium others want to cancel and start a new policy. Generally used to be if you are staying with them they will not charge a cancellation fee. If you are looking to change companies then you need to look at the sums. £75 fee to save some money may be alright. If you let the insurance run on a car you no longer have it is a pure waste. If you are saving lots of money by switching then figure that in too. A few simple sums should sort your problem for you.

Cheers Concrete

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Mon 27 May 2019 16:36
Insurance Cancellation - Extortionate Fee - Glaikit Wee Scunner {P}

Let the insurance continue . When you do not renew, ask for the proof of NCD for your new insurance..

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Tue 28 May 2019 01:02
Insurance Cancellation - Extortionate Fee - jazzyman

I cannot change my current policy to the new vehicle because there are less than 30 days remaining.

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Tue 28 May 2019 09:49
Insurance Cancellation - Extortionate Fee - RT

Just let it expire.

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Tue 28 May 2019 10:29
Insurance Cancellation - Extortionate Fee - Andrew-T

IMHO as companies always charge a cancellation fee, it is never worth considering cancelling a policy unless it has plenty of time left. So unless you have some purpose for it, just let it go.

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Tue 28 May 2019 11:03
Insurance Cancellation - Extortionate Fee - jazzyman

If I do let my current insurance policy expire (3 weeks left) is it okay to take a new policy out? I awaiting proof of NCD which will hopefully be in the post in the next few days from my current insurance company.

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Tue 28 May 2019 11:12
Insurance Cancellation - Extortionate Fee - skidpan

If I do let my current insurance policy expire (3 weeks left) is it okay to take a new policy out? I awaiting proof of NCD which will hopefully be in the post in the next few days from my current insurance company.

You will not get proof of NCB until the policy has expired or been cancelled.

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Tue 28 May 2019 11:44
Insurance Cancellation - Extortionate Fee - jazzyman

I have previously received my record of no claims when I receive the insurance renewal letter which is normally a few weeks before my current policy expires. If I get this information of my NCD can I take out a new policy, with my old policy still in force (not cancelled)?

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Tue 28 May 2019 12:14
Insurance Cancellation - Extortionate Fee - Falkirk Bairn

It is not illegal to have something insured on more than one policy.

It is illegal to make claims for the same item on more than 1 policy.

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Wed 29 May 2019 17:02
Insurance Cancellation - Extortionate Fee - concrete

Didn't realise that you had so little time left on your current policy. just let it run out. When you insure with a new provider they sometimes take your word for no claims discounts with previous companies. They know in the event of a claim they can check it out and refuse the claim if incorrect information has been provided by you. Just go for your new insurance, as FB says, it is fine to have two concurrent policies in place, albeit for less then three weeks now.

Cheers Concrete

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Wed 29 May 2019 22:19
Insurance Cancellation - Extortionate Fee - galileo

It is not illegal to have something insured on more than one policy.

It is illegal to make claims for the same item on more than 1 policy.

The OP wants to take out insurance on a new car, not the existing one, so nothing to do with present insurer.

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