Cancelling Car Insurance?

BaZmO*

My current car has ended up on the scrapheap so I'm inbetween cars at the moment. Gonna get a new one soon enough but I'm not gonna rush it.
The policy is paid up until the beginning of November.
Just wondering if it makes more sense to cancel my insurance and get some money back or should I just hold out until I get something and then transfer the policy? Or is it possible to freeze your policy until you get something new?

Any help would great.

Cheers.

patrickc

BaZmO* wrote: »

My current car has ended up on the scrapheap so I'm inbetween cars at the moment. Gonna get a new one soon enough but I'm not gonna rush it.
The policy is paid up until the beginning of November.
Just wondering if it makes more sense to cancel my insurance and get some money back or should I just hold out until I get something and then transfer the policy? Or is it possible to freeze your policy until you get something new?

Any help would great.

Cheers.

sounds like the best thing to do is ring your insurer's and see what they say.

i know i can freeze my policy and get a refund due at renewal time for any periods not used.

seamus

Your policy documents will usually state how much you can get back by cancelling the policy.

From what I recall, you can get 50% back if you cancel in the first three months, 25% back if you cancel in the next three months, and you get nothing back if you are 6 months or more into your policy. Very much depends on the insurer.

However, if you're paying on a monthly basis I think they just stop taking the payments.

Eoin

My sister's in the same boat and was told that she wouldn't save any money by freezing the policy. I'd have thought that by freezing it you would at least be delaying the renewal date though...

BaZmO*

patrickc wrote: »

sounds like the best thing to do is ring your insurer's and see what they say.

I'll check the policy when I go home. I was just checking to see if anybody has had experience with it.

patrickc wrote: »

i know i can freeze my policy and get a refund due at renewal time for any periods not used.

That sounds like a great option. Was it standard or did you specifically ask for it?

seamus wrote: »

Your policy documents will usually state how much you can get back by cancelling the policy.

From what I recall, you can get 50% back if you cancel in the first three months, 25% back if you cancel in the next three months, and you get nothing back if you are 6 months or more into your policy. Very much depends on the insurer.

Yeah I've checked on line and that seems to be the general consensus on what's offered. If I only got 50% back I'd be better off leaving it as is and then transferring when I get a new car.

seamus wrote: »

However, if you're paying on a monthly basis I think they just stop taking the payments.

It's paid in full since last November.

eoin wrote: »

I'd have thought that by freezing it you would at least be delaying the renewal date though...

Yeah, that'd make sense. You wouldn't be "saving" per se, but you wouldn't be losing out either. Maybe that's what they meant?

Thanks for the replies.

patrickc

BaZmO* wrote: »

That sounds like a great option. Was it standard or did you specifically ask for it?

standard i believe with axa, its on a 2nd car policy that i have, and the car isnt used all year, so i need to submit in writing that i want to postpone insurance, submit the discs etc and they just print off new stuff when i want to drive it again

renewal date stays the same then