What happens when you cancel a policy?

1. ImElliot Infrequent Poster Joined: Mar 2014 Posts: 143 2002 Saxo 1.1

   #1 11th October 2014, 16:17

   Yes i could call the insurance and ask but i am currently unable to.
   
   Ok so my i paid £1369 up front on July when i passed my test at 17 now 3 month later the axle went and to be honest i don't even want to fix it considering i only paid 400 for it and i'm looking about 300+ to fix. Was just wondering if i had to cancel the policy would i get any money back and will it effect future policy's i take out, I'm with privilege btw
2. Giraffe Saxperience Addict Joined: Feb 2009 Middlesbrough Posts: 10620

   #2 11th October 2014, 16:25

   No idea how someone ends up in a position to type up a post on the internet yet can't make a phone call, but basically if you cancel you'll probably get a refund pro-rata of use less a cancellation fee. You'll also have to restart another policy, thus not accruing any no claims. Not sure why you'd have to cancel the policy though, because you can usually just switch the car and pay the difference/be refunded the difference if you get another car.
3. ImElliot Infrequent Poster Joined: Mar 2014 Posts: 143 2002 Saxo 1.1

   #3 11th October 2014, 16:35

   Quote:

   Originally Posted by Giraffe No idea how someone ends up in a position to type up a post on the internet yet can't make a phone call, but basically if you cancel you'll probably get a refund pro-rata of use less a cancellation fee. You'll also have to restart another policy, thus not accruing any no claims. Not sure why you'd have to cancel the policy though, because you can usually just switch the car and pay the difference/be refunded the difference if you get another car.

   I don't have a house phone and it costs to much to call from my mobile and i have no credit in it anyways.
   
   I would probably change it over but by the looks of things i wont be able to get another car. because £30 a week from college could hardly pay my fuel.
4. smiith Saxperience Hardcore! Joined: Sep 2007 Jail - Whitby Posts: 15034 520bhp Honda Jazz

   #4 11th October 2014, 18:20

   They will split your payment by 12, work out how many months it is since you took the policy out, take that amount away, plus probably some admin fees, and a cancellation fee, then give you back what's left..
5. smiith Saxperience Hardcore! Joined: Sep 2007 Jail - Whitby Posts: 15034 520bhp Honda Jazz

   #5 11th October 2014, 18:22

   so £456 it will cost you for the months you've been insured.. July, August, September and October.. That leaves you with £913, Then it'll be a £60 admin fee.. £853, then it's up to them what the cancellation fee is.. I've seen them want £200 off people before
6. Tim-Prestigea Prestige Insurance Joined: Jun 2012 Posts: 320

   #6 13th October 2014, 09:42

   Quote:

   Originally Posted by ImElliot I don't have a house phone and it costs to much to call from my mobile and i have no credit in it anyways. I would probably change it over but by the looks of things i wont be able to get another car. because £30 a week from college could hardly pay my fuel.

   Maybe email them?
7. devilsadvocate Saxperience Post Whore Joined: Dec 2006 Maidstone Posts: 8210 Golf TDI

   #7 13th October 2014, 13:28

   Most companies have an admin fee to cancel.
   
   Some also charge for an extra month on top.
   
   You won't be able to cancel without calling them anyway so somehow you are going to have to call them...
8. KamRacing Saxperience Addict Joined: Nov 2006 A farm shed in Aylesbury Posts: 14916 Corolla AE86 Peugeot 205 B18C (in bits)

   #8 13th October 2014, 17:22

   Seriously just get the money back. £800 odd pounds in the bank is better than one years no claims bonus. you might have to actually use a phone though eventually. I doubt they do everything by email. Go round your parents and use theirs.
9. Giraffe Saxperience Addict Joined: Feb 2009 Middlesbrough Posts: 10620

   #9 13th October 2014, 18:47

   Quote:

   Originally Posted by KamRacing Seriously just get the money back. £800 odd pounds in the bank is better than one years no claims bonus. you might have to actually use a phone though eventually. I doubt they do everything by email. Go round your parents and use theirs.

   That first years no claims for a new driver is worth a lot, especially if he is planning on getting another car!
10. Jigs2895 Established Member Joined: Jan 2013 Portsmouth Posts: 1335 1997 Mk1 VTS

    #10 13th October 2014, 20:39

    Quote:

    Originally Posted by Giraffe That first years no claims for a new driver is worth a lot, especially if he is planning on getting another car!

    Agree 100% with this.
11. monka Established Member Joined: Sep 2010 Posts: 1368

    #11 13th October 2014, 20:49

    Quote:

    Originally Posted by ImElliot I don't have a house phone and it costs to much to call from my mobile and i have no credit in it anyways.

    Don't have a house phone, and credit on mobile? can i ask what your using to access the internet on?
12. ImElliot Infrequent Poster Joined: Mar 2014 Posts: 143 2002 Saxo 1.1

    #12 13th October 2014, 21:25

    Quote:

    Originally Posted by monka Don't have a house phone, and credit on mobile? can i ask what your using to access the internet on?

    I have a landline and internet and the ability to have a "house phone" i just never bothered getting one
13. monka Established Member Joined: Sep 2010 Posts: 1368

    #13 13th October 2014, 22:19

    really? you'd surely have a calls package as part of having line rental for the internet, and they cost like a fiver. would save so much money on mobile credit surely?
14. devilsadvocate Saxperience Post Whore Joined: Dec 2006 Maidstone Posts: 8210 Golf TDI

    #14 14th October 2014, 12:28

    Quote:

    Originally Posted by ImElliot I have a landline and internet and the ability to have a "house phone" i just never bothered getting one

    How have you survived this long if you can't get enough credit on your phone to call your car insurance company?
    
    Get some credit and ring them.
    
    Failing that, use a fucking payphone.
15. KamRacing Saxperience Addict Joined: Nov 2006 A farm shed in Aylesbury Posts: 14916 Corolla AE86 Peugeot 205 B18C (in bits)

    #15 14th October 2014, 12:51

    Quote:

    Originally Posted by Giraffe That first years no claims for a new driver is worth a lot, especially if he is planning on getting another car!

    It might not be worth £800-900
16. Giraffe Saxperience Addict Joined: Feb 2009 Middlesbrough Posts: 10620

    #16 14th October 2014, 14:24

    Quote:

    Originally Posted by KamRacing It might not be worth £800-900

    No, but what I'm saying is if he is getting another car in say a month, there is little point in cancelling the policy just to get a refund, if he is only going to have to pay that and more for a new policy when he gets a car.
17. KamRacing Saxperience Addict Joined: Nov 2006 A farm shed in Aylesbury Posts: 14916 Corolla AE86 Peugeot 205 B18C (in bits)

    #17 14th October 2014, 15:36

    I thought he said he could not afford to run a car any more, but yes you are correct that theres no point in cancelling if transferring to another car shortly.
18. Giraffe Saxperience Addict Joined: Feb 2009 Middlesbrough Posts: 10620

    #18 14th October 2014, 16:04

    Quote:

    Originally Posted by KamRacing I thought he said he could not afford to run a car any more, but yes you are correct that theres no point in cancelling if transferring to another car shortly.

    Aye, he did say that then he made another thread saying he was going to get another car if he could haha