Moving insurance from 123.ie to NoNonsense.ie after 6 months?

Dr_Colossus

Not sure if this is the appropriate place as I didn't see an insurance sub-forum. Anyway looking for some advise on the below situation.

I got my first car this year, a 2001 Volvo S40i 1.834l petrol and as a first time driver, 30 year old male with full irish license got TPFT insurance from 123.ie from 1st April paying just under €1,300 (cheapest I could find anywhere at the time).

Now I've been advised of NoNonsense.ie and can get a quick quote online for €522.79 TPFT with 0 no claims discount or for €438.43 if I had one year's no claims discount. Given the massive price difference my reasoning is to cancel my 123.ie insurance at the end of Sept (6 months) and get the NoNonsense.ie insurance.
I believe you're charged 1/10 of your initial premium for every month you have the insurance so I should get a refund of 40% for my initial 1300 for the 6 months unused 123.ie insurance ie €520 and then use this to purchase another year of insurance with NoNonsense.ie? Has anyone done similar or what are the costs involved in changing insurance providers mid way through a policy? Will NoNonsense.ie likely account for my 6 months no claims bonus or is it just in yearly increments only and since I'd have only 6 months they effectively view me as having no driving experience yet again? Any other suggestions or advise would be much appreciated.
Thanks

neilthefunkeone

Yeah you will lose that 6 months no claims..
Would it not be better to hold out and finish off your policy and then you can renew with someone else with 1 years NCB..

Double check that 123 don't have a cancellation charge.. i know i cancelled with quinn before and there was an admin fee for cancelling..

Dr_Colossus

neilthefunkeone wrote: »

Yeah you will lose that 6 months no claims..
Would it not be better to hold out and finish off your policy and then you can renew with someone else with 1 years NCB..

Yea but one year's no claims is only worth a saving of 84.36 with NoNonsense.ie while while if I can cancel my policy with 123.ie after 6 months and get back 40% of my premium (~€520) I'll effectively get that extra 6 months insurance for no additional cost given the price differences between the premiums.

PaddyFagan

We don't know - the only people who can tell you if you'll get a refund, what charges there are and if there is any statement of no claims bonus are 123.ie - why not ring them and find out?

Paddy

PS I had a brief look at the 123.ie site (you could do this yourself!) - and their T&C's say a €40 cancellation fee applies - no mention of refunds!
http://www.123.ie/compliance/terms.pdf

Kenny_D

Cant speak for 123 but I've just cancelled my insurance with FBD 6 months into my policy (originally paying 2000) and they are refunding me 900. Moving to nononsense who quoted me just under 1200 for the year so even though I lose the 6 months I'm topping up my insurance for 6 months for an extra 300. There's usually a cancellation charge. Details should be in your policy but best to give them a ring.

Your 6 months no claims wont count with nononsense. NCB's are calculated on years and you'd need proof of NCB from your previous insurer

bazz26

GStormcrow wrote: »

Cant speak for 123 but I've just cancelled my insurance with FBD 6 months into my policy (originally paying 2000) and they are refunding me 900. Moving to nononsense who quoted me just under 1200 for the year so even though I lose the 6 months I'm topping up my insurance for 6 months for an extra 300. There's usually a cancellation charge. Details should be in your policy but best to give them a ring.

Your 6 months no claims wont count with nononsense. NCB's are calculated on years and you'd need proof of NCB from your previous insurer

You do know FBD and Nononsense are the same company?

Also compare both policies before switching. These online quotes are designed to grab your attention. Get down to the details of the policy and you may find that certain benefits are not included that may have been included in quotes from other companys.

Dr_Colossus

Was onto NoNonsese.ie and they can't offer insurance if you don't have at least one year's no claims bonus or one year's named driver experience so my initial question is irrelevant. Their quick quote price of €522.79 even though I'd entered 0 no claims bonus was on the assumption that I would have at least one years named driver experience.
Guess it's just another company forcing new drivers regardless of age to pay through the nose for their first year's insurance.

Kenny_D

bazz26 wrote: »

You do know FBD and Nononsense are the same company?

Also compare both policies before switching. These online quotes are designed to grab your attention. Get down to the details of the policy and you may find that certain benefits are not included that may have been included in quotes from other companys.

Yes I'm well aware. In fact I made them aware of the fact that there shouldnt be such a huge difference given they Nononsense is owned by FBD. They (FBD) were offering me back 80 euro on a €2000 policy for switching to my new car while Nononsense quoted me €1184 for a full year fully comp with all the extras I need. It's a pain in the arse because if they would have refunded me a reasonable amount then i'd have stayed with fbd and kept my 6 months NCB.

Edit: Yup nononsense wouldnt quote me last year because it was my first insurance policy ie no NCB. Once you get a years NCB though they are very cheap for younger drivers. My quote above was for a 2 litre diesel in my own policy at 23 with 1 years NCB