Insurance dilemma

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  • #270706
    Saabz
    Participant

      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

       

    Viewing 5 replies - 1 through 5 (of 5 total)
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    • #270807
      DumfriesDik
      Participant

        Is this a Motability car or your own personal car?

        In my case Motability renewed the insurance and I’m pretty sure they will do the same for you. After all, it is their car.

        VW ID3 Max is my DD

        #270810
        Mbirch92
        Participant

          If it’s not Motability it’s probably cheaper to get a year’s insurance on pay monthly and then cancel on collection of Motability car.

          Just make sure that you contact the insurance to formally cancel the policy, rather than just cancelling the Direct Debit – otherwise it can cause massive problems in the future.

          #270813
          Avatar photoUncJ
          Participant

            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.

            #270836
            Saabz
            Participant

              Thanks for the replies.

              This will be my first MB car but It’s not due delivery till June and my current insurance run’s out end of April so hence the dilemma, Buying it for another 12 months and paying monthly with a view to cancelling seems like the only valid option so will have to bite the bullet on that one.

              Once again thanks for the reply’s and advice.

              #270884
              Avatar photoSolymar
              Participant

                Cancelled my insurance after 3 months, it was with LV and on DD.

                Cost £20 to cancel early.

                No problems.

                Skoda Enyaq Coupe 85x Sportline Plus Adanced, Heat Pump & 21" Supernova Wheels In Moon White Metallic - Ordered 27th December 2023 - Confirmed 31st January 2024 - Build Week 16 (W/C April 15th) Estimated Delivery 26th May. Build Week moved back to week 23 W/C 3rd June)

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