Informing Insurers of change

[Maydup]

I've shopped around and taken out new car and home insurances as they are all up for renewal this week.

Is it advisable to inform the old companies that I will not be renewing or can I just let them expire? I seem to remember that an unrenewed policy shows up as a bad debt on the credit rating. Anyone know if this is true?

[ojread2]

Yes, you should inform them.
If you pay by DD then generally ins companies continue to take that DD unless you tell them otherwise.
Once you have paid the first one of the year, you will be considered as having accepted their renewal and will be charged a (usually) hefty admin fee to cancel

An unrenewed policy only shows as a bad debt if you haven't cancelled it and the company try to collect payments that you don't make. Be aware there may well be bank charges incurred as well - just pick up the 'phone, it's pain free and only takes seconds.

[ojread2]

And cancelling the DD is not informing them you no longer want their insurance

[Maydup]

Thanks ojread2 good point about DDs

I should have explained that I paid an annual fee online by debit card when I took out the policies. They are up for renewal this week and I have made no request for any of them to attempt to take my payment from me either via DD , card or bank account.

[mickrog]

dont forget to keep the renewal notice showing no claims discount for your new company.

[ojread2]

That's the point though maidup, they will continue to request any monies until you tell them you no longer need their policy
Paying for the whole year makes no difference to any charges incurred because you haven't cancelled

hth

[Maydup]

My contract with them was for one year's insurance. I have no Direct Debit so surely that's the end of our arrangement?

How will they attempt to request monies if I choose not to renew?

[ojread2]

They will send you letters asking for it
Then they will start to say court in those letters - and then you will end up with a 'bad debt'
You have to cancel

[hc4361]

Many insurance companies have 'automatic renewal' in their terms and conditions, which you would have agreed to by ticking the box or signing the form.

[Maydup]

OK thanks all, I'll cancel them all tonight.

[ojread2]

it's for the best =)