Whilst waiting for my new car, the insurance on my old car needs renewing. As I will only need the insurance for approx 2-3 months what would be the most cost effective way to proceed? My thoughts were either to pay for an annual as usual then cancel (not sure of the exit costs/charges for doing this) or get a rolling 1 month insurance (on initial investigation this seems very expensive like £200 per month). Thanks
Im in exactly the same situation as you are, car should be here but now only a couple of weeks away from insurance renewal on my own car. I’m leaving it to the very last moment just in case my MB car turns up in time but what I’ve decided to do is stay with my existing insurer and change it over from annual to 12 monthly payments.
Obviously there’s a fee for credit for monthly instalments as opposed to paying annually but IMO far better to do that than giving them a whole years premium up front and then having to get a refund. It will depend on your insurer what the cancellation fee is though, mine is £45. Fee for anything on insurance now, money for old rope with these companies.