Will I Get The Rest Of The Insurance Money Back?

Treacle71 | 21:03 Sun 18th Aug 2024 | Motoring

16 Answers

I'm giving up my old banger (car), but it's only two months into the insurance. I've insured it for a year (I paid for the insurance annually).

Thank you!!

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Hymie

Best Answer

Transferring the insurance to your new car may not be the best option – you need to do the maths. If you can find another insurer who will insure your new car for less, then you need to find out how much of your 10 months your current insurer will refund, this should simply be the pro-rata cost per month, less an administrative fee.Then compare the cost of insuring...

08:15 Mon 19th Aug 2024

Go To Best Answer

ToraToraTora

just get them to change the policy to your new car.

Hopkirk

TTT is right. Is it too late to transfer it to your new car?

barry1010

Read the terms and conditions, they are all different. You will get some money back but there will be a cancellation penalty

barry1010

It isn't too late to cancel the insurance for the new car. The law states that there must be a 14 day cooling off period.

It would be better to cancel the new policy and transfer the car to the old one

Hopkirk

Spot on Barry

ToraToraTora

Treacle, insurance companies will usually transfer your current policy to a new car so do that. If you took out a new policy cancel it withing the 14 cooling off period.

ToraToraTora

... but answer your actual question, yes you would get a refund but they'll wack you with and admin fee.

bhg481

There might be an admin fee for transferring the policy to the new car and there might be a change to the premium for the model/age of car being insured.

Hymie

Transferring the insurance to your new car may not be the best option – you need to do the maths.

If you can find another insurer who will insure your new car for less, then you need to find out how much of your 10 months your current insurer will refund, this should simply be the pro-rata cost per month, less an administrative fee.

Then compare the cost of insuring the new car with your current insurer Vs the cheaper insurer (taking into account the admin fee you will pay for cancelling the insurance) and see who works out the cheaper.